New York Chapter 13 Plan is a debt repayment plan that allows individuals to reorganize their debts and repay creditors in a three to five-year period. The plan is available to individuals who have a regular income and owe more than the state and federal bankruptcy exemptions allow them to discharge. The debtor proposes the plan to the court and creditors, and if accepted, the debtor pays back all or some of their debts over the life of the plan. There are two types of New York Chapter 13 Plans: The Traditional Plan and the Zero-Balance Plan. The Traditional Plan requires debtors to make payments into a Chapter 13 Trustee who then distributes the funds to creditors. The Zero-Balance Plan allows debtors to make payments directly to creditors, thereby eliminating the need for a Trustee. Both plans require debtors to make regular monthly payments to creditors. The amount of the payment is determined by the debtor's income and expenses, and must be approved by the court. The payments are usually made over a three to five-year period and must be completed in order for the debtor to receive a discharge of their remaining debts.
New York Chapter 13 Plan
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