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Time in Plan is like a Journey. . FINANCIALSECURITY . United States Bankruptcy Code. . Debtors. Creditors. Trustee. Court. Types of Bankruptcies. Chapter 12. Chapter 7. Chapter 11. Chapter 13. People Involved in Bankruptcy. DebtorIndividual or Family filing a bankruptcyNeed to file accurate paperwork with the court listing your debts,assets, income and expenses .
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3. United States Bankruptcy Code
4. Types of Bankruptcies Chapter 12
5. People Involved in Bankruptcy Debtor
Individual or Family filing a bankruptcy
Need to file accurate paperwork with
the court listing your debts,assets,
income and expenses
6. Case Number 05-56779
05-Year that your case was filed
5-Jurisdiction where it was filed
6779-Uniquely yours
7. Plan Payments: All Payments go directly to a bank lock box for posting, not to the trustee’s office Wage Order: Employer
deducts payment from
paycheck & sends it to the
lock box. You are
responsible for making
payments until wage order
takes effect. If in doubt,
check with the employer &
with Trustee’s office
Direct Payment:
Permitted only in certain
circumstances. Must be made
by cashier’s check or money
order with name & case
number clearly printed on it
& mailed to lock box.
8. Type & Length of Plan 100% Plan- Pays all filed
claims in full as designated in
the plan. Is considered a
completed plan whenever
this is accomplished, within
five years
Base Plan- Pays 100% on
secured & priority debts &
the highest percentage
possible on unsecured debts.
Plan length is five years
9. I.R.S You must timely file your taxes each year
If you owe IRS in the plan & are due a refund, you will not receive the refund. It will be applied to your IRS debt & the Trustee’s office will be notified to reduce the balance owed.
If you do not owe IRS in you plan & are due a refund, you will receive it. It will not go to the Trustee. You will not, however, be eligible for an electronic refund.
Anything to do with your taxes will be handled by the Special Procedures Dept.
11. Automatic Stay
12. Re-establishing your credit Plan will help you
to re-establish your
credit
If you do not pay utilities,
cable, telephone, etc. on time
it will be harder to do so.
13. Mortgage Companies Mortgage Companies take stays seriously, but remember
that a stay means a creditor cannot contact you.
This does not mean that
14. Things to remember Establish a “file 13”…a real one! Keep all paperwork pertaining to your plan in on secure place.
Mail or fax written notification of any change of address. Also, notify your attorney.
Notify both the trustee & your Attorney if you change jobs.
Maintain insurance on home & vehicles, make timely payments on your home file taxes on time & make plan payments on time
If you are making mortgage payments on your home, contact your mortgage company annually, or have your attorney do so, to make sure there have been no changes in the payment or escrow amount due.