The Rhode Island Chapter 13 Agreement Between Debtor and Counsel is an agreement between a debtor and their counsel that outlines the terms of a Chapter 13 bankruptcy filing in Rhode Island. This agreement typically includes details of the repayment plan, the amount of the debtor’s monthly payment, the duration of the repayment plan, the debtor’s rights and obligations, and the duties of the debtor’s counsel. The agreement is typically signed by both the debtor and their counsel before the bankruptcy filing is initiated. There are two types of Rhode Island Chapter 13 Agreement Between Debtor and Counsel: the Standard Chapter 13 Agreement and the Flexible Chapter 13 Agreement. The Standard Chapter 13 Agreement is the most commonly used agreement, and it outlines the repayment plan, the amount of the debtor’s monthly payment, the duration of the repayment plan, the debtor’s rights and obligations, and the duties of the debtor’s counsel. The Flexible Chapter 13 Agreement is a more customizable agreement that allows the debtor to modify certain provisions of the agreement, such as the length of the repayment plan and the amount of their monthly payment.
Rhode Island Chapter 13 Agreement Between Debtor and Counsel
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FAQ
Chapter 13 is essentially a consolidation loan in which you make a monthly payment to a court-appointed trustee, who then distributes the money to creditors. Creditors are not allowed to have any direct contact with you and must go through the trustee instead. You can keep your property and gain time to pay off debts.
The section 341 meeting is a critical step in the successful administration of a chapter 13 case. It is an opportunity to educate the debtor on the bankruptcy process, and to allow parties in interest to question the debtor about his or her assets, liabilities and financial condition.
In Chapter 13 bankruptcy, you must devote all of your "disposable income" to the repayment of your debts over the life of your Chapter 13 plan. Your disposable income first goes to your secured and priority creditors. Your unsecured creditors share any remaining amount.
In a Chapter 13 bankruptcy, the trustee can freeze your bank accounts long enough to use some of the money to pay your creditors if that money is not exempt. That would happen at the beginning of the case. They can and often do release the claim if you need that money for necessity.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
The 341 meeting of creditors refers to a meeting conducted by the Chapter 13 Trustee pursuant to 11 USC Section 341. At the 341 meeting of creditors, Chapter 13 petitioners will be required to swear or affirm that the information that they are about to give is truthful.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.