The Virginia Chapter 13 Plan and Related Motions is a legal document filed by individuals seeking relief from their debts through a structured repayment plan. This plan is part of the bankruptcy process under Chapter 13 of the United States Bankruptcy Code, which allows individuals with a regular income to propose a plan to repay all or part of their debts over a specific period, typically three to five years.
Completing the Virginia Chapter 13 Plan involves several key steps:
The Virginia Chapter 13 Plan includes several important sections:
When filling out the Virginia Chapter 13 Plan, be mindful of the following common errors:
In addition to the Virginia Chapter 13 Plan, you may need to submit the following documents:
Generally speaking, the funds you have in your bank accounts are safe when you file for Chapter 13 bankruptcy.Chapter 13 also allows debtors to keep bank account funds in excess of the allowable exemption amount provided the excess amounts are worked into the Chapter 13 plan and paid back over the life of the plan.
You should disclose any payments to insiders on your Statement of Financial Affairs (Official Form 107). Bankruptcy trustees will also look through your bank statements to see your cash deposits and withdrawals. Any large deposits in your account should be accounted for.
If you get a promotion and/or raise while in Chapter 13 bankruptcy, be sure to report your change in income to the bankruptcy court immediately. If you delay or fail to reveal the change, your actions could be perceived as bad faith and that could jeopardize your case.
The Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.
In Chapter 13 bankruptcy , the average completion is 3 to 5 years.In most cases, if you move out of state, the bankruptcy proceedings won't be affected. Meaning, your case doesn't need to be transferred to the court in the state you are moving to.
Debts You Must Pay in Full Through Your Plan. Add up the following debts and divide by the number of months your plan will last. Secured Debt Payments on Property You Want to Keep. Unsecured Debts. Length of Your Repayment Plan.
What is a motion for relief from the automatic stay? A motion for relief from the automatic stay, also called a stay relief motion, is a request a creditor can submit to the bankruptcy court to ask for permission to take certain collection actions against the person who filed bankruptcy.
You may be worried your bank will freeze your account as soon as it becomes aware of the bankruptcy but that rarely happens.Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.
Chapter 13 allows you to keep all of your assets, even if you have $1 million in cash in the bank. In return, the court asks you to pay at least some of your debt back over the next three or five years.