Bankruptcy Chapter 13

What is Chapter 13 plan

Chapter 13 option is available to all individual debtors who have a stable monthly income. There is no complete discharge of debts in Bankruptcy Chapter 13. As per this Chapter the debtor prepares a debt repayment plan to pay off the debts to the respective creditors. The debt repayment plan will be reviewed by the Trustee. After this step there will be a creditors meeting wherein the debt repayment plan will be discussed and then the case would be heard in the court and if the same is approved you can start making the payments as per the debt repayment plan.

It is a document filed with or shortly after a debtor’s Chapter 13 bankruptcy petition. The plan details the treatment of debts, liens and the secured status of assets and liabilities owned or owed by the debtor in regard to his bankruptcy petition. The plan specifies the manner in which the debtor would repay the creditors over a period of time.

Bankruptcy Chapter 13 is a mode of Bankruptcy in which an individual debtor can claim for relief under Bankruptcy. An individual can file for bankruptcy protection provided he has a stable monthly income and the ability to pay back the debts. The debtor is to make a debt repayment plan and according to the plan he would pay off the debts so owed by him. It is also referred to as the wage earner’s plan

Individual entity

A debtor is entitled to file for a bankruptcy protection under this chapter if the debtor has a stable monthly income. Prior to filing under Chapter 13, the debtor needs to have undergone credit counseling but there are certain exceptions to this requirement.

Documents to be filed

Along with the Bankruptcy petition the petitioner is required to file the following:

  • List of your assets and liabilities,
  • Current income and expenditure,
  • List of unexpired leases,
  • A certificate of your credit counseling and a copy of debt repayment plan, if any, etc.


After the application is filed the trustee would call upon the meeting of the creditors. The debtor is required to attend this meeting. The debt repayment plan is presented in this meeting. The plan needs to be approved by the Creditors for the plan to be finalized .If the creditors have any objection to the plan then they have to give a notice to object the plan confirmation. After this, the final plan is approved and the debtor has to make payments towards the creditors as per the plan. And if the conditions as specified in the Chapter are met with then the debtor would be discharged of his debt obligations.

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