Chapter 13 Bankruptcy : Repay Your Debts

by Leonard, Robin

• ISBN13: 9780873375450
• ISBN10: 0873375459
• Edition: 5th
• Format: Paperback
• Copyright: 2001-08-01
• Publisher: NOLO PRESS

Summary

A compassionate and comprehensive guide to filing for bankruptcy, attorney Leonard shows how to calculate debts and file the necessary papers. Includes the latest forms and sample letters. Illustrations.

Author Biography

Attorney Robin Leonard is an expert on personal finance and credit

Table of Contents

I Introduction
The Basics of Chapter 13 Bankruptcy	1	(1)
Do You Need a Lawyer?	2	(1)
Can You Propose a Viable Plan?	3
Should You File for Chapter 13 Bankruptcy?
Are You Eligible for Chapter 13 Bankruptcy	1	(1)
Businesses Can't File for Chapter 13 Bankruptcy	1	(1)
You Must Have Stable and Regular Income	1	(1)
You Must Have Disposable Income	1	(1)
Your Debts Must Not Be Too High	2	(1)
When Chapter 13 Bankruptcy Is Better Than Chapter 7	2	(3)
The Basics of Chapter 7 Bankruptcy	2	(2)
Determining Which Is Better for You	4	(1)
If You Owe Back Taxes to the IRS	4	(1)
Other Alternatives	5	(3)
Do Nothing	5	(1)
Negotiate With Your Creditors	5	(1)
Get Outside Help to Design a Repayment Plan	5	(2)
File for ``Chapter 20'' Bankruptcy	7	(1)
File for Chapter 11 Bankruptcy	7	(1)
Consider Chapter 12 Bankruptcy	8	(1)
Converting From Chapter 7 Bankruptcy to Chapter 13 Bankruptcy	8
An Overview of Chapter 13 Bankruptcy
The Chapter 13 Process	1	(1)
The Chapter 13 Repayment Plan	1	(1)
When You Can File a Chapter 13 Bankruptcy	1	(1)
Plan Payments	1	(1)
How Much You Must Pay	1	(1)
If You Change Your Mind	1	(1)
If You Can't Make Plan Payments	1	(1)
How Much You'll Have to Repay Through the Plan	2	(1)
Your Monthly Payments	3	(1)
How Much You'll Still Owe When Your Case Is Over	3	(2)
Child Support and Alimony	3	(1)
Student Loans	4	(1)
Intoxicated Driving Debts	4	(1)
Restitution or Criminal Fine	5	(1)
Filing With Your Spouse	5	(1)
The Chapter 13 Trustee	5	(1)
Working With the Chapter 13 Trustee	5	(1)
Paying the Chapter 13 Trustee	5	(1)
Going to Court	5
Adding Up Your Secured and Unsecured Debts
Secured Debts	1	(6)
Liens You Agree To: Security Interests	1	(3)
Liens Created Without Your Consent: Nonconsensual Liens	4	(2)
Total Up Your Secured Debts	6	(1)
Turning Secured Debts Into Unsecured Ones: Lien Avoidance	6	(1)
Unsecured Debts	7
Adding Up Your Unsecured Debts	8	(1)
Turning Unsecured Debts Into Secured Ones	8
Calculating Your Disposable Income
What You Earn	1	(4)
Total Up Your Income	1	(1)
What Income Will Fund the Plan	2	(3)
What You Spend	5	(4)
What's Left---Your Disposable Income	9
Calculating the Value of Your Nonexempt Property
Identifying Your Property	1	(10)
Property Your Own and Possess	1	(1)
Property You Own but Don't Possess	2	(1)
Property You Are Entitled to Receive	2	(1)
Property You've Recently Given Away	2	(1)
Proceeds From Property of the Bankruptcy Estate	3	(1)
Property You Own With Your Spouse (If You Are Filing Alone)	3	(8)
Listing You Exempt and Nonexempt Property	11	(1)
Determining the Value of Your Nonexempt Property	11
Value of Your Property (Column 2)	11	(1)
Your Ownership Share (Column 3)	12	(1)
Amount of Liens (Column 4)	12	(1)
Amount of Your Equity (Column 5)	12	(1)
Is the Property Exempt? (Column 6)	13	(2)
The Minimum Amount You Must Pay in Chapter 13 Bankruptcy	15
Completing the Bankruptcy Forms
Finding the Right Bankruptcy Court	1	(1)
Before You Begin: Get Some Information From the Court	1	(2)
Fees	2	(1)
Forms	2	(1)
Local Court Rules	2	(1)
Number of Copies	3	(1)
What Forms to File	3	(1)
Tips for Filling In the Forms	4	(1)
Form 1-Voluntary Petition	5	(4)
Form 6-Schedules	9	(31)
Schedule A-Real Property	9	(3)
Schedule B-Personal Property	12	(5)
Schedule C-Property Claimed as Exempt	17	(3)
Schedule D-Creditors Holding Secured Claims	20	(3)
Schedule E-Creditors Holding Unsecured Priority Claims	23	(3)
Schedule F-Creditors Holding Unsecured Nonpriority Claims	26	(4)
Schedule G-Executory Contracts and Unexpired Leases	30	(2)
Schedule H-Codebtors	32	(1)
Schedule I-Current Income of Individual Debtor(s)	32	(2)
Schedule J-Current Expenditures of Individual Debtor(s)	34	(2)
Summary of Schedules	36	(1)
Declaration Concerning Debtor's Schedules	36	(4)
Form 7-Statement of Financial Affairs	40	(13)
Mailing Matrix	53	(1)
Income Deduction Order	54
Writing Your Chapter 13 Bankruptcy Plan
Chapter 13 Plan Forms	1	(1)
How Long You Plan Will Last	2	(1)
Fewer Than Three Years	2	(1)
Longer Than Three Years	2	(1)
Your Payment Schedule	3	(1)
The Order in Which Creditors Will Be Paid	3	(1)
Reducing the Trustee's Fee	3	(1)
The Order in Which Priority Debts Will Be Paid	4	(1)
Paying Back Taxes	4	(2)
Categorizing Your Federal Income Tax Debt	4	(1)
Interest	4	(1)
Penalties	4	(1)
Dealing With Tax Debts in Your Repayment Plan	5	(1)
Other Tax Debts	5	(1)
Paying Mortgage Arrears	6	(2)
Give the House Back	6	(1)
Make Up Missed Payments and Reinstate the Loan	6	(1)
Reduce the Note to the Current Value of the House	7	(1)
Eliminate or Reduce Liens on the Property	8	(1)
Paying Other Secured Debts	8	(4)
Give the Property Back	8	(1)
Pay the Amount of the Debt or the Current Value of the Property	9	(2)
Make Up Missed Payments and Reinstate the Loan	11	(1)
Eliminate or Reduce Liens on the Property	12	(1)
Sell the Property	12	(1)
File a Chapter 7 Bankruptcy Before You File a Chapter 13 Bankruptcy	12	(1)
Paying Your Unsecured Creditors	12	(3)
How Unsecured Creditors Will Be Paid	13	(1)
Classifying Unsecured Creditors	14	(1)
Compensation on Payments	15	(1)
Dealing With Contracts and Leases	15	(1)
Making Payments Directly to Creditors	16	(1)
Sample Plans	16
Filing Your Bankruptcy Papers
Basic Filing Procedures	1	(1)
Paying in Installments	2	(1)
Emergency Filing	2
After You File Your Case
The Automatic Stay	1	(2)
Dealing With the Trustee	3	(1)
Reporting Expenditures or Acquisitions to the Trustee	3	(1)
Providing the Trustee With Proof of Insurance	4	(1)
Make Your First Payment	4	(1)
Keep Your Business Going	4	(1)
The Meeting of Creditors	5	(1)
Preparing for the Meeting of the Creditors	5	(1)
Getting to the Meeting of the Creditors	6	(1)
What Happens at the Meeting of the Creditors	6	(1)
Modifying Your Plan Before the Confirmation Hearing	6	(1)
Creditors' Objections to a Plan	7	(3)
The Plan Is Not Submitted in Good Faith	9	(1)
The Plan Is Not Feasible	9	(1)
The Plan Fails the Best Interest of the Creditors Test	10	(1)
The Plan Unfairly Discriminates	10	(1)
The Confirmation Hearing	10	(2)
Preparing for the Confirmation Hearing	10	(1)
Getting to the Confirmation Hearing	11	(1)
What Happens at the Confirmation Hearing	11	(1)
Issuing an Income Deduction Order	11	(1)
The Judge's Order Confirming Your Plan	12	(1)
Modifying Your Plan After the Confirmation Hearing	12	(3)
Creditors' Claims	15	(2)
Filing a Proof of Claim	15	(1)
Objecting to a Creditor's Claim	15	(2)
Asking the Court to Eliminate Liens	17	(8)
Avoiding a Lien	17	(4)
Challenging a Tax Lien	21	(4)
Amending Your Bankruptcy Forms	25	(1)
Common Amendments	25	(1)
How to File an Amendment	26	(1)
Filing a Change of Address	26	(1)
Dealing With Creditors' Motions	27
Objections to Your Eligibility for Chapter 13	27	(1)
Motion for ``Adequate Protection''	27	(1)
Motion for Relief From the Automatic Stay	27	(1)
Motion for Relief From the Codebtor Stay	28
After Your Plan Is Approved
Making Plan Payments	1	(1)
Including Extra Money in Your Payments	1	(1)
If Your Income Increases	2	(1)
Selling Property	2	(1)
Modifying Your Plan When Problems Come Up	2	(2)
You Miss a Payment	2	(1)
Your Disposable Income Goes Down	3	(1)
You Need to Replace Your Car	3	(1)
You Incur New Debt	4	(1)
Attempts to Revoke Your Confirmation	4	(1)
If You Cannot Complete Your Plan	4	(3)
Dismiss Your Case	5	(1)
Convert Your Case to Chapter 7 Bankruptcy	5	(1)
Seek a Hardship Discharge	6	(1)
When You Complete Your Plan	7
Debts Covered by the Discharge	7	(1)
The Discharge Hearing	7	(1)
Ending the Income Deduction Order	7	(1)
Debtor Rehabilitation Program	7
Life After Bankruptcy
Rebuilding Your Credit	1	(5)
Create a Budget	1	(1)
Keep Your Credit File Accurate	2	(3)
Negotiate With Current Creditors	5	(1)
Stabilize Your Income and Employment	5	(1)
Get a Secured Credit Card	5	(1)
Borrow From a Bank	5	(1)
Work With a Local Merchant	6	(1)
Attempts to Collect Clearly Discharged Debts	6	(1)
Postbankruptcy Discrimination	7	(1)
Government Discrimination	7	(1)
Nongovernment Discrimination	7	(1)
Attempts to Revoke Your Discharge	7
Help Beyond the Book
Bankruptcy Lawyers	1	(1)
How to Find a Bankruptcy Lawyer	1	(1)
What to Look For in a Lawyer	2	(1)
What Bankruptcy Attorneys Charge	2	(1)
Bankruptcy Petition Preparers	2	(1)
The Law Library	3
Find a Law Library	3	(1)
Use a Good Legal Research Resource	3	(1)
Use Collier on Bankruptcy	3	(1)
Use Other Background Resources	4	(1)
Find and Read Relevant Statutes	4	(1)
Read Procedural Rules	5	(1)
Find and Read Relevant Cases	6	(1)
Online Legal Resources	6
Appendices
A1 Appendix 1: State and Federal Exemption Tables
A2 Appendix 2: Addresses of Bankruptcy Courts
A3 Appendix 3: Tear-Out Forms