Maryland Chapter 13 Plan for Cases filed before December 1, 2017

• Category: Maryland Bankruptcy - Official - Local District
• State: Maryland
• Control #: MD-SKU-0464
• Format: PDF

Description

Chapter 13 Plan for Cases filed before December 1, 2017 Maryland Chapter 13 Plan for Cases filed before December 1, 2017, is a repayment plan allowing debtors to pay their creditors an amount based on their ability to pay over a three to five-year period. The plan is available to individuals who have a regular source of income and meet the income and debt requirements. Debtors must submit a detailed budget of their income and expenses to the court. The plan must be approved by the court before it can be implemented. The plan typically includes three types of repayment: secured debt, unsecured priority debt, and unsecured non-priority debt. Secured debt is paid in full over the course of the repayment plan. Unsecured priority debts, such as child support and taxes, are paid in full. Unsecured non-priority debts, such as credit cards and medical bills, are paid a percentage of the amount owed. At the end of the repayment plan, any remaining debt is discharged.

Maryland Chapter 13 Plan for Cases filed before December 1, 2017, is a repayment plan allowing debtors to pay their creditors an amount based on their ability to pay over a three to five-year period. The plan is available to individuals who have a regular source of income and meet the income and debt requirements. Debtors must submit a detailed budget of their income and expenses to the court. The plan must be approved by the court before it can be implemented. The plan typically includes three types of repayment: secured debt, unsecured priority debt, and unsecured non-priority debt. Secured debt is paid in full over the course of the repayment plan. Unsecured priority debts, such as child support and taxes, are paid in full. Unsecured non-priority debts, such as credit cards and medical bills, are paid a percentage of the amount owed. At the end of the repayment plan, any remaining debt is discharged.