Colorado Plan of Reorganization
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How to fill out Plan Of Reorganization?
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It allows you to keep some or all of your property during the time you are repaying your creditors and it permits you to modify some contract payments and interest rates. Your Chapter 13 plan may limit some interest, late charges, and penalties on some debts, as well as allow you to extend payments on those debts.
Generally, in Colorado, you are eligible to file for Chapter 7 if your average monthly income for the past six months is below the median monthly income for a family of your size in our state.
Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
It allows individuals with regular income to create a repayment plan to reorganize their debts and make scheduled payments to creditors over a period of three to five years. The repayment plan in Chapter 13 bankruptcy is submitted to the bankruptcy court for approval.
Who Can File a Plan. The debtor (except for a "small business debtor") has a 120-day period during which it has an exclusive right to file a plan. 11 U.S.C. § 1121(b). This exclusivity period may be extended or reduced by the court.
After Plan Completion: After all payments have been completed, the Chapter 13 Trustee will file a Motion to Return any Excess Funds to Debtor and to Terminate any Payroll Deduction by Employer. If the Motion is granted, the Court will enter an order granting the motion and issue two notices.
If your case is dismissed, you are entitled to a refund of any money that is still in the trustee's possession. However, the trustee has to get approval from the court to send the money back to you, and they are allowed to take their administrative fees out of that money before refunding it.
This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.