Pennsylvania Chapter 13 Plan Dated---Combined With Claims By Debtor Pursuant to Rule 3004 is a type of bankruptcy plan that is used in Pennsylvania. It is a type of debt repayment plan that allows a debtor to pay off their debts over a period of 3-5 years. The plan combines the claims of the debtor with the claims of the creditors and is filed under the Bankruptcy Code. The plan is based on the debtor's ability to pay and allows creditors to receive payments in full or in part. There are two types of Pennsylvania Chapter 13 Plan Dated---Combined With Claims By Debtor Pursuant to Rule 3004. The first type is a Wage Earner Plan, which is used by debtors who have a steady source of income and can commit to making regular payments. The second type is a Self-Employed Plan, which is used by debtors who are self-employed or have an irregular income. Both types of plans must be approved by the court, and if approved, creditors are prohibited from collecting on the debts included in the plan.
Pennsylvania Chapter 13 Plan Dated---Combined With Claims By Debtor Pursuant to Rule 3004
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After filing the Chapter 13 petition, the debtor files a Chapter 13 plan. The plan proposes to pay creditors, including the IRS, over a period of 36 to 60 months. Sixty months is the maximum and most common payment period. Payments are typically in monthly installments.
Unlike chapter 7, creditors do not have standing to object to the discharge of a chapter 12 or chapter 13 debtor. Creditors can object to confirmation of the repayment plan, but cannot object to the discharge if the debtor has completed making plan payments.
The Chapter 13 Plan must: provide for payments of fixed amounts to the trustee on a regular basis, typically monthly. provide for the full payment of all claims entitled to priority under section 507 such as taxes and child support (unless the holder of a particular claim agrees to different treatment of a claim)
The appointed trustee will collect and take control of a debtor's non-exempt assets, liquidate them, and distribute the proceeds to creditors.
Advantages Offered in Chapter 13 but Not Chapter 7 You Can Catch Up on a Mortgage or Car Loan.You Can Force a Creditor Into a Payment Plan.You Can Protect a Codebtor on a Personal Debt.You Can Keep Property You'd Lose in Chapter 7.
Chapter 13 is often preferable to chapter 7 because it enables the debtor to keep a valuable asset, such as a house, and because it allows the debtor to propose a "plan" to repay creditors over time ? usually three to five years.
Within 30 days after filing the bankruptcy case, even if the plan has not yet been approved by the court, the debtor must start making plan payments to the trustee.
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.