[Your Name] [Your Address] [City, State, ZIP Code] [Date] [Recipient's Name] [Bankruptcy Court] [Recipient's Address] [City, State, ZIP Code] Subject: Chapter 13 Plan Proposal — [Your Case No.] Dear [Recipient's Name], I hope this letter finds you well. I am writing to present my proposed Chapter 13 Plan for the [Your Case No.] bankruptcy proceeding under the jurisdiction of the [Bankruptcy Court]. As a resident of New Jersey, I understand how crucial it is to address my financial obligations responsibly. Through extensive research, careful consideration, and consultation with my legal counsel, I have devised a comprehensive Chapter 13 Plan that aims to achieve a fair and effective debt repayment strategy. The key components of my proposed Chapter 13 Plan are as follows: 1. Identification of Debts: I have diligently assessed my outstanding debts and listed them in the attached Schedule of Debts, along with the corresponding creditors, amounts owed, and priority classification. 2. Calculation of Disposable Income: In compliance with the requirements of the Bankruptcy Code, I have determined my disposable income by deducting reasonable and necessary living expenses from my current monthly income. This amount will serve as the basis for my proposed monthly payment plan. 3. Repayment Schedule: My proposed Chapter 13 Plan outlines a feasible repayment schedule, including monthly payments and the duration of the plan. It ensures that all priority debts, such as mortgage arrears, taxes, and child support obligations, receive preferential treatment. Additionally, it specifies the treatment of secured and unsecured debts in an equitable manner. 4. Confirmation of Plan: I kindly request the Honorable Court's thorough review of my proposed Chapter 13 Plan. After evaluating the plan's feasibility and compliance with applicable laws, I respectfully seek its confirmation. I firmly believe that this plan will enable me to satisfy my debts while managing my monthly expenses diligently. It is worth mentioning that New Jersey offers additional options within Chapter 13 bankruptcy. These variations include the 'Strip Lien' provision, which allows debtors to eliminate second or subsequent mortgages entirely under specific circumstances, based on the value of their property. Furthermore, the 'Cram down' provision permits modification of certain secured debts, potentially reducing the outstanding balance or interest rate. Given the complexity of my financial situation and the importance of adhering to legal requirements, I have accompanied this letter with all the required supporting documents, including my financial statements, tax returns, and other relevant proofs. I trust that these materials will assist the Court in its assessment of my proposed Chapter 13 Plan. I wholeheartedly believe that my proposed Chapter 13 Plan is in the best interest of all parties involved. It allows me to repay my debts responsibly while ensuring my financial stability going forward. I humbly request that the Court consider this plan as a fair resolution to my financial situation. Thank you for your attention to this matter. I eagerly await the Court's evaluation and a favorable decision on the confirmation of my proposed Chapter 13 Plan. Please do not hesitate to reach out if any further information is required. Sincerely, [Your Name]
New Jersey Sample Letter regarding Chapter 13 Plan
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How to fill out New Jersey Sample Letter Regarding Chapter 13 Plan?
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FAQ
The response is filed to provide a statement indicating: 1) whether the creditor agrees that the debtor has paid the full amount required to cure the default, and 2) whether the debtor is otherwise current on all payments.
On motion of the debtor or trustee filed within 21 days after service of a response or a statement to the notice of final cure payment, the court must, after notice and a hearing, determine whether the debtor has cured the default and paid all required post-petition amounts.
In a Chapter 13, an objection to confirmation is basically a written statement from the Chapter 13 Trustee or a creditor of the debtor that there is something wrong with the case that needs to be fixed before the confirmation hearing.
Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause."
Cure Payment means the payment of Cash or the distribution of other property (as the parties may agree or the Bankruptcy Court may order) that is necessary to cure any and all defaults under an executory contract or unexpired lease so that such contract or lease may be assumed, or assumed and assigned, pursuant to ...
A Notice of Final Cure Mortgage Payment is filed by the trustee within 30 days of the date the debtor completes all payments under the plan. The purpose of the notice is to state whether the debtor has paid the full amount required to cure the mortgage default.
Key Elements to Include in the Letter It should include the name and contact information of the debtor, the date of the filing, the court where the bankruptcy was filed, the case number, and the type of bankruptcy filed. It should also provide information about the bankruptcy trustee and the meeting of creditors.
Chapter 13 is a reorganization or repayment bankruptcy that allows the debtor to enter into an interest-free debt repayment plan to pay back all or some of the debtor's debts over a 3 to 5 year period. During this time, creditors must abide by the plan and are not permitted to collect from you or contact you.
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.
Under all scenarios, a chapter 13 requires an individual to make monthly payments to a trustee, which is referred to as a trustee or plan payment. In general, the number of months of the plan is based on the debtor's ability to pay the total amount required.
