West Virginia Stipulation Authorizing Post Petition Debt in Chapter 13 is a state-specific form that is required for a debtor to be able to incur post-petition debt in a Chapter 13 bankruptcy case. This form must be signed by the debtor and trustee before any new debt can be incurred. The form outlines the terms and conditions for the post-petition debt, including the amount, interest rate, payment schedule, and any collateral securing the debt. There are two types of post-petition debt: secured and unsecured. Secured debt is secured by collateral, such as a car or house, while unsecured debt is not secured by collateral. Both types of post-petition debt must be approved by the trustee and court before they can be incurred.
West Virginia Stipulation Authorizing Post Petition Debt in Chapter 13
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Stipulation Authorizing Post Petition Debt in Chapter 13
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Pre-petition debts can also be added to Chapter 13 bankruptcy after you file, but again, you will want to notify your attorney of the missed creditor as soon as possible. Adding debts to Chapter 13 is possible, but if certain deadlines have come and gone in the case, a debt can be found to be non-dischargeable.
On June 21, 2022 the President signed into law the Bankruptcy Threshold Adjustment and Corrections Act . Among other things the Act increased the Chapter 13 debt threshold to $2.75 million. Both secured and unsecured debt counts towards this single limit.
A motion to modify a confirmed Chapter 13 plan (also called a motion to amend confirmed plan) is filed typically by the debtor, but these motions can also be filed by the trustee or a creditor with an allowed, unsecured proof of claim. 11 U.S.C. § 1329.
Generally, the creditor on a post-petition debt cannot collect the debt until either the automatic stay is terminated or the creditor receives permission to collect from 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.
Post-petition debt is a debt you obtain after filing your bankruptcy case. These debts are not part of your bankruptcy case and will not be discharged.
Debts not discharged in chapter 13 include certain long term obligations (such as a home mortgage), debts for alimony or child support, certain taxes, debts for most government funded or guaranteed educational loans or benefit overpayments, debts arising from death or personal injury caused by driving while intoxicated
If you need to take on new debt, you will need to ask the court for permission. You may then pay the debt outside the bankruptcy case or may be able to include the debt in your Chapter 13 plan payment. Your bankruptcy lawyer will work with you to amend your plan and ask the court for permission to incur new debt.