Chapter 13 Plan {3015-1B} | | Virginia

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Chapter 13 Plan {3015-1B} |  | Virginia

Chapter 13 Plan {3015-1B}

This is a Virginia form that can be used for USBC Western within Federal.

Alternate TextLast updated: 7/11/2012

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UNITED STATES BANKRUPTCY COURT <DISTRICT> DISTRICT OF VIRGINIA __________ <Division> _____________ Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): This Plan, dated _____________________, is: Case No: the first Chapter 13 Plan filed in this case. a modified Plan that replaces the confirmed or unconfirmed Plan dated _____________________ Date and Time of Modified Plan Confirmation Hearing: __________________________________________________________________________ Place of Modified Plan Confirmation Hearing: __________________________________________________________ The Plan provisions modified by this filing are: Creditors affected by this modification are: NOTICE: YOUR RIGHTS WILL BE AFFECTED. You should read these papers carefully. If you oppose any provision of this Plan, or if you oppose any included motions to (i) value collateral, (ii) avoid liens, or (iii) assume or reject unexpired leases or executory contracts, you MUST file a timely written objection. This Plan may be confirmed and become binding, and the included motions in paragraphs 3, 6, and 7 to value collateral, avoid liens, and assume or reject unexpired leases or executory contracts may be granted, without further notice or hearing unless a written objection is filed not later than seven (7) days prior to the date set for the confirmation hearing and the objecting party appears at the confirmation hearing. Page 1 of 6 American LegalNet, Inc. The debtor(s)' schedules list assets and liabilities as follows: Total Assets: Total Non-Priority Unsecured Debt: Total Priority Debt: Total Secured Debt: 1. Funding of Plan. The debtor(s) propose to pay the Trustee the sum of $____________ per __________ for ____ months. Other payments to the Trustee are as follows: ___________________________________________. The total amount to be paid into the Plan is $________________. Priority Creditors. otherwise. A. The Trustee shall pay allowed priority claims in full unless the creditor agrees 2. Administrative Claims under 11 U.S.C. § 1326. 1. 2. The Trustee will be paid the percentage fee fixed under 28 U.S.C. § 586(e), not to exceed 10%, of all sums disbursed except for funds returned to the debtor(s). Debtor(s)' attorney will be paid $_____________ balance due of the total fee of $_____________ concurrently with or prior to the payments to remaining creditors. B. Claims under 11 U.S.C. § 507. The following priority creditors will be paid by deferred cash payments pro rata with other priority creditors or in monthly installments as below, except that allowed claims pursuant to 11 U.S.C. § 507(a)(1) will be paid prior to other priority creditors but concurrently with administrative claims above: Creditor Type of Priority Estimated Claim Payment and Term 3. Secured Creditors: Motions to Value Collateral ("Cramdown"), Collateral being Surrendered, Adequate Protection Payments, and Payment of certain Secured Claims. A. Motions to Value Collateral (other than claims protected from "cramdown" by 11 U.S.C. § 1322(b)(2) or by the final paragraph of 11 U.S.C. § 1325(a)). Unless a written objection is timely filed with the Court, the Court may grant the debtor(s)' motion to value collateral as set forth herein. This section deals with valuation of certain claims secured by real and/or personal property, other than claims protected from "cramdown" by 11 U.S.C. § 1322(b)(2) [real estate which is debtor(s)' principal residence] or by the final paragraph of 11 U.S.C. § 1325(a) [motor vehicles purchased within 910 days or any other thing of value purchased within 1 year before filing bankruptcy], in which the replacement value is asserted to be less than the amount owing on the debt. Such debts will be treated as secured claims only to the extent of the replacement value of the collateral. That value will be paid with interest as provided in sub-section D of this section. You must refer to section 3(D) below to determine the interest rate, monthly payment and estimated term of repayment of any "crammed down" loan. The deficiency balance owed on such a loan will be treated as an unsecured claim to be paid only to the extent provided in section 4 of the Plan. The following secured claims are to be "crammed down" to the following values: Creditor Collateral Purchase Date Est. Debt Bal. Replacement Value Page 2 of 6 American LegalNet, Inc. B. Real or Personal Property to be Surrendered. Upon confirmation of the Plan, or before, the debtor(s) will surrender his/her/their interest in the collateral securing the claims of the following creditors in satisfaction of the secured portion of such creditors' allowed claims. To the extent that the collateral does not satisfy the claim, any timely filed deficiency claim to which the creditor is entitled may be paid as a non-priority unsecured claim. Confirmation of the Plan shall terminate the automatic stay as to the interest of the debtor(s) and the estate in the collateral. Creditor Collateral Description Estimated Value Estimated Total Claim C. Adequate Protection Payments. The debtor(s) propose to make adequate protection payments required by 11 U.S.C. § 1326(a) or otherwise upon claims secured by personal property, until the commencement of payments provided for in sections 3(D) and/or 6(B) of the Plan, as follows: Creditor Collateral Adeq. Protection Monthly Payment To Be Paid By Any adequate protection payment upon an unexpired lease of personal property assumed by the debtor(s) pursuant to section 6(B) of the Plan shall be made by the debtor(s) as required by 11 U.S.C. § 1326(a)(1)(B) (payments coming due after the order for relief). D. Payment of Secured Claims on Property Being Retained (except only those loans provided for in section 5 of the Plan): This section deals with payment of debts secured by real and/or personal property [including short term obligations, judgments, tax liens and other secured debts]. After confirmation of the Plan, the Trustee will pay to the holder of each allowed secured claim, which will be either the balance owed on the indebtedness or, where applicable, the collateral's replacement value as specified in sub-section A of this section, whichever is less, with interest at the rate provided below, the monthly payment specified below until the amount of the secured claim has been paid in full. Upon confirmation of the Plan, the valuation and interest rate shown below will be binding unless a timely written ob

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