Arizona Chapter Video Blog by AZ Chapter Lawyer Joseph C. McDaniel. The debtor should consult an lawyer to find out the right treatment of secured claims within the plan. The parties sometimes resolve problems with the plan either throughout or shortly after the creditors’ meeting. In any event, if the debtor fails to make the payments due underneath the confirmed plan, the court could dismiss the case or convert it to a liquidation case under chapter 7 of the Bankruptcy Code.
Once the court confirms the plan, the debtor should make the plan succeed. If the U.S. trustee or chapter administrator schedules the assembly at a place that does not have common U.S. trustee or bankruptcy administrator staffing, the assembly may be held no more than 60 days after the debtor recordsdata. If the debtor wants to keep the collateral securing a particular declare, the plan should provide that the holder of the secured claim receive at least the worth of the collateral.
An individual can not file underneath chapter thirteen or any other chapter if, during the preceding a hundred and eighty days, a prior bankruptcy petition was dismissed due to the debtor’s willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after collectors sought reduction from the bankruptcy courtroom to get better property upon which they maintain liens.
The courts should cost a $235 case submitting price and a $75 miscellaneous administrative charge. In a state of affairs where just one partner files, the revenue and bills of the non-filing spouse is required in order that the court, the trustee and collectors can consider the family’s financial position. If a debt management plan is developed during required credit counseling, it must be filed with the court.
By filing beneath this chapter, people can stop foreclosure proceedings and should remedy delinquent mortgage funds over time. In a chapter 13 case, to participate in distributions from the chapter property, unsecured creditors must file their claims with the court docket inside 90 days after the first date set for the assembly of creditors. Usually, the debtor can avoid problems by ensuring that the petition and plan are full and correct, and by consulting with the trustee previous to the assembly.