2016 self liquidating fund asp id
For cause shown, the court may extend the time of any installment, as long as the last installment is paid no later than 180 days after filing the petition. The debtor may also pay the administrative fee in installments. In a situation where only one spouse files, the income and expenses of the non-filing spouse is required so that the court, the trustee and creditors can evaluate the household's financial position.
In order to complete the Official Bankruptcy Forms that make up the petition, statement of financial affairs, and schedules, the debtor must compile the following information: Married individuals must gather this information for their spouse regardless of whether they are filing a joint petition, separate individual petitions, or even if only one spouse is filing.
They are not available from the court.) The courts must charge a 5 case filing fee and a miscellaneous administrative fee.
Individuals will have no direct contact with creditors while under chapter 13 protection. In no case may a plan provide for payments over a period longer than five years. Perhaps most significantly, chapter 13 offers individuals an opportunity to save their homes from foreclosure. A chapter 13 case begins by filing a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. In addition, no individual may be a debtor under chapter 13 or any chapter of the Bankruptcy Code unless he or she has, within 180 days before filing, received credit counseling from an approved credit counseling agency either in an individual or group briefing. Unless the court orders otherwise, the debtor must also file with the court: (1) schedules of assets and liabilities; (2) a schedule of current income and expenditures; (3) a schedule of executory contracts and unexpired leases; and (4) a statement of financial affairs. Unless the court grants an extension, the debtor must file a repayment plan with the petition or within 14 days after the petition is filed. (3) Secured claims are those for which the creditor has the right take back certain property (i.e., the collateral) if the debtor does not pay the underlying debt. If the debtor wants to keep the collateral securing a particular claim, the plan must provide that the holder of the secured claim receive at least the value of the collateral. The applicable commitment period must be three years if current monthly income is less than the state median for a family of the same size - and five years if the current monthly income is greater than a family of the same size. After the meeting of creditors, the debtor, the chapter 13 trustee, and those creditors who wish to attend will come to court for a hearing on the debtor's chapter 13 repayment plan. Priority claims are those granted special status by the bankruptcy law, such as most taxes and the costs of bankruptcy proceeding. The "applicable commitment period" depends on the debtor's current monthly income.
A chapter 13 bankruptcy is also called a wage earner's plan.