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Chapter 13 Plan - New Mexico

Chapter 13 Plan - New Mexico 2025

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The document outlines a Chapter 13 Plan of Adjustment of Debts proposed by the Debtors in the United States Bankruptcy Court for the District of New Mexico. It details the payment structure to the Chapter 13 Trustee, classification and treatment of claims, including administrative priority claims, secured claims, and unsecured claims. The plan includes provisions for future income adjustments, tax return obligations, and stipulations for claimants. It also addresses objections to the plan and concludes with a declaration under penalty of perjury by the Debtors.

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Click ‘Get Form’ to open the Chapter 13 Plan in the editor.
Begin with Article I, where you will input your monthly payment amount and duration. Specify the start date and any anticipated changes in income.
Move to Article II, which requires you to classify your claims. Fill in details for Class I, II, and III claims, including claimant names and amounts owed.
In Article III, list any unmodified secured claimants that you will pay directly. Ensure all necessary details are accurately filled out.
Complete Article IV by noting any objections. This section is crucial for ensuring your plan can be confirmed without further hearings.
Finally, sign and date the declaration in Article V to affirm the accuracy of your statements before submitting the form.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

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.