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Chapter 13 Plan - New Mexico

Chapter 13 Plan - New Mexico 2025

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The document is a Chapter 13 Plan of Adjustment of Debts filed in the United States Bankruptcy Court for the District of New Mexico. It outlines the debtors' proposed payment plan to the Chapter 13 Trustee, detailing future income contributions, classification and treatment of claims, and provisions for unsecured creditors. The plan includes stipulations for increasing payments upon re-employment, tax return obligations, and procedures for confirming the plan without objections. It also specifies how different classes of claims will be treated and provides a declaration under penalty of perjury by the debtors.

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What makes you ineligible for Chapter 13?

Excessive income (for Chapter 13) Chapter 13 bankruptcy requires debtors to have a regular income and adhere to repayment plans. However, if your income is too high relative to your debts, the court may determine that youre not eligible to restructure your debts under this chapter.

What causes a Chapter 13 to be dismissed?

Most Chapter 13 cases are dismissed because the debtor fails to make monthly payments. In Chapter 13 bankruptcy, the debtor must pay back some or all of the debts through a repayment plan.

How much debt is needed to file Chapter 13?

There is no minimum amount of debt required to file for either Chapter 7 or Chapter 13 bankruptcy. However, many bankruptcy attorneys advise against filing for bankruptcy if you have less than $10,000 in dischargeable debt because the legal fees and filing costs could outweigh any potential benefits of filing.

Can you not qualify for Chapter 13?

You wont qualify for Chapter 13 bankruptcy if your secured and unsecured debts exceed certain amounts. Start by learning about the current Chapter 13 debt limits and strategies to meet them. You can verify the amounts on the U.S. Courts Chapter 13 Bankruptcy Basics webpage.

What is a typical Chapter 13 payment plan?

Most Chapter 13 bankruptcy repayment plans are 60 months; however, people earning below the state median income can propose a 36-month plan. A plan must fully repay some debts like back child support, mortgage or car payment arrears (if the filer wants to keep the house or car), and recently-incurred taxes.

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