North Carolina Chapter 13 Plan-cases filed BEFORE 12/1/2017 are a type of debt relief available to individuals who are unable to pay their creditors. These cases are filed in the United States Bankruptcy Court, District of North Carolina, and require the debtor to propose a plan to pay back creditors over a three to five-year period. The debtor's proposed plan must be approved by the court and creditors. The plan must meet certain criteria, including that it must pay all non-priority unsecured creditors at least as much as they would have received if the debtor had filed for Chapter 7 bankruptcy. Additionally, the plan must include a monthly payment amount that the debtor can reasonably afford to pay. There are two types of North Carolina Chapter 13 Plan-cases filed BEFORE 12/1/2017: debtor-initiated cases and creditor-initiated cases. In a debtor-initiated case, the debtor files a petition with the court to begin the process of creating a repayment plan. In a creditor-initiated case, a creditor may file an involuntary petition against the debtor in order to begin the process. In either case, the debtor must submit a repayment plan to the court for approval. The repayment plan must include the debtor’s estimated income and expenses, a list of all creditors and their respective claims, and the amount of the proposed plan payments. The debtor must also complete a credit counseling course before the plan can be approved. Once the plan is approved, the debtor must make payments to the trustee according to the terms of the plan. At the conclusion of the repayment period, the remaining unsecured debt is discharged and the debtor is no longer obligated to pay it.
North Carolina Chapter 13 Plan-cases filed BEFORE 12/1/2017)
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FAQ
Why do roughly 2 out of every 3 Chapter 13 cases fail? Well, to get a discharge of your debts, you need to complete a 3-5 year repayment plan. And most plans are 5 years long. Only at the end of the plan will the remainder of some debts be forgiven.
Closing of a Bankruptcy Case ? Closing means that all activity in the main bankruptcy case is completed. This means that all motions have already been ruled upon, and if a trustee was appointed, the trustee has filed a statement that all trustee duties have been completed. See related FAQs below.
A case closed without discharge is not dismissed, and it is not discharged. It can happen in several ordinary circumstances. Chapter 13 cases that follow closely after the Debtor receives a Chapter 7 discharge will not be discharged. In these cases, after the plan payments are completed, the case will be closed.
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.
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
Due to a variety of possible reasons, Chapter 13 can be denied. To avoid such a denial, it is highly advisable to consult with the best bankruptcy lawyers in your area. Get in touch with a trusted bankruptcy law firm that can help you rebuild your financial future and have a fresh start with your finances.
In most cases, failure is due to one of several reasons: Life circumstances. Not having the guidance of an experienced bankruptcy attorney. Over-ambition.
Nationwide, debtors filed 790,830 bankruptcy petitions in 2017, 2 percent fewer than in 2016. This was the lowest total since 2007, which was the first full fiscal year after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 took effect.
You Have Too Much Debt. You must have no more than $419,275 of unsecured debt or $1,257,850 of secured debt to be eligible for a Chapter 13 bankruptcy. Secured debts refer to debts based on collateral, in which the creditor has the right to take property back if you do not make payments.