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HB-1-3550 CHAPTER 13: SERVICING AND LIQUIDATION FUNCTIONS 13.1 INTRODUCTION This chapter provides guidance about the role of Field Staff in servicing loans that are under the jurisdiction of the Centralized
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How to Fill Out Chapter 13 Servicing:

01
Start by gathering all necessary documentation such as pay stubs, tax returns, and a list of your creditors.
02
Complete the necessary forms, including the Chapter 13 bankruptcy petition, schedules, and statements of financial affairs.
03
Clearly list all your assets, debts, income, and expenses, ensuring accuracy and transparency.
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Calculate your disposable income by subtracting your allowable expenses from your total income.
05
Develop a repayment plan that outlines how you will repay your creditors over a period of three to five years.
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Seek legal advice to ensure all forms are completed correctly, as any mistakes could lead to complications during the bankruptcy process.
07
File your bankruptcy forms with the appropriate court, paying the necessary fees.
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Attend the mandatory meeting of creditors, where a bankruptcy trustee will review your case and verify the accuracy of your filed documents.
09
Make the proposed monthly payments outlined in your repayment plan to the bankruptcy trustee.
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Continue with regular payments and comply with all bankruptcy obligations until you complete the repayment plan.

Who Needs Chapter 13 Servicing:

01
Individuals who have a steady income but are overwhelmed with debt may benefit from a Chapter 13 servicing.
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Those who wish to protect their assets, such as a house or car, from being seized by creditors may choose Chapter 13 bankruptcy.
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People who want to avoid foreclosure on their home or repossession of their vehicle can use Chapter 13 to catch up on missed payments and bring their loans current.
04
Individuals who do not qualify for Chapter 7 bankruptcy due to excessive income or previous filings may be eligible for Chapter 13.
05
Self-employed individuals or others with fluctuating income may find Chapter 13 advantageous as it allows for flexibility in creating a repayment plan based on their current financial situation.
Please note, it is essential to consult with a qualified bankruptcy attorney to fully understand your specific circumstances and determine if Chapter 13 servicing is the right option for you.
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Chapter 13 servicing and involves restructuring debts and creating a repayment plan for individuals with a regular income.
Individuals who have a regular income and unsecured debts below a certain threshold are required to file for chapter 13 servicing and.
To fill out chapter 13 servicing and, individuals must provide detailed information about their income, expenses, assets, and debts.
The purpose of chapter 13 servicing and is to help individuals reorganize their finances and repay their debts over a period of time.
Information such as income, expenses, assets, debts, and proposed repayment plan must be reported on chapter 13 servicing and.
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