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Last revised 8/1/15 UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW JERSEY In Re: Case No.: Judge: Chapter: 13 Debtor(s) Chapter 13 Plan and Motions Original Modified/Notice Required Discharge Sought

How to fill out chapter 13 plan and

How to Fill out Chapter 13 Plan:

1. Gather all necessary financial documents: Start by collecting all relevant financial documents, including income statements, expense records, creditor information, and a comprehensive list of assets and liabilities.
2. Analyze your financial situation: Assess your income, expenses, and debt to determine if Chapter 13 bankruptcy is the right option for you. Consider consulting with a bankruptcy attorney to understand the implications and potential benefits of this plan.
3. Calculate your disposable income: Subtract your necessary living expenses from your monthly income to determine your disposable income. This amount will help determine how much you can afford to repay creditors through the Chapter 13 plan.
4. Create a repayment plan: Based on your disposable income, develop a feasible repayment plan that outlines how much you will pay each month towards your debts. The plan should prioritize certain debts, such as secured debts or priority debts, over others.
5. Complete the necessary forms: Fill out the official Chapter 13 bankruptcy forms provided by the bankruptcy court accurately and thoroughly. These forms typically include detailed information about your financial situation, assets, creditors, and proposed repayment plan.
6. File your bankruptcy petition: Once all forms are completed, file your bankruptcy petition with the appropriate bankruptcy court. Ensure you adhere to the filing deadlines and requirements set by your local court.
7. Attend the meeting of creditors: After filing, you will be required to attend a meeting of creditors, also known as the 341 meeting. During this meeting, the bankruptcy trustee and creditors may ask you questions about your financial affairs and proposed repayment plan.
8. Receive approval and confirmation: If the bankruptcy court approves your Chapter 13 plan, it will issue a confirmation order outlining the approved terms. It is crucial to adhere to these terms and make regular payments to the bankruptcy trustee as specified in the plan.

Who Needs a Chapter 13 Plan:

1. Individuals with a regular income: Chapter 13 bankruptcy is primarily designed for individuals (including sole proprietors) with a steady income source. It allows them to reorganize their debts and develop a structured repayment plan without liquidating their assets.
2. Debtors facing foreclosure or repossession: If you are at risk of losing your home or other important assets due to missed mortgage or car loan payments, Chapter 13 can provide a solution. It enables you to halt foreclosure or repossession proceedings by incorporating past due amounts into the repayment plan.
3. Debtors with higher incomes: Chapter 13 is a viable option for individuals whose income exceeds the limits set by Chapter 7 bankruptcy. By repaying a portion of their debts through the plan, they can still find relief and avoid the liquidation of assets that may occur in Chapter 7.
4. Debtors seeking debt relief: Chapter 13 can provide a means for debtors to obtain relief from overwhelming debts while still retaining control over their assets. It offers an orderly repayment plan tailored to their income and financial circumstances, allowing them to gradually repay creditors over a three to five-year period.

Remember, consulting with a bankruptcy attorney is essential for a comprehensive understanding of Chapter 13 bankruptcy and the specific requirements and implications involved.

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What is chapter 13 plan and?

Chapter 13 plan is a repayment plan created for individuals who want to pay off their debts over a period of time, usually 3 to 5 years.

Who is required to file chapter 13 plan and?

Individuals who have a regular income and whose debts are within the limits allowed by Chapter 13 bankruptcy rules are required to file a Chapter 13 plan.

How to fill out chapter 13 plan and?

To fill out a Chapter 13 plan, an individual must list all of their debts, income, expenses, and propose a repayment plan to the bankruptcy court.

What is the purpose of chapter 13 plan and?

The purpose of a Chapter 13 plan is to provide individuals with a structured way to repay their debts without losing their assets.

What information must be reported on chapter 13 plan and?

On a Chapter 13 plan, individuals must report their debts, income, expenses, assets, and proposed payments to creditors.