Get the free Chapter 13 Model Retention Agreement for cases filed since April ... - ilnb uscourts

UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF ILLINOIS RIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND THEIR ATTORNEYS (Court-Approved Retention Agreement, revised as of

How to fill out chapter 13 model retention

How to fill out chapter 13 model retention:

1. Start by gathering all the necessary documents and information. This may include your income and expense statements, a list of your creditors, a statement of your financial affairs, and any supporting documents related to your financial situation.
2. Familiarize yourself with the specific guidelines and requirements for filling out the chapter 13 model retention form. This form is typically provided by the court or your bankruptcy attorney. Make sure you understand what information is required in each section and how it should be filled out.
3. Begin by providing your personal information, such as your name, address, contact details, and social security number. Ensure that this information is accurate and up to date.
4. Next, you will need to provide information about your income and expenses. Include details of your employment, sources of income, and any additional sources of money. Be thorough and accurate in recording your expenses, including rent or mortgage payments, utilities, transportation costs, groceries, and other regular expenses.
5. In the section regarding your assets, list all of your properties, including real estate, vehicles, bank accounts, and any other significant assets. Include their estimated values and any outstanding loans or debts associated with them.
6. Similarly, in the section regarding your liabilities, provide a detailed list of all your debts, including credit cards, loans, and outstanding bills. Specify the creditors' names, account numbers, and outstanding balances.
7. Fill out the proposed payment plan section, which outlines how you intend to repay your debts over a specified period, usually three to five years. This plan should detail how much you can afford to pay each month towards your debts and how those payments will be distributed among your creditors.

Who needs chapter 13 model retention?

1. Individuals or families facing financial difficulties and have a regular source of income may consider filing for chapter 13 bankruptcy. This type of bankruptcy allows them to reorganize their debts and create a repayment plan while retaining their assets.
2. People who have fallen behind on mortgage payments or facing foreclosure can benefit from chapter 13 as it gives them an opportunity to catch up on missed payments and save their homes from being seized.
3. Individuals with significant debts and disposable income may choose chapter 13 to repay their creditors over time while keeping their assets intact.

Remember, consulting with a bankruptcy attorney is crucial to ensure that you accurately and effectively fill out the chapter 13 model retention form and understand the implications of filing for chapter 13 bankruptcy. They can guide you through the process and help you make informed decisions regarding your financial situation.

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What is chapter 13 model retention?

Chapter 13 model retention is a requirement for individuals in bankruptcy cases to provide a detailed breakdown of their income and expenses.

Who is required to file chapter 13 model retention?

Individuals filing for chapter 13 bankruptcy are required to file model retention.

How to fill out chapter 13 model retention?

Chapter 13 model retention is typically filled out by providing detailed information about income, expenses, debts, and assets.

What is the purpose of chapter 13 model retention?

The purpose of chapter 13 model retention is to assess the financial situation of individuals filing for bankruptcy and determine a repayment plan.

What information must be reported on chapter 13 model retention?

Information such as income sources, expenses, debts, and assets must be reported on chapter 13 model retention.