Texas Order Reopening Chapter 13 Proceeding is a legal process that allows a debtor to modify the terms of their repayment plan in a Chapter 13 bankruptcy case. The debtor may be able to reduce their monthly payment, extend the length of the repayment plan, or change the type of debt being repaid. Through this process, the debtor can get relief from their debt burden and manage their finances better. There are two types of Texas Order Reopening Chapter 13 Proceeding: voluntary and involuntary. A voluntary proceeding is initiated by the debtor and requires an application to the bankruptcy court. An involuntary proceeding is initiated by the creditors and requires a court order.
Texas Order Reopening Chapter 13 Proceeding
State:
Texas
Control #:
TX-13-BTXN-197
Format:
Word
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Order Reopening Chapter 13 Proceeding
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After receiving all required payments under the plan (including any tax refunds owed) and completing an audit to determine that all amounts owed were received, the Chapter 13 Trustee will file a Certificate of Final Payment with the Bankruptcy Court.
How to Survive Chapter 13 Bankruptcy Stick to Your Repayment Plan. Chapter 13 bankruptcy establishes a repayment plan.Make Budget Cuts. Budget cuts before filing for bankruptcy can help you manage your finances.Stay Away from Credit Cards.Build an Emergency Fund.Seek Professional Help.
Your debts will not be discharged. Often creditors?especially unsecured creditors?don't bother to file claims with the bankruptcy court and their debts get discharged, but only if you complete the plan. When the case is dismissed, those creditors stay with you.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.
If a debtor has provided for payment of a claim secured by a security interest in the debtor's principal residence in the Plan, the Chapter 13 Trustee must file, within 30 days of the debtor completing all Plan payments, a Notice of Final Cure Payment.
As your case enters its final stages, the Chapter 13 Trustee will complete an audit of your case. This audit ensures the Trustee has paid out all necessary payments to creditors and all the required laws have been followed.
If a debtor fails to keep up with payments under their repayment plan in a Chapter 13 bankruptcy, the bankruptcy trustee may file a motion to dismiss their case. This means that their debts would not be discharged because the case would be considered unsuccessful.
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.