Get the free CHAPT ER 13 PLAN

THIS FORM IS INTERACTIVE!! UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF CALIFORNIA In re:))))) Debtor. ) Case No. DC No. Print Form Clear Form CHAP TER 13 PLAN MOTION(S) TO VALUE COLLATERAL

How to fill out chapt er 13 plan

How to Fill Out Chapter 13 Plan:

1. Review the eligibility requirements: Before filling out a Chapter 13 plan, it is essential to determine if you meet the eligibility criteria for this type of bankruptcy. Generally, individuals with a regular income and debts below certain limits can file for Chapter 13.
2. Gather financial information: Collect all relevant financial documents, such as income statements, tax returns, asset valuations, and a list of your debts and creditors. This information will be crucial when constructing your Chapter 13 plan.
3. Consult with a bankruptcy attorney: While not mandatory, seeking guidance from a qualified bankruptcy attorney can greatly help you navigate the complex process of filling out a Chapter 13 plan. They can provide legal advice and ensure you are meeting all necessary requirements.
4. Calculate your disposable income: One of the central aspects of a Chapter 13 plan is determining your disposable income. This entails subtracting your reasonable and necessary living expenses from your current income. The remaining amount is what you can dedicate towards repaying your debts.
5. Develop a repayment plan: Working with your bankruptcy attorney, create a repayment plan that outlines how you will repay your debts over a three to five-year period. This plan should prioritize secured creditors, such as mortgage or car loan providers, and propose reasonable payment terms for unsecured debts.
6. Complete the official bankruptcy forms: You will need to complete several official bankruptcy forms accurately and thoroughly. These forms include detailed information about your finances, assets, liabilities, and a proposed repayment plan. Ensure that you provide all requested information and disclose your income, assets, and debts truthfully.
7. File your Chapter 13 plan: Once you have completed the necessary forms, it is time to file your Chapter 13 plan with the bankruptcy court. Be sure to follow any local court rules or procedures for filing and submitting your plan.

Who Needs Chapter 13 Plan:

1. Individuals with regular income seeking debt reorganization: A Chapter 13 plan is suitable for individuals who have a regular source of income and want to reorganize their debt rather than liquidate their assets entirely. It allows them to create a structured repayment plan to pay off their debts over time.
2. Those facing foreclosure or repossession: Chapter 13 can be beneficial for individuals who are behind on mortgage or car loan payments and want to prevent foreclosure or repossession. The plan allows them to catch up on missed payments and retain their property.
3. Debtors who do not qualify for Chapter 7 bankruptcy: If your income exceeds the limits set for Chapter 7 bankruptcy, you may still qualify for Chapter 13. This makes it a viable option for individuals who do not pass the means test required for Chapter 7.

Note: It is important to consult with a qualified bankruptcy attorney to assess your specific financial situation and determine if filing for Chapter 13 is the right choice for you.

For pdfFiller’s FAQs

What is chapter 13 plan?

Chapter 13 plan is a repayment plan that allows individuals with a regular income to pay off their debts over a period of three to five years.

Who is required to file chapter 13 plan?

Individuals who have a regular income and wish to reorganize their debts to pay them off over time are required to file a chapter 13 plan.

How to fill out chapter 13 plan?

To fill out a chapter 13 plan, individuals must provide information about their income, expenses, assets, debts, and proposed repayment plan.

What is the purpose of chapter 13 plan?

The purpose of a chapter 13 plan is to provide individuals with a structured way to repay their debts and avoid foreclosure or other collection actions.

What information must be reported on chapter 13 plan?

Information such as income, expenses, assets, debts, and proposed repayment plan must be reported on a chapter 13 plan.

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