North Carolina Chapter 13 Summary Plan-cases are bankruptcy filings initiated by debtors who seek protection from creditors and seek to reorganize their debts. These filings are filed on or after December 1, 2017, and are subject to the Bankruptcy Code of North Carolina. Chapter 13 filings are designed to help individuals who cannot afford to pay their debts in full. There are two types of North Carolina Chapter 13 Summary Plan-cases: wage earners' plans and self-employed plans. In a wage earner's plan, the debtor is required to pay a certain amount of money each month to the trustee, who then distributes the payment to creditors. The amount of the payment depends on how much income the debtor earns and how much debt they have. The debtor must also provide the trustee with information about their income and expenses so that the trustee can determine the appropriate payment amount. The debtor must also provide the trustee with proof that they have completed a credit counseling course. In a self-employed plan, the debtor is not required to make regular payments to the trustee but is instead required to present a repayment plan. The repayment plan must include a detailed list of all the debtor's creditors and how much they are owed. The plan must also specify how the debtor intends to repay the creditors. The debtor must also provide the trustee with proof that they have completed a credit counseling course. Once the debtor has presented a repayment plan, the trustee reviews it and determines whether it is feasible. If the repayment plan is approved, the debtor must adhere to the terms of the plan and make all payments according to the agreed upon schedule. Once all the payments have been made, the debtor is discharged from their debts.
North Carolina Chapter 13 Summary Plan-cases filed ON or AFTER 12/1/2017)
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Possible objections to Chapter 13 bankruptcy plans Lack of good faith ? Creditors are entitled to receive at least as much in a Chapter 13 as they would if the debtor had filed a Chapter 7 liquidation.Inaccurate listing of debt ? The plan must list the debtor's full amount of unsecured debt.
Closing of a Bankruptcy Case ? Closing means that all activity in the main bankruptcy case is completed. This means that all motions have already been ruled upon, and if a trustee was appointed, the trustee has filed a statement that all trustee duties have been completed. See related FAQs below.
Objections to the confirmation of a chapter 13 plan that is timely filed and noticed prior to the § 341 meeting of creditors must be filed not later than seven (7) days after the date of the § 341 meeting of creditors.
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.
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.
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.