A Kentucky Order Confirming Chapter 13 Plan is a document issued by a United States Bankruptcy Court after a Chapter 13 Plan is proposed and approved. This document is issued for debtors in Kentucky who have filed for bankruptcy under Chapter 13 of the Bankruptcy Code. The Order Confirming Chapter 13 Plan is used to confirm the terms of the Debtors' Plan, including any modifications made by the Bankruptcy Court. The Order Confirming Chapter 13 Plan also sets forth the amount of payments to be made by the Debtor to the Trustee, the percentage of unsecured creditors to be paid, and the time period for the plan. There are two types of Kentucky Order Confirming Chapter 13 Plans: "Curing Deficiencies" and "Modifying the Plan." The "Curing Deficiencies" Order Confirming Chapter 13 Plan allows a Debtor to make payments on delinquent plan payments. The "Modifying the Plan" Order Confirming Chapter 13 Plan allows a Debtor to modify the terms of their plan, including modification of the payment amounts, the percentage of unsecured creditors to be paid, and the time period for the plan.
Kentucky Order Confirming Chapter 13 Plan
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How to fill out Kentucky Order Confirming Chapter 13 Plan?
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The 100 percent plan for Chapter 13 requires you to repay all your unsecured debts in full through your repayment plan. This plan is designed for individuals whose income is sufficient to cover all debts, ensuring that creditors receive the total amount owed. In the context of a Kentucky Order Confirming Chapter 13 Plan, this approach can lead to a quicker discharge of debts and improved financial standing. If you're navigating this process, using resources like US Legal Forms can provide guidance and necessary documentation.
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.
12) It's good to understand the concept of the Chapter 13 Plan Base. This is the total of all of your plan payments for the entirety of your case. If you have a 48 month plan and your payment is $1,000 monthly, then your plan base is $48,000.
If the Court does not confirm the Chapter 13 plan you have proposed, it will usually give the reasons for such disapproval so that the plan may be appropriately modified, converted to a Chapter 7 or dismissed. Once a case is dismissed, your creditors may again pursue the payoff of your debts.
This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
A Chapter 13 confirmation hearing is a court proceeding at which a bankruptcy judge decides whether someone has sufficient income to qualify for Chapter 13 bankruptcy. At the confirmation hearing, the judge reviews the filer's proposed plan to repay creditors.
An order confirming the chapter 13 plan is a Bankruptcy judge's approval of the Debtor's proposed chapter 13 repayment plan. For more information, see 11 U.S.C. §1325 .
What If I Receive a Bonus During the Chapter 13 Process? You must report your bonuses to your bankruptcy trustee. If the bonus amount is insignificant, you'll likely be able to keep it, but a substantial bonus will affect your repayment plan.
