Puerto Rico Sample Letter regarding Chapter 13 Plan
Description
How to fill out Sample Letter Regarding Chapter 13 Plan?
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FAQ
Chapter 13 is essentially a consolidation loan in which you make a monthly payment to a court-appointed trustee, who then distributes the money to creditors. Creditors are not allowed to have any direct contact with you and must go through the trustee instead. You can keep your property and gain time to pay off debts.
Puerto Rican financial board seeks an end to power company's debt-restructuring process. The federal board overseeing the island's finances filed a new plan that would reduce the power company's debt from $10 billion to $2.5 billion, excluding pension liabilities.
A chapter 13 bankruptcy is also called a wage earner's plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years.
Any Chapter 13 debtor who receives an objection to confirmation should first take a deep breath and relax. Then, they should pick up the phone and call their bankruptcy attorney and ask for an explanation of the objections. In the vast majority of cases, the objections can easily be fixed.
So, every month you have $200 in disposable income. In your Chapter 13 plan, you propose $200/month over the next 60 months, or $12,000. Of that $12,000, your tax debt, car loan arrears, attorney fees and the Chapter 13 trustee, who administers the case, will get paid back.
Chapter 13 Plan Confirmation Requirements Whether your plan is practical in terms of making the required payments on time. Whether unsecured creditors will get at least the amount they would have gotten had you filed a Chapter 7 bankruptcy.
Chapter 13 permits the debtor to file a plan in which the debtor agrees to pay a certain percentage of future income to the bankruptcy court trustee for payment to creditors. If the court approves the plan, the debtor will be under the court's protection while repaying such debts.
For example, a family of four is allowed to spend up to $1740 on food, clothing, housekeeping supplies, personal care, and miscellaneous. That means if you can keep your grocery budget under $1000 every month you will have $740 to spend across all these other categories.
