The Texas Chapter 13 Plan Form — Waco Division (Effective for cases filed prior to November 1, 2017) is a form used by debtors in the Waco Division of the Western District of Texas Bankruptcy Court to propose a repayment plan to creditors. It is designed to help debtors reorganize their debts and manage their finances in a way that is beneficial to them and their creditors. The form includes instructions for completing the form and outlines the types of information that must be provided. It also includes the legal requirements for filing a Chapter 13 plan in the Waco Division. There are three types of Texas Chapter 13 Plan Form — Waco Division (Effective for cases filed prior to November 1, 2017): Form 1, Form 2, and Form 3. Form 1 is used for debtors who have a regular income; Form 2 is used for debtors who receive Social Security, veterans benefits, or other income; and Form 3 is used for debtors who receive disability benefits or are unemployed.
Texas Chapter 13 Plan Form - Waco Division (Effective for cases filed prior to November 1, 2017)
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FAQ
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.
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.
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.
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.
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.
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.
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.
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.