The Washington Ch 13 Plan (effective 12/1/2017) is a three to five-year repayment plan of secured and unsecured debts that is available to individuals and married couples who live in Washington. The plan is administered through the United States Bankruptcy Court, and is designed to help debtors in Washington reorganize their debt in a way that works best for them. The plan allows debtors to keep certain assets, while paying back creditors over a period of time. The primary type of Washington Ch 13 Plan (effective 12/1/2017) is a ‘debtor in possession’ plan, where a debtor remains in possession of their assets while making payments to creditors. This plan allows debtors to maintain control of their assets while making payments to creditors. There is also the ‘creditor’s plan’ option, where a trustee is appointed to distribute payments to creditors. In order to qualify for a Washington Ch 13 Plan (effective 12/1/2017), debtors must have an income that is less than Washington’s median income and must not have more than $419,275 in secured debt, or $1,257,850 in unsecured debt. Debtors must also have all required documents, such as a copy of their most recent tax return and proof of income, in order to apply. Keywords: Washington Ch 13 Plan, Bankruptcy Court, Debtor in Possession, Creditor’s Plan, Median Income, Secured Debt, Unsecured Debt.
Washington Ch 13 Plan (effective 12/1/2017)
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FAQ
In a Chapter 13, an objection to confirmation is basically a written statement from the Chapter 13 Trustee or a creditor of the debtor that there is something wrong with the case that needs to be fixed before the confirmation hearing.
An objection to the confirmation of a chapter 13 plan shall be made by motion setting forth the facts and legal arguments that give rise to the objection in sufficient detail to allow the debtor to file a reply or an amended plan that addresses the objection.
If the court declines to confirm the plan, the debtor may file a modified plan. 11 U.S.C. § 1323. The debtor may also convert the case to a liquidation case under chapter 7. (4) 11 U.S.C. § 1307(a).
Possible objections to Chapter 13 bankruptcy plans Lack of good faith ? Creditors are entitled to receive at least as much in a Chapter 13 as they would if the debtor had filed a Chapter 7 liquidation.Inaccurate listing of debt ? The plan must list the debtor's full amount of unsecured debt.
The trustee might object because they believe you do not have enough income to fund your bankruptcy plan. This is known as a feasability objection and it might require you to make payments for several months before the trustee is satisfied you can handle the payment in the case.
Objections must be filed within 21 days after the conclusion of the 341 meeting. Plan can be confirmed without further notice or hearing absent timely objections.