The chapter 13 narrative statement of plan contains the amount of payment to
be made to the trustee from the debtor's employer. The form also contains sections
concerning the plan length, administrative costs, long term debts, and property to be
surrendered.
Arkansas Chapter 13 Plan
Category:
State:
Arkansas
Control #:
AR-BKR-800EW
Format:
Word;
PDF;
Rich Text
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How to fill out Arkansas Chapter 13 Plan?
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FAQ
In Chapter 13, debts are restructured over a three- or five-year period. If you make regular payments over that time, then some or all of your debts may be discharged.If the court ultimately OKs your plan, you'll then follow through to pay back your eligible debts.
Before the court confirms (approves) your Chapter 13 repayment plan, you must show that it represents your "best efforts" to pay back creditors. It's also called the disposable income test because you must pay all of your disposable income at a minimum.
When you log into your account, you will see a month and year in the top right corner. As a general rule, this is a the approximate date as to when your Chapter 13 bankruptcy will finish.
The Chapter 13 plan base is the amount that the debtor must pay during the duration of the plan in order to receive a discharge and complete a bankruptcy case.The funds increase the plan base and are used to pay more to the unsecured creditors.
A 100% plan indicates that the petitioner does not qualify for debt reduction based on their income and ability to pay. This Chapter 13 plan structures 100% of that client's debt to be paid back through the repayment process.
The Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.
In Chapter 13 bankruptcy, you pay your unsecured creditors an amount between 0 and 100% of what you owe them. The exact amount is depends on these rules: (1) The minimum amount you must pay is equal to the amount your unsecured creditors would have received had you filed for Chapter 7 bankruptcy.
The difference between your income on Schedule I and your expenses on Schedule J will be your Chapter 13 plan payment. Your unsecured creditors will receive a percentage of the disposable income that remains after secured and priority creditors receive payment.