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UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW MEXICO In re Debtor(s). No. Chapter 13 Plan (First, Second, etc.) Amended Plan Includes Additional Provisions in Section 12 YOU SHOULD READ THIS PLAN

How to fill out chapter 13 plan

How to fill out chapter 13 plan:

1. Gather financial information: Start by collecting all the necessary financial documents, including income statements, expense records, copies of debts, and a list of assets. This will provide a clear picture of your financial situation.
2. Consult with an attorney: It is highly recommended to seek legal advice while filling out a chapter 13 plan. An attorney experienced in bankruptcy law can guide you through the process and ensure that your plan is properly filed.
3. Calculate disposable income: Determine how much disposable income you have after deducting necessary expenses from your total monthly income. This amount will determine the repayment plan you propose to the court.
4. Create a repayment plan: Based on your disposable income, develop a feasible repayment plan that specifies how your debts will be paid over a designated period (usually three to five years). The plan should prioritize priority debts, such as mortgage or car payments, while also accounting for unsecured debts like credit cards.
5. Complete the bankruptcy forms: Fill out the necessary bankruptcy forms accurately, providing all the required financial information. These forms include disclosure of income, expenses, debts, assets, and a detailed breakdown of the proposed repayment plan.
6. File the chapter 13 plan: Submit the completed forms and the proposed plan to the bankruptcy court. Make sure to include all supporting documents as per the instructions provided by the court.
7. Attend the meeting of creditors: After filing, you will be required to attend a meeting of creditors, also known as a 341 meeting. This meeting allows creditors to ask questions about your financial situation and proposed plan.
8. Modify the plan if necessary: The bankruptcy trustee or creditors may request modifications to your proposed plan. Address any concerns raised and be willing to negotiate changes that will make the plan more acceptable to the court.
9. Obtain court approval: Once any necessary modifications have been made, the court will conduct a confirmation hearing. If the proposed plan meets all the requirements and is approved by the court, it becomes binding for both you and your creditors.

Who needs chapter 13 plan?

1. Individuals facing financial hardship: Chapter 13 is specifically designed for individuals with regular income who are struggling with their debts but wish to retain their assets, such as a home or car. It provides a structured repayment plan to help them regain control of their finances.
2. Those looking to prevent foreclosure or repossession: If you are behind on mortgage or car payments and facing potential foreclosure or repossession, chapter 13 can help you catch up on missed payments and prevent the loss of your property.
3. Individuals seeking debt relief through a court-approved plan: Chapter 13 allows individuals to consolidate their debts into a manageable repayment plan, often with reduced interest rates, allowing them to gradually repay their creditors over time.

Note: It is important to consult with a bankruptcy attorney to determine if chapter 13 is the right choice for your specific financial situation.

For pdfFiller’s FAQs

What is chapter 13 plan?

Chapter 13 plan is a repayment plan for individuals with regular income who want 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 debt less than $394,725 and secured debt less than $1,184,200 are required to file a chapter 13 plan.

How to fill out chapter 13 plan?

Fill out the chapter 13 plan by listing all of your debts, income, expenses, and proposed repayment plan in the required bankruptcy forms.

What is the purpose of chapter 13 plan?

The purpose of chapter 13 plan is to provide individuals with regular income a structured way to repay their debts over time while keeping their assets.

What information must be reported on chapter 13 plan?

Chapter 13 plan must include information on all debts, income, expenses, proposed repayment plan, and any other relevant financial information.

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