Get the free DEBTOR(S) CHAPTER 13 PLAN

Exhibit #1 IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF TEXAS AUSTIN DIVISION IN RE: Debtor(s) CASE NO. Chapter 13 Proceeding DEBTOR(S) CHAPTER 13 PLAN AMENDED AND MOTIONS FOR

How to fill out debtors chapter 13 plan

How to Fill Out Debtors Chapter 13 Plan:

1. Gather all necessary financial documents, including income statements, asset inventories, and a list of all outstanding debts.
2. Calculate your disposable income by subtracting your reasonable monthly expenses from your monthly income. This will determine how much you can afford to pay towards your debts under the Chapter 13 plan.
3. Prepare a repayment plan that outlines how you intend to pay off your debts over a specified period, usually three to five years. This plan should prioritize secured debts, such as mortgages or car loans, and propose a feasible payment schedule for unsecured debts.
4. Complete the required forms, such as the Official Form 122C-1 (Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period) and Official Form 122C-2 (Chapter 13 Calculation of Your Disposable Income).
5. Consult with an experienced bankruptcy attorney to review your completed forms and ensure accuracy in your Chapter 13 plan.
6. File your Chapter 13 plan and related forms with the bankruptcy court, paying the required filing fee.
7. Attend the meeting of creditors, also known as the 341 meeting, where the trustee and your creditors may inquire about your financial situation and proposed repayment plan.
8. Make timely payments according to your approved Chapter 13 plan, ensuring that all required payments are made to the bankruptcy trustee.
9. Review and comply with any additional requirements imposed by the court or trustee throughout the duration of your Chapter 13 plan.
10. Upon successful completion of your Chapter 13 plan, obtain a discharge order from the bankruptcy court, which will eliminate your remaining eligible debts.

Who Needs Debtors Chapter 13 Plan?

1. Individuals who have a regular source of income and enough disposable income to repay a portion of their debts.
2. Debtors who are facing foreclosure but want to protect their homes by implementing a repayment plan to catch up on missed mortgage payments.
3. Individuals who have significant assets that they want to retain but need time to repay their debts, such as a car or valuable property.
4. Debtors who do not qualify for Chapter 7 bankruptcy due to having a higher income or too many valuable assets.
5. Individuals seeking debt relief but still wanting to maintain control over their finances and assets.

Note: It is always recommended to consult with a qualified bankruptcy attorney who specializes in Chapter 13 bankruptcy. They can provide personalized advice based on your specific financial situation and guide you through the process of filling out a debtors Chapter 13 plan.

For pdfFiller’s FAQs

What is debtors chapter 13 plan?

Debtors chapter 13 plan is a repayment plan for individuals with regular income who want to reorganize their debts and pay them off over a period of three to five years.

Who is required to file debtors chapter 13 plan?

Individuals with regular income who have unsecured debts less than $419,275 and secured debts less than $1,257,850 are required to file debtors chapter 13 plan.

How to fill out debtors chapter 13 plan?

Debtors can fill out the chapter 13 plan with the help of their attorney or by following the instructions provided by the bankruptcy court.

What is the purpose of debtors chapter 13 plan?

The purpose of debtors chapter 13 plan is to provide individuals with a structured way to repay their debts and protect their assets from liquidation.

What information must be reported on debtors chapter 13 plan?

Debtors must report their income, expenses, assets, debts, and proposed repayment plan on the chapter 13 plan.

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