Get the free Original Chapter 13 Plan - ilsb uscourts

United States Bankruptcy Court Southern District of Illinois In re: Debtor(s)))))) Case No. Original Chapter 13 Plan Amended Plan Number (Changes must be underlined) CHAPTER 13 PLAN AND NOTICE OF

How to fill out original chapter 13 plan

How to fill out the original Chapter 13 plan:

1. Gather all necessary financial information, including income, expenses, debts, and assets.
2. Consult with a bankruptcy attorney to ensure you understand the requirements and rules of the Chapter 13 bankruptcy process.
3. Develop a proposed repayment plan that outlines how you plan to repay your debts over a three to five-year period.
4. Include all priority debts, such as taxes and domestic support obligations, in your repayment plan.
5. Calculate your disposable income by subtracting your reasonable and necessary expenses from your monthly income.
6. Ensure that your disposable income is sufficient to cover the proposed repayment plan by conducting a feasibility analysis.
7. Submit the completed original Chapter 13 plan to the bankruptcy court within the specified timeframe.
8. Attend the confirmation hearing where the bankruptcy trustee and the court will review your proposed plan.
9. Make any necessary adjustments or modifications to your plan based on feedback received during the confirmation hearing.
10. Upon approval by the court, adhere to the terms of your confirmed Chapter 13 plan by making regular monthly payments to the bankruptcy trustee.
11. Complete a pre- and post-petition financial management course as required by the bankruptcy court.
12. Your original Chapter 13 plan will be successfully filled out once you have completed all necessary steps and fulfilled your obligations under the plan.

Who needs the original Chapter 13 plan?

1. Individuals who are overwhelmed with debt, but have a regular source of income.
2. Those who want to reorganize their debts and create a feasible plan to repay creditors over a certain period.
3. Individuals who want to stop foreclosure proceedings or address past-due mortgage payments.
4. Individuals who want to prevent the repossession of their assets, such as a car or house, by creating a repayment plan.
5. Those who are determined to regain financial stability and eliminate their debt burden in a structured and court-approved manner.

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What is original chapter 13 plan?

The original chapter 13 plan is a proposed repayment plan filed by an individual debtor under Chapter 13 bankruptcy to reorganize their debts and make regular payments over a period of time.

Who is required to file original chapter 13 plan?

An individual debtor who wants to pursue a Chapter 13 bankruptcy case must file the original chapter 13 plan.

How to fill out original chapter 13 plan?

To fill out the original chapter 13 plan, the debtor needs to provide detailed information about their debts, income, expenses, and proposed repayment terms. They may seek assistance from an attorney or use forms provided by the bankruptcy court.

What is the purpose of original chapter 13 plan?

The purpose of the original chapter 13 plan is to allow individuals with regular income to repay their debts over time while keeping their assets protected.

What information must be reported on original chapter 13 plan?

The original chapter 13 plan must include information such as the debtor's income, expenses, list of creditors, proposed repayment amounts, and the length of the repayment plan.