A Vermont Order Confirming Chapter 13 Plan is a court document issued by a bankruptcy court in the state of Vermont. It is used to approve and confirm a repayment plan for a debtor who has filed for Chapter 13 bankruptcy. This document outlines the details of the repayment plan, including the total amount of debt to be repaid, the repayment terms, the timeline for repayment, and the names of creditors. In addition, the Order also states the court's approval of the debtor's proposed plan and its confirmation of the terms of the plan. There are two types of Vermont Order Confirming Chapter 13 Plan: one for individuals filing bankruptcy and another for businesses. The individual Order Confirming Chapter 13 Plan outlines the details of the repayment plan and the timeline for repayment, while the business Order Confirming Chapter 13 Plan outlines the details of the repayment plan, the timeline for repayment, and the names of creditors.
Vermont Order Confirming Chapter 13 Plan
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How to fill out Vermont Order Confirming Chapter 13 Plan?
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FAQ
Closing of a Bankruptcy Case ? Closing means that all activity in the main bankruptcy case is completed. This means that all motions have already been ruled upon, and if a trustee was appointed, the trustee has filed a statement that all trustee duties have been completed. See related FAQs below.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
Once your repayment plan gets confirmed, you must continue to make timely payments to the bankruptcy trustee each month for the duration of your plan. You must also continue to make payments on debts, such as your mortgage or car payment, which you proposed to pay outside of bankruptcy.
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.
An order confirming the chapter 13 plan is a Bankruptcy judge's approval of the Debtor's proposed chapter 13 repayment plan. For more information, see 11 U.S.C. §1325 .
As your case enters its final stages, the Chapter 13 Trustee will complete an audit of your case. This audit ensures the Trustee has paid out all necessary payments to creditors and all the required laws have been followed.
Once the debt is discharged by the bankruptcy court, the discharge permanently bars the creditor or debt collector from collection of the debt. Filing for bankruptcy can have long-term consequences so consult a bankruptcy attorney to learn more.
Skipping a Chapter 13 plan payment can negatively impact your Chapter 13 case. If you miss a payment under the plan, the court can decide to dismiss your case or change your bankruptcy case to Chapter 7. Under a Chapter 7 bankruptcy, the court can liquidate your nonexempt assets to pay your outstanding debts.