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What are the distinguishing features of a chapter 13 plan

Chapter 13 plan template 2025

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The document is a Chapter 13 bankruptcy plan filed in the United States Bankruptcy Court for the Western District of Virginia. It outlines the debtor's proposal to submit future earnings to the court for a specified period, making periodic payments to a Standing Trustee for distribution to creditors. The plan details the amounts owed to secured and unsecured creditors, payment methods, and provisions for avoiding certain liens and rejecting executory contracts.

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Click ‘Get Form’ to open the chapter 13 plan template in the editor.
Begin by entering your case number and selecting whether this is an original or amended plan. This sets the context for your submission.
Fill in the duration of your payment plan in months and specify the amount you will pay periodically to the Standing Trustee. Ensure that you calculate the percentage of claims for unsecured creditors accurately.
Indicate how payments will be made by checking either 'Wage Deduction Order' or 'Direct Payment'. This choice affects how funds are managed during your repayment period.
List your debts under secured and unsecured categories, providing accurate amounts for each. This helps clarify your financial obligations.
Detail any payments made directly to secured creditors, including creditor names, collateral types, values, interest rates, and payment amounts.
Complete sections regarding payments made to the Standing Trustee and any executory contracts you wish to reject. This ensures all parties are informed of your intentions.
Finally, sign and date the document at the bottom before submitting it for review. Make sure all information is correct to avoid delays.

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What is a typical Chapter 13 repayment plan?

Downsides include a long repayment commitment, higher costs than a Chapter 7 bankruptcy, a negative mark on your credit for years, loss of most credit card access, and limits on filing another bankruptcy soon after. Youll still have to pay non-dischargeable debts like child support, alimony, and most student loans.

What is the main problem in Chapter 13?

At the meeting, the debtor (the person who filed for bankruptcy) answers questions under oath about the bankruptcy paperwork that they submitted. The debtor may also be asked about their property, debts, income, and expenses. Creditors may join the meeting and ask the debtor questions, too.

What does a Chapter 13 plan look like?

Below is a comprehensive list things to avoid before bankruptcy and a brief explanation detailing why you wont want to file at the wrong time, use retirement funds unnecessarily, prepare bankruptcy paperwork carelessly or incorrectly, purchase luxury goods and services on credit or take cash advances, sell or transfer

What to expect at a Chapter 13 creditors meeting?

Chapter 13 plans are generally between 36 and 60 months. A plan cannot run less than 36 months from the first payment unless 100% of all allowed claims are paid in full. A plan may be required to be 60 months long depending on the facts of the case.

What not to do before Chapter 13?

A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.