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office of the chapter 13 trustee debtor orientation handbook

Time in Plan is like a Journey. . FINANCIALSECURITY . United States Bankruptcy Code. . Debtors. Creditors. Trustee. Court. Types of Bankruptcies. Chapter 12. Chapter 7. Chapter 11. Chapter 13. People Involved in Bankruptcy. DebtorIndividual or Family filing a bankruptcyNeed to file accurate paperwork with the court listing your debts,assets, income and expenses .

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office of the chapter 13 trustee debtor orientation handbook

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    3. United States Bankruptcy Code

    4. Types of Bankruptcies Chapter 12

    5. People Involved in Bankruptcy Debtor Individual or Family filing a bankruptcy Need to file accurate paperwork with the court listing your debts,assets, income and expenses

    6. Case Number 05-56779 05-Year that your case was filed 5-Jurisdiction where it was filed 6779-Uniquely yours

    7. Plan Payments: All Payments go directly to a bank lock box for posting, not to the trustee’s office Wage Order: Employer deducts payment from paycheck & sends it to the lock box. You are responsible for making payments until wage order takes effect. If in doubt, check with the employer & with Trustee’s office Direct Payment: Permitted only in certain circumstances. Must be made by cashier’s check or money order with name & case number clearly printed on it & mailed to lock box.

    8. Type & Length of Plan 100% Plan- Pays all filed claims in full as designated in the plan. Is considered a completed plan whenever this is accomplished, within five years Base Plan- Pays 100% on secured & priority debts & the highest percentage possible on unsecured debts. Plan length is five years

    9. I.R.S You must timely file your taxes each year If you owe IRS in the plan & are due a refund, you will not receive the refund. It will be applied to your IRS debt & the Trustee’s office will be notified to reduce the balance owed. If you do not owe IRS in you plan & are due a refund, you will receive it. It will not go to the Trustee. You will not, however, be eligible for an electronic refund. Anything to do with your taxes will be handled by the Special Procedures Dept.

    11. Automatic Stay

    12. Re-establishing your credit Plan will help you to re-establish your credit If you do not pay utilities, cable, telephone, etc. on time it will be harder to do so.

    13. Mortgage Companies Mortgage Companies take stays seriously, but remember that a stay means a creditor cannot contact you. This does not mean that

    14. Things to remember Establish a “file 13”…a real one! Keep all paperwork pertaining to your plan in on secure place. Mail or fax written notification of any change of address. Also, notify your attorney. Notify both the trustee & your Attorney if you change jobs. Maintain insurance on home & vehicles, make timely payments on your home file taxes on time & make plan payments on time If you are making mortgage payments on your home, contact your mortgage company annually, or have your attorney do so, to make sure there have been no changes in the payment or escrow amount due.

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