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MSSB13Plan (10×11) CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF MISSISSIPPI Debtor: SSN: XXXIX Joint Debtor: SSN: XXXIX Address: CASE NO. Median Income: Above Below THIS PLAN

How to fill out chapter 13 plan

How to fill out a chapter 13 plan:

1. Gather all necessary financial information: Before filling out a chapter 13 plan, you need to gather all your financial information. This includes details of your income, expenses, debts, assets, and any other relevant financial documents.
2. Consult with a bankruptcy attorney: It is highly recommended to consult with a bankruptcy attorney who specializes in chapter 13 cases. They will guide you through the entire process and help you understand the specific requirements and regulations applicable to your situation.
3. Complete the required forms: You will need to complete several forms to file a chapter 13 plan, such as the official bankruptcy forms and schedules. These forms require you to provide detailed information about your financial situation, creditors, income, expenses, and proposed repayment plan.
4. Develop a repayment plan: The main purpose of a chapter 13 plan is to propose a repayment plan to your creditors. This plan should outline how you intend to repay your debts over the next three to five years. Your plan should consider your income, necessary expenses, and the amount you can reasonably afford to pay each month.
5. Submit the plan to the court: Once you have completed the required forms and developed your repayment plan, you need to submit them to the bankruptcy court. Along with the plan, you may also need to provide additional supporting documents, such as proof of income and tax returns.
6. Attend the confirmation hearing: After submitting your chapter 13 plan, a confirmation hearing will be scheduled. During this hearing, the bankruptcy trustee and your creditors have the opportunity to review and object to your proposed plan. You, along with your attorney, will need to attend this hearing to address any concerns or objections.
7. Make the agreed-upon payments: If the court approves your chapter 13 plan, you will be required to make regular monthly payments to the bankruptcy trustee. These payments will be used to repay your creditors according to the terms outlined in your plan. It is crucial to make these payments on time to stay in compliance with your repayment plan.
8. Complete the plan successfully: The chapter 13 plan typically lasts for three to five years. During this time, you must make all the required payments and meet your obligations under the plan. Once you have successfully completed the plan, any remaining eligible debts may be discharged.

Who needs a chapter 13 plan?

1. Individuals with a regular income: Chapter 13 bankruptcy is primarily designed for individuals with a regular income who are unable to fully repay their debts but have the means to make partial payments over time.
2. Those facing foreclosure or repossession: Chapter 13 can help individuals prevent foreclosure or repossession by providing them with an opportunity to catch up on missed mortgage or car loan payments through the repayment plan.
3. Debtors with non-exempt property: Chapter 13 allows debtors to keep their non-exempt property, such as a home or a valuable asset, by proposing a feasible repayment plan that satisfies their creditors.
4. Individuals who do not qualify for chapter 7: If you do not meet the eligibility requirements for chapter 7 bankruptcy, such as the means test, chapter 13 may be a viable option.

It is important to note that every financial situation is unique, and the decision to pursue a chapter 13 plan should be made after careful consideration and consultation with a bankruptcy attorney.

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What is chapter 13 plan?

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

Who is required to file chapter 13 plan?

Individuals with regular income who have unsecured debts less than $394,725 and secured debts less than $1,184,200 are required to file a chapter 13 plan.

How to fill out chapter 13 plan?

To fill out a chapter 13 plan, you must gather information about your income, expenses, assets, debts, and proposed repayment plan. This information will then be submitted to the bankruptcy court for approval.

What is the purpose of chapter 13 plan?

The purpose of chapter 13 plan is to provide individuals with a structured way to repay their debts while keeping their assets and avoiding liquidation.

What information must be reported on chapter 13 plan?

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