Chapter 13 Plan {NCMB-1302}

NCMB-1302 - CHAPTER 13 PLAN. This form is used in the United States Bankruptcy Court for the Middle District of North Carolina and is filed by debtors seeking relief under Chapter 13 of the Bankruptcy Code. The plan outlines how the debtor proposes to repay creditors over a period of 36 to 60 months, usually through monthly payments to a bankruptcy trustee. It includes specific provisions for paying secured debts (such as mortgages and car loans), priority debts (like domestic support obligations and taxes), and nonpriority unsecured debts (such as credit cards or medical bills). The form also allows debtors to request certain legal actions, such as reducing a secured creditor’s claim to the value of the collateral, rejecting or assuming leases, and surrendering property. Additionally, it explains how attorney’s fees, trustee fees, and other administrative expenses will be paid. Creditors are notified that their rights may be affected and are advised to review the plan and file objections if necessary. The plan must comply with local rules and requires court confirmation. Upon confirmation, the plan becomes binding, and creditors are subject to its terms. This document also includes a certificate of service, which verifies that the plan was properly mailed to all required parties. www.FormsWorkflow.com