A West Virginia Chapter 13 Motion to Incur Debt is a legal request to a bankruptcy court to allow a debtor to take on additional debt while in the midst of a Chapter 13 bankruptcy filing. The purpose of the Motion is to allow the debtor to purchase goods or services that are necessary for day-to-day living, or to pay off existing debts. The Motion must be approved by the court in order for the debtor to incur additional debt while the bankruptcy process is underway. There are two types of West Virginia Chapter 13 Motion to Incur Debt: a “Motion to Incur Debt Prior to Confirmation” and a “Motion to Incur Debt After Confirmation.” A “Motion to Incur Debt Prior to Confirmation” is a request to the court to allow the debtor to incur debt before the court has finalized the Chapter 13 repayment plan. A “Motion to Incur Debt After Confirmation” is a request to the court to allow the debtor to incur debt after the court has finalized the Chapter 13 repayment plan. In both cases, the debtor must provide detailed information about the proposed debt and the circumstances that have caused the need for additional debt.
West Virginia Chapter 13 Motion to Incur Debt
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How to fill out West Virginia Chapter 13 Motion To Incur Debt?
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FAQ
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.
A stipulation in Chapter 13 bankruptcy law states that you, as a debtor, are not allowed to increase any debt without receiving the permission of your bankruptcy trustee. If you do apply for a credit card, your bankruptcy payment plan will be canceled and the bankruptcy proceedings will be stopped.
On June 21, 2022 the President signed into law the Bankruptcy Threshold Adjustment and Corrections Act . Among other things the Act increased the Chapter 13 debt threshold to $2.75 million. Both secured and unsecured debt counts towards this single limit.
If you need to take on new debt, you will need to ask the court for permission. You may then pay the debt outside the bankruptcy case or may be able to include the debt in your Chapter 13 plan payment. Your bankruptcy lawyer will work with you to amend your plan and ask the court for permission to incur new debt.
Pre-petition debts can also be added to Chapter 13 bankruptcy after you file, but again, you will want to notify your attorney of the missed creditor as soon as possible. Adding debts to Chapter 13 is possible, but if certain deadlines have come and gone in the case, a debt can be found to be non-dischargeable.
A motion to modify a confirmed Chapter 13 plan (also called a motion to amend confirmed plan) is filed typically by the debtor, but these motions can also be filed by the trustee or a creditor with an allowed, unsecured proof of claim. 11 U.S.C. § 1329.