Texas Uniform Plan And Motion For Valuation of Collateral (Chapter 13)
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How to fill out Texas Uniform Plan And Motion For Valuation Of Collateral (Chapter 13)?
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FAQ
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
The repayment plan must provide for a fixed payment to the trustee on a regular basis. If the court approves the plan, the trustee will distribute your payments to the creditors ing to the terms laid out in the plan.
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.
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.
The appointed trustee will collect and take control of a debtor's non-exempt assets, liquidate them, and distribute the proceeds to creditors.
If your Chapter 13 plan payment is too high, you can sometimes get it lowered if you encounter a reduction in household income. If your income reduces, you are many times also allowed to reduce your plan payment. This is accomplished usually by filing a Motion to Modify your Chapter 13 plan.
The Chapter 13 Plan must: provide for payments of fixed amounts to the trustee on a regular basis, typically monthly. provide for the full payment of all claims entitled to priority under section 507 such as taxes and child support (unless the holder of a particular claim agrees to different treatment of a claim)
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.