The Texas Debtor(s) Chapter 13 Plan (Midland-Odessa) is a court-ordered debt repayment plan under Chapter 13 of the United States Bankruptcy Code. It allows individuals and businesses to restructure their debt obligations, including secured and unsecured debt, and pay off their creditors over a period of three to five years. The plan must be approved by the court and creditors must receive at least as much as they would have if the debtor(s) had filed for Chapter 7 bankruptcy. The Texas Debtor(s) Chapter 13 Plan (Midland-Odessa) typically includes the following components: • A repayment plan detailing how much the debtor(s) will pay each month to creditors. • A budget outlining the debtor’s income and expense. • A list of creditors and the amounts the debtor(s) owes them. • A list of exempt property that cannot be taken by creditors. • A list of all payments made by the debtor(s). • A statement of the debtor(s)’s financial affairs. • A statement of the debtor(s)’s intentions regarding the repayment of the debt. • A statement of the debtor(s)’s current monthly income and expenses. • A statement of the debtor(s)’s current debt obligations. • A statement of any proposed modifications to the plan. • A statement of the debtor(s)’s intention to repay creditors in accordance with the plan. • A statement of the debtor(s)’s intention to make payments directly to the creditors as they become due. • A statement of the debtor(s)’s intention to surrender any non-exempt assets to the trustee. Different types of Texas Debtor(s) Chapter 13 Plan (Midland-Odessa) can vary based on the unique financial circumstances of the debtor(s). These plans may include a lump sum payment, a balloon payment, or a combination of both. Additionally, the plan may include a debt consolidation or debt elimination provision. Finally, the plan may include provisions for the payment of secured debt, such as mortgages or car loans, and unsecured debt, such as credit card debt or medical bills.
Texas Debtor(s) Chapter 13 Plan (Midland-Odessa)
Description
How to fill out Texas Debtor(s) Chapter 13 Plan (Midland-Odessa)?
If you’re looking for a way to properly complete the Texas Debtor(s) Chapter 13 Plan (Midland-Odessa) without hiring a legal professional, then you’re just in the right spot. US Legal Forms has proven itself as the most extensive and reputable library of formal templates for every personal and business scenario. Every piece of paperwork you find on our online service is created in accordance with federal and state laws, so you can be sure that your documents are in order.
Adhere to these simple instructions on how to obtain the ready-to-use Texas Debtor(s) Chapter 13 Plan (Midland-Odessa):
- Ensure the document you see on the page meets your legal situation and state laws by checking its text description or looking through the Preview mode.
- Type in the document name in the Search tab on the top of the page and select your state from the dropdown to find an alternative template in case of any inconsistencies.
- Repeat with the content verification and click Buy now when you are confident with the paperwork compliance with all the requirements.
- Log in to your account and click Download. Create an account with the service and select the subscription plan if you still don’t have one.
- Use your credit card or the PayPal option to pay for your US Legal Forms subscription. The blank will be available to download right after.
- Choose in what format you want to get your Texas Debtor(s) Chapter 13 Plan (Midland-Odessa) and download it by clicking the appropriate button.
- Add your template to an online editor to complete and sign it quickly or print it out to prepare your paper copy manually.
Another great advantage of US Legal Forms is that you never lose the paperwork you purchased - you can pick any of your downloaded blanks in the My Forms tab of your profile any time you need it.
Form popularity
FAQ
For Chapter 7 and Chapter 13 cases, a Section 341 Meeting of the Creditors will take place between 30 and 45 days of filing your petition; you are required to attend this meeting.
Although a Chapter 13 bankruptcy stays on your record for years, missed debt payments, defaults, repossessions, and lawsuits will also hurt your credit and may be more complicated to explain to a future lender than bankruptcy.
Debts have different degrees of priority. The debts that must be repaid in Chapter 13 are priority debts including child support, alimony, certain taxes, and wages owed to employees. Your plan must also address your secured debts. Secured debts are those that are secured by collateral, such as a mortgage or car loan.
Unlike chapter 7, creditors do not have standing to object to the discharge of a chapter 12 or chapter 13 debtor. Creditors can object to confirmation of the repayment plan, but cannot object to the discharge if the debtor has completed making plan payments.
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.
Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's combined total secured and unsecured debts are less than $2,750,000 as of the date of filing for bankruptcy relief.
Under the statute, the debtor (and only the debtor) may propose a chapter 13 plan. Generally, the debtor must file the plan when the case commences or within 14 days afterwards. A repayment plan must detail a schedule of payments of fixed amounts to the trustee on a regular basis, usually biweekly or monthly.
Advantages Offered in Chapter 13 but Not Chapter 7 You Can Catch Up on a Mortgage or Car Loan.You Can Force a Creditor Into a Payment Plan.You Can Protect a Codebtor on a Personal Debt.You Can Keep Property You'd Lose in Chapter 7.