A Kentucky Order Confirming Chapter 13 Plan is a court order issued by a bankruptcy court in Kentucky that confirms a debtor's Chapter 13 repayment plan. It is an important document that outlines the terms and conditions of the debtor's repayment plan, including the amount of money that must be paid each month, the length of the repayment period, the allowed expenses, and the creditors that are to be paid. There are two main types of Kentucky Order Confirming Chapter 13 Plan: Modified and Unmodified. A Modified Plan allows the debtor to modify certain elements of the plan to better meet their needs. An Unmodified Plan is the standard Chapter 13 repayment plan and cannot be changed.
Kentucky Order Confirming Chapter 13 Plan
State:
Kentucky
Control #:
KY-SKU-0321
Format:
PDF
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Order Confirming Chapter 13 Plan
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The 100 percent plan for Chapter 13 means that you commit to repaying all of your unsecured debts within the plan's duration. This approach is often used when you have a high income, and your creditors are seeking full repayment. In the context of a Kentucky Order Confirming Chapter 13 Plan, this structured repayment can provide you with peace of mind and the ability to retain your assets while managing your debts responsibly. It helps you stay on track with your financial goals, ultimately leading to a fresh start.
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.
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 .
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.
Once you've completed your Chapter 13 repayment plan, most remaining nonpriority unsecured debt balances will get discharged. Student loan balances are a notable exception?you'll remain responsible for those (at least for the present). Student loans fall into the category of nonpriority unsecured debts.
The chapter 13 confirmation order is, in essence, a final judgment that binds each creditor to the terms stated in the chapter 13 plan. Once the bankruptcy judge issues an order confirming the plan, the creditors are just as bound by the terms of the confirmation plan as the debtor is.
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.
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.
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
