Chapter 13 Plan And Related Motions

CHAPTER 13 PLAN AND RELATED MOTIONS. This form is used in the United States Bankruptcy Court for the Eastern District of Virginia is a comprehensive legal document that outlines a debtor’s proposal to reorganize and repay debts under Chapter 13 of the Bankruptcy Code. This form is either the debtor’s original repayment plan or a modified version replacing a prior plan and includes detailed information about how the debtor intends to repay creditors over a specified period—typically three to five years. It addresses the treatment of various classes of claims, including priority claims (like taxes or domestic support obligations), secured debts (such as car loans or mortgages), and unsecured debts (such as credit cards or medical bills). The plan also allows the debtor to propose changes such as reducing the amount owed on certain secured debts (commonly known as a “cramdown”), surrendering property to creditors, or avoiding judicial liens that impair exemptions. It includes provisions for adequate protection payments, assumptions or rejections of leases and executory contracts, and any nonstandard terms the debtor wishes to include. Additionally, it outlines how and when property of the bankruptcy estate will vest in the debtor and places limits on the debtor’s ability to incur new debt during the plan period. Creditors are notified that their rights may be affected and are given a chance to object before the plan is confirmed. www.FormsWorkflow.com