The Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005, is a legal agreement between the debtor and his/her creditors that is filed with the United States Bankruptcy Court for the Western District of Missouri. The chapter 13 plan is a repayment plan that allows for the reorganization of a debtor’s finances and the repayment of their debts over a three to five-year period. The plan must include a breakdown of the debtor’s income, expenses, assets, and liabilities, as well as a plan for the repayment of creditors. The plan must also include a list of allowed secured and unsecured creditors and the total amount of each creditor's claim. The Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005, includes two types of plans: the Wage Earner Plan and the Self-Employed Plan. The Wage Earner Plan requires the debtor to make payments to their creditors directly, while the Self-Employed Plan allows the debtor to make payments through their trustee. Both plans require the debtor to make monthly payments, with the amount based on the debtor’s income and expenses. The Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005, also includes a Plan Summary which outlines the debtor’s assets, liabilities, income, and expenses, as well as the amount of the debtor’s proposed payments to creditors. The Plan Summary also outlines the debtor’s proposed plan of repayment and any applicable exemptions.
Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005
Description
How to fill out Missouri Chapter 13 Plan And Plan Summary For Cases Filed On Or After October 17, 2005?
How much time and resources do you typically spend on composing official paperwork? There’s a better way to get such forms than hiring legal specialists or wasting hours browsing the web for a proper blank. US Legal Forms is the premier online library that provides professionally drafted and verified state-specific legal documents for any purpose, like the Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005.
To get and complete an appropriate Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005 blank, follow these simple steps:
- Look through the form content to ensure it complies with your state laws. To do so, read the form description or use the Preview option.
- If your legal template doesn’t meet your requirements, locate another one using the search bar at the top of the page.
- If you already have an account with us, log in and download the Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005. Otherwise, proceed to the next steps.
- Click Buy now once you find the right document. Opt for the subscription plan that suits you best to access our library’s full opportunities.
- Create an account and pay for your subscription. You can make a payment with your credit card or via PayPal - our service is totally safe for that.
- Download your Missouri Chapter 13 Plan and Plan Summary For Cases Filed On Or After October 17, 2005 on your device and fill it out on a printed-out hard copy or electronically.
Another advantage of our library is that you can access previously acquired documents that you securely keep in your profile in the My Forms tab. Obtain them anytime and re-complete your paperwork as frequently as you need.
Save time and effort completing official paperwork with US Legal Forms, one of the most reliable web services. Sign up for us now!
Form popularity
FAQ
Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause."
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
If your Chapter 13 plan payment is too high, you can sometimes get it lowered if you encounter a reduction in household income. If your income reduces, you are many times also allowed to reduce your plan payment. This is accomplished usually by filing a Motion to Modify your Chapter 13 plan.
In no case may a plan provide for payments over a period longer than five years. 11 U.S.C. § 1322(d). During this time the law forbids creditors from starting or continuing collection efforts.
The disposable income calculation starts with your gross income. You must also be a wage earner in order to file a Chapter 13. Then, certain expenses are deducted based on an IRS deduction. The deduction is based upon a national average, taking into consideration the metropolitan area you live.
An objection to the confirmation of a chapter 13 plan shall be made by motion setting forth the facts and legal arguments that give rise to the objection in sufficient detail to allow the debtor to file a reply or an amended plan that addresses the objection.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.