This form is a chapter 13 plan which must be completed by the debtor and filed with the bankruptcy court. The debtor must provide the following information: the date of the periodic payments, duration of the plan, and the administrative expenses.
Vancouver Washington Chapter 13 Plan is a specific type of bankruptcy plan available to individuals residing in Vancouver, Washington, who are seeking debt relief while still maintaining ownership of their assets. This plan falls under Chapter 13 of the United States Bankruptcy Code and allows debtors to reorganize their finances and repay their debts over a three to five-year period. Under the Vancouver Washington Chapter 13 Plan, individuals with a steady income can propose a repayment plan to the court, which consolidates their debts and determines the monthly payments they need to make. This plan is designed to help debtors catch up on missed mortgage or car payments, pay off certain types of tax debts, and resolve various other outstanding obligations. One key advantage of the Chapter 13 Plan is that it enables individuals to keep their assets and avoid foreclosure or repossession. This is particularly beneficial for homeowners facing potential loss of their primary residence, as the plan allows them to catch up on overdue mortgage payments and save their homes. In Vancouver, Washington, various types of Chapter 13 Plans may be offered, depending on the specific circumstances and financial goals of the debtor. Some types are: 1. Standard Chapter 13 Plan: This is the most common type of Chapter 13 Plan, where the debtor enters a three to five-year repayment plan, based on their disposable income and necessary living expenses. This plan aims to repay a portion of the debtor's unsecured debts, such as credit card balances or medical bills, while addressing arrears on secured debts. 2. Mortgage Modification Chapter 13 Plan: If the debtor is severely delinquent on mortgage payments and at risk of foreclosure, they may propose a mortgage modification plan under Chapter 13. This plan allows debtors to restructure their mortgage terms, potentially reducing the interest rate or extending the loan term, thus making payments more manageable. 3. Cram down Chapter 13 Plan: In cases where a debtor owes more on their car or other secured assets than the actual value, an Arm down plan can be proposed. This plan allows debtors to reduce the outstanding balance of the loan to the current value of the asset and repay the reduced amount through the Chapter 13 Plan. It is important to consult with a bankruptcy attorney experienced in Vancouver, Washington, to understand the specific requirements and benefits of the Chapter 13 Plan in this jurisdiction. The attorney can guide debtors through the process, create a feasible repayment plan, and ensure a successful implementation of the chosen plan.
