North Carolina Chapter 13 Plan-cases filed ON or AFTER 12/1/2017 are a form of debt relief available to individuals who are facing financial hardship. These cases involve a repayment plan whereby a debtor agrees to pay back a portion of their debt over a period of three to five years. The debtor's repayment plan must be approved by the court and must meet certain requirements, such as providing for payments of current taxes and priority obligations, not exceeding the debtor's disposable income, and providing for a minimum payment of at least one dollar to each creditor. The three types of North Carolina Chapter 13 Plan-cases filed ON or AFTER 12/1/2017 are: 1. Wage Earner Plan: This is for debtors with regular income and who make payments directly to the court-appointed trustee. 2. Regular Income Plan: This is for debtors who don't have regular income, but can provide the court-appointed trustee with proof of income. 3. Self-Employed Plan: This is for self-employed debtors who make payments directly to the court-appointed trustee.
North Carolina Chapter 13 Plan-cases filed ON or AFTER 12/1/2017)
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If a secured creditor fails to file proof of claim, then you will not make any payments toward what you owe on your house or car during your repayment plan. At the end of the bankruptcy process, to keep the collateral, you will still owe the full amount of these secured debts. Plus, you may owe interest and other fees.
The "applicable commitment period" depends on the debtor's current monthly income. The applicable commitment period must be three years if current monthly income is less than the state median for a family of the same size - and five years if the current monthly income is greater than a family of the same size.
Objections must be filed within 21 days after the conclusion of the 341 meeting. Plan can be confirmed without further notice or hearing absent timely objections.
How Does Filing Chapter 13 Bankruptcy in North Carolina Work? A Chapter 13 bankruptcy, also known as a wage earner's plan or individual debt adjustment, allows people with a steady income to propose a plan to pay all or a portion of their debts. These payments can last three to five years.
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.