The Alabama Chapter 13 Plan (After 10-15-2010) is a court-approved payment plan for consumers who are struggling to pay back their unsecured debts. This plan allows individuals to make timely payments to their creditors over a three- to five-year period. The Alabama Bankruptcy Code requires that each borrower propose a repayment plan that is both reasonable and feasible. The plan must provide for payments to creditors on a regular basis. The debtor must also provide an estimate of the amount of funds they can pay over the life of the plan. The payments must be sufficient to cover all allowed claims and the debtor must make payments on time and in accordance with the plan. The Alabama Chapter 13 Plan (After 10-15-2010) offers two basic types of repayment plans: the traditional plan and the modified plan. Under the traditional plan, the debtor must pay all unsecured creditors in full within the three- to five-year repayment period. Under the modified plan, the debtor can pay a portion of the unsecured debts. The debtor must also pay all allowed secured claims in full. In either case, the proposed plan must also provide for the payment of all post-petition administrative expense claims. The debtor must also provide evidence that they have sufficient income to make the proposed payments. If approved by the court, the plan must be confirmed by the creditors.
Alabama Chapter 13 Plan (After 10-15-2010)
State:
Alabama
Control #:
AL-BKR-801S
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Chapter 13 Plan (After 10-15-2010)
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A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts.Debtors who file chapter 13 bankruptcy are required to obtain credit counseling from an approved provider within 6 months before filing for bankruptcy relief. Chapter 13 Plan (Before 10-15-2010) Form. This is a Alabama form and can be use in Bankruptcy Court Federal. The creditor is simply required to share with other creditors to the extent that the debtor will repay him under the chapter 13 plan. Debtor filed for chapter 13 relief on July 27, 2010. For bankruptcy lawyers, that includes the distinction between Chapter 13 "percentage plans" vs. During the process, you and your creditors will design a repayment plan that lasts from three to five years. This is potentially big, since a chapter 13 repayment plan can be anywhere from 3 to 5 years in length!