Wyoming Chapter 13 Plan Sample Letter: Dear [Debtor's Name], RE: Chapter 13 Plan We hope this letter finds you in good health. As your legal representatives, we are writing to provide you with a detailed description of the Chapter 13 Plan applicable to your case in Wyoming. A Chapter 13 Plan is a key component of the bankruptcy process, specifically designed for individuals with a regular income who wish to reorganize their debts. This plan allows you to make affordable monthly payments over a specified period, typically 3-5 years, while retaining your assets and avoiding liquidation. Understanding the importance of clarity and comprehensiveness, we have provided you with a thorough breakdown of the required components of your Chapter 13 Plan: 1. Debtor's Information: Begin the plan by providing essential personal details, including your name, address, contact information, and social security number. 2. Repayment Structure: Outline the proposed monthly payment amount you are willing and able to pay towards your debts. This figure will be determined by assessing your income, necessary expenses, and debt obligations. 3. Priority Debts: Identify any debts that must be repaid in full during the term of your Chapter 13 Plan. These typically include taxes, child support, and alimony, and will usually be paid first. 4. Secured Debts: List any debts secured by specific collateral such as your home, vehicle, or other valuable assets. Explain how these debts will be handled, whether you intend to surrender, retain, or modify the terms of these obligations. 5. Unsecured Debts: Detail how you plan to handle unsecured debts, which typically include credit card debt, medical bills, and personal loans. These debts are often paid only a percentage of their value, based on your disposable income. 6. Plan Duration: Specify the length of time you propose to make payments under the Chapter 13 Plan. This duration can range from 36 to 60 months, depending on various factors such as income and expenses. 7. Confirmation Hearing: Inform the court of your intent to attend the confirmation hearing, where the judge will review and approve your proposed Chapter 13 Plan. Note the date, time, and location of the hearing. 8. Trustee Payments: Indicate whether you will make your monthly payments directly to the bankruptcy trustee or through automatic wage deductions. Provide the necessary payment instructions and details. 9. Plan Modification: Explain that the proposed Chapter 13 Plan is subject to modification if unforeseen circumstances arise during the repayment period. Clarify that any modifications will require court approval. By adhering to these guidelines and including all relevant information, you can ensure a comprehensive Chapter 13 Plan that meets the requirements of the Wyoming bankruptcy court. In the event you require further clarification or assistance, please do not hesitate to contact our office. Kind regards, [Your Name] [Your Law Firm's Name] [Your Contact Information]
Wyoming Sample Letter regarding Chapter 13 Plan
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How to fill out Wyoming Sample Letter Regarding Chapter 13 Plan?
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If the court declines to confirm the plan or the modified plan and instead dismisses the case, the court may authorize the trustee to keep some funds for costs, but the trustee must return all remaining funds to the debtor (other than funds already disbursed or due to creditors). 11 U.S.C. § 1326(a)(2).
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
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.
Chapter 13 Has a Failure Rate of 67% Why do roughly 2 out of every 3 Chapter 13 cases fail? Well, to get a discharge of your debts, you need to complete a 3-5 year repayment plan. And most plans are 5 years long.
It may take approximately three to five years to complete the repayment plan. You need to make regular payments to the trustee in ance with the bankruptcy repayment plan approved by the trustee.
Some common reasons creditors object to Chapter 13 plan confirmation include: Disagreement about the outstanding balance on the debt. Disagreement about the past-due amount. Objection to a ?cramdown? of an automobile loan.
If you want to know how long it takes to file Chapter 13 bankruptcy, complete the steps outlined below, and receive a Chapter 13 discharge, the answer is most filers complete the process in 60 months?possibly less if your income is low enough or you're paying 100% of your debts.
The day your bankruptcy case is filed the bankruptcy court institutes an automatic stay. This prohibits creditors from taking collection actions for the duration of your bankruptcy. The bankruptcy court will notify each of your creditors in writing that you have filed for bankruptcy.
