Creditors Chapter 13 Withholding
Description
How to fill out List Of Creditors Holding 20 Largest Secured Claims - Not Needed For Chapter 7 Or 13 - Form 4 - Post 2005?
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FAQ
In Chapter 13 bankruptcy, you pay the Chapter 13 bankruptcy trustee the monthly payment required by your Chapter 13 repayment plan and the trustee distributes the funds to creditors each month.
Unlike chapter 7, creditors do not have standing to object to the discharge of a chapter 12 or chapter 13 debtor. Creditors can object to confirmation of the repayment plan, but cannot object to the discharge if the debtor has completed making plan payments.
The difference between the debtor's current monthly income and the debtor's expenses will be the monthly disposable income. This amount, multiplied by thirty-six months, will be the amount that must be paid to unsecured creditors in Chapter 13, for debtors below the median income.
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.
If a creditor objects to your repayment plan, you will have an opportunity to respond to the objection. If you are able to overcome the objection, then your repayment plan will be approved, and you can proceed with your bankruptcy case.