The Wyoming Order Confirming Plan is a process that allows a debtor who has filed for bankruptcy in Wyoming to confirm a plan of repayment to creditors. This is done through a court order that is issued by the Wyoming Bankruptcy Court. The Order Confirming Plan sets out the terms and conditions of the repayment plan, including the amount of payments to be made, the timeline for payments and any other provisions that may be applicable. There are two types of Wyoming Order Confirming Plans: Chapter 13 and Chapter 11. Chapter 13 is for individuals who are seeking a repayment plan, while Chapter 11 is for businesses seeking reorganization. The Order Confirming Plan must be approved by the court and all creditors must agree to the terms of the plan before it can become effective.
Wyoming Order Confirming Plan
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FAQ
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.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
The 341 meeting of creditors refers to a meeting conducted by the Chapter 13 Trustee pursuant to 11 USC Section 341. At the 341 meeting of creditors, Chapter 13 petitioners will be required to swear or affirm that the information that they are about to give is truthful.
In a Chapter 13 bankruptcy, the trustee can freeze your bank accounts long enough to use some of the money to pay your creditors if that money is not exempt. That would happen at the beginning of the case. They can and often do release the claim if you need that money for necessity.
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.
In Chapter 13 bankruptcy, you must devote all of your "disposable income" to the repayment of your debts over the life of your Chapter 13 plan. Your disposable income first goes to your secured and priority creditors. Your unsecured creditors share any remaining amount.
