Indiana Chapter 13 Plan (Cases Filed On Or After 10-17-05 Through 7-31-09) is a debt reorganization plan that allows an individual debtor to propose a repayment plan to creditors. Under this plan, individuals must make monthly payments to the court-appointed trustee who then distributes the payments to the creditors. The plan also allows individuals to keep certain assets while providing significant debt relief. It is typically used when individuals are unable to qualify for Chapter 7 bankruptcy because their income is too high. There are two different types of Indiana Chapter 13 Plans (Cases Filed On Or After 10-17-05 Through 7-31-09): the 36-month Plan and the 60-month Plan. The 36-month plan requires that all the debtor’s disposable income be paid into the plan for 36 months. The 60-month plan requires that all the debtor’s disposable income be paid into the plan for 60 months. In both plans, the amount of the debtor’s payment to the trustee depends on their disposable income. The debtor must also attend credit counseling prior to filing for Chapter 13 bankruptcy.
Indiana Chapter 13 Plan
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How to fill out Indiana Chapter 13 Plan?
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FAQ
In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. § 1322(d). During this time the law forbids creditors from starting or continuing collection efforts.
LBR 3015-1(n) provides the procedure for a debtor to ask the court for permission to modify the chapter 13 plan after the plan was confirmed. FRBP 3015(h) provides that a debtor must give at least 21-days of notice of the deadline to file an objection to modifying a confirmed chapter 13 plan.
How soon can you file for chapter 13 after chapter 7 bankruptcy? To get debts discharged through chapter 13, you must wait four years after filing a chapter 7 bankruptcy. You can file for chapter 13 before four years if no debts were discharged in the chapter 7 filing.
You can refile a Chapter 13 at any time as long as you meet the income requirements and were not previously barred by the court (this is very rare). By refiling a case, you have full court protection from your creditors, including home foreclosure, vehicle repossession, judgments and garnishments, etc).
There is a way to change your Chapter 13 plan components. The Court may be petitioned for a modification due to changes in your circumstances. Modifications are most often requested by the debtor, but it is not unheard of that a trustee or an unsecured creditor may make such a request.
An order confirming the chapter 13 plan is a Bankruptcy judge's approval of the Debtor's proposed chapter 13 repayment plan. For more information, see 11 U.S.C. §1325 .
A motion to modify a confirmed Chapter 13 plan (also called a motion to amend confirmed plan) is filed typically by the debtor, but these motions can also be filed by the trustee or a creditor with an allowed, unsecured proof of claim. 11 U.S.C. § 1329.
Generally, a bankruptcy cannot be modified after it is filed. However, since Chapter 13 Bankruptcy is a repayment plan over 3-to-5 years, it is possible your circumstances may change since your bankruptcy was filed.