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.