The Louisiana Chapter 13 Plan/Modified Plan (Effective December 1, 2017) is a court-approved debt repayment plan that allows individuals who are financially overwhelmed to pay off their debt over a period of three to five years, rather than all at once. This plan is available to individuals who have a regular source of income, such as a job or other form of regular income, and who are able to pay a portion of their debt each month. This plan is voluntary and does not require that creditors agree to the terms of the plan. The Louisiana Chapter 13 Plan/Modified Plan (Effective December 1, 2017) is divided into two types: the Standard Plan and the Modified Plan. The Standard Plan requires that all unsecured creditors receive at least the same amount that they would receive if the debtor were to file for Chapter 7 bankruptcy, while the Modified Plan allows the debtor to pay only a portion of their unsecured debt over a three to five-year period. Under this plan, the debtor is required to make monthly payments to the court-appointed trustee, who in turn distributes the payment to creditors. The debtor is also required to submit a budget to the trustee each month indicating their income and expenses. The trustee will review the budget and adjust the payment amount accordingly. At the end of the repayment period, any remaining debt will be discharged.
Louisiana Chapter 13 Plan/Modified Plan (Effective December 1, 2017)
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FAQ
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property (as opposed to a person), debts incurred to pay nondischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.
Since a chapter 12 or chapter 13 plan may provide for payments to be made over three to five years, the discharge typically occurs about four years after the date of filing.
Why do roughly 2 out of every 3 Chapter 13 cases fail? Well, to get a discharge of your debts, you need to complete a 3-5 year repayment plan. And most plans are 5 years long. Only at the end of the plan will the remainder of some debts be forgiven.
In chapter 12 and chapter 13 cases, the debtor is usually entitled to a discharge upon completion of all payments under the plan. As in chapter 7, however, discharge may not occur in chapter 13 if the debtor fails to complete a required course on personal financial management.
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.
A Chapter 13 bankruptcy can remain on your credit report for up to 10 years, and you will lose all your credit cards. Bankruptcy also makes it nearly impossible to get a mortgage if you don't already have one.
Dismissal of a Bankruptcy Case ? Dismissal ordinarily means that the court stopped all proceedings in the main bankruptcy case AND in all adversary proceedings, and a discharge order was not entered. Dismissal can occur because a debtor requested the dismissal and qualifies for voluntary dismissal.
