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Illinois Chapter 13 Plan (Original-Modified)

Illinois Chapter 13 Plan (Original-Modified)

Name: Illinois Chapter 13 Plan (Original-Modified)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.61 (213 reviews)

Category:

Illinois Bankruptcy - Official - Northern District

State:

Illinois

Control #:

IL-NSKU-0056

Format:

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Description

Chapter 13 Plan (Original-Modified) Illinois Chapter 13 Plan (Original-Modified) is a type of bankruptcy repayment plan that allows individuals to reorganize their debt and pay creditors over a three to five-year period. The original plan is designed to allow individuals to pay their creditors in full, while the modified plan is designed for individuals who cannot repay their debt in full. The original Illinois Chapter 13 Plan is a three to five-year plan, that is tailored to the individual’s financial situation. This plan requires the individual to make regular payments to their creditors, while also reducing the amount of debt owed. The court will review the individual’s income and expenses to determine an appropriate repayment plan. The modified Illinois Chapter 13 Plan is designed for individuals who are unable to pay their debt in full. This plan will permit the individual to pay only a portion of what is owed to their creditors. Depending on the individual’s income and expenses, the court will determine an appropriate repayment plan. The individual must pay all of their disposable income to creditors over the duration of the plan. The main difference between the original and modified Illinois Chapter 13 Plan is that the modified plan only requires the individual to pay back a portion of the total debt owed, while the original plan requires the individual to pay back the entire amount.

Illinois Chapter 13 Plan (Original-Modified) is a type of bankruptcy repayment plan that allows individuals to reorganize their debt and pay creditors over a three to five-year period. The original plan is designed to allow individuals to pay their creditors in full, while the modified plan is designed for individuals who cannot repay their debt in full. The original Illinois Chapter 13 Plan is a three to five-year plan, that is tailored to the individual’s financial situation. This plan requires the individual to make regular payments to their creditors, while also reducing the amount of debt owed. The court will review the individual’s income and expenses to determine an appropriate repayment plan. The modified Illinois Chapter 13 Plan is designed for individuals who are unable to pay their debt in full. This plan will permit the individual to pay only a portion of what is owed to their creditors. Depending on the individual’s income and expenses, the court will determine an appropriate repayment plan. The individual must pay all of their disposable income to creditors over the duration of the plan. The main difference between the original and modified Illinois Chapter 13 Plan is that the modified plan only requires the individual to pay back a portion of the total debt owed, while the original plan requires the individual to pay back the entire amount.

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FAQ

To convert your Chapter 13 to a Chapter 7, you simply file a Notice of Conversion with the court and pay a conversion fee. However, keep in mind that you must still qualify for Chapter 7 bankruptcy in order to complete your case and receive a discharge (discussed below).

If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle?as long as you're current on your loan payments. And if the market value of a vehicle you own outright is less than the exemption amount, you're in the clear.

Many low-income filers have little or no nonexempt property, and no disposable income left after paying their bills and expenses. If you are in this situation, your plan can propose to pay off only your required debts, making no payments on your unsecured debt.

You have a right under federal law to convert your case to Chapter 7. You also have the right to dismiss your case in most circumstances. As long as you're eligible to receive a discharge under Chapter 7, you can convert your case at any time. The discharge will occur approximately 90 days after you convert your case.

The Chapter 13 Hardship Discharge After confirmation of a plan, circumstances may arise that prevent the debtor from completing the plan. In such situations, the debtor may ask the court to grant a "hardship discharge." 11 U.S.C. § 1328(b).

However, if you file under Chapter 13 and later convert to Chapter 7 (generally because you don't keep up with your plan payments) you'll have to pay a conversion fee of $25. Aside from the filing fees, you'll be required to obtain credit counseling and take a personal financial management course.

Because the filing date remains the same, the bankruptcy estate remains the same. This means that whatever property you owned when you filed your Chapter 13 case is now part of your Chapter 7 bankruptcy estate. This also means that all exemptions on any property that you took in the Chapter 13 remain in effect.

Converting to Chapter 7 lets filers out of the three- to five-year Chapter 13 plan and erases qualifying debts in as little as four months. Conversion can be a great option, especially when you don't qualify to modify your Chapter 13 payment.

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If you can't make your plan payments, you might be able to modify (change) them during your Chapter 13 case. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.The modified plan must complete payments within the commitment period of the original plan, absent a court-approved extension. Generally, a bankruptcy cannot be modified after it is filed. If the Debtor's income goes down, a plan or order of confirmation can be modified up or down, or payments may be temporarily reduced. There is a way to change your Chapter 13 plan components. The Court may be petitioned for a modification due to changes in your circumstances. A modified plan may not call for payments to be made beyond four years as measured from the date of the commencement of payments under the original plan. The plan as modified becomes the plan unless, after notice and a hearing, such modification is disapproved. (c). In some situations, it may not be feasible to complete your Chapter 13 repayment plan even with modifications.

Illinois Chapter 13 Plan (Original-Modified)

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FAQ

How do I convert my 13 to a 7?

Will I lose my car if I convert to a Chapter 7?

What if I have no disposable income for a Chapter 13?

How long does it take to convert from Chapter 13 to 7?

What is a hardship discharge in Chapter 13?

How much does it cost to convert from a Chapter 13 to a Chapter 7?

What happens when you switch from a Chapter 13 to a Chapter 7?

How long does it take to convert a Chapter 13 to a 7?

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