Personal Bankruptcy Lawyers - Home

Chapter 13 Plan - Definition

All Chapter 13 plans must be confirmed by the Court to be enforceable

Bankruptcy Attorneys

Chapter 13 Plan - Legal Definition

The legal definition of "Chapter 13 Plan" - To maintain a case under Chapter 13, all debtors must submit a proposal to the Court which explains how creditors will be paid. The proposal, know as a "plan" of reorganization for wage earners, must include payment of all disposable income to the trustee, who in turn, disburses funds for the benefit of creditors.

All Chapter 13 plans must last at least 36 months. Additionally, if a debtor earns more than the state median income, Chapter 13 plans must last 60 months. Of course, if all amounts owed are repaid before the expiration of the plan term, then the plan does not require additional payments. The basic principal applies to all Chapter 13 plans - debtors must contribute all disposable income to the plan for disbursement by the trustee for the benefit of creditors.


PAID ATTORNEY ADVERTISEMENT: This Web site is a group advertisement. It is not a lawyer referral service or prepaid legal services plan. Personal-bankruptcy-chapters-7-13-filing-laws.com is not a law firm. The sole basis for the inclusion of the participating lawyers or law firms is the payment of a fee for exclusive geographical advertising rights. Personal-bankruptcy-chapters-7-13-filing-laws.com does not endorse or recommend any lawyer or law firm who participates in the network. It does not make any representation and has not made any judgment as to the qualifications, expertise or credentials of any participating lawyer. The information contained herein is not legal advice. Any information you submit to Personal-bankruptcy-chapters-7-13-filing-laws.com may not be protected by attorney-client privilege. All photos are of models and do not depict clients. All case evaluations are performed by participating attorneys. An attorney responsible for the content of this Site is Kevin W. Chern, Esq., licensed in Illinois with offices at 25 East Washington, Suite 510, Chicago, Illinois 60602. To see the attorney in your area who is responsible for this advertisement, please click here.

If you live in Alabama, Florida, Missouri, New York or Wyoming, please click here for additional information.

By an Act of Congress and the President of the United States, we are a federal Debt Relief Agency. Attorneys and/or law firms promoted through this Web site are also federally designated Debt Relief Agencies. They help people file for relief under the U.S. Bankruptcy Code. Disclosures Required Under the U.S. Bankruptcy Code).

©Copyright 1999-2010, all rights reserved, Personal Bankruptcy, Inc.