P. 3015
Following the fulfilling from creditors, the newest debtor, this new chapter 13 trustee, and the ones creditors who would like to sit-in can come so you can judge for a listening to your debtor’s section thirteen fees bundle.
Except if the fresh new court has an extension, this new borrower need to file a repayment plan into the petition otherwise contained in this 2 weeks following petition try submitted. Provided. R. Bankr. An agenda need to be filed to own court acceptance and ought to bring for repayments of repaired numbers towards trustee towards a consistent foundation, normally biweekly or monthly. This new trustee then directs the money so you can financial institutions with respect to the regards to the program, that may bring loan providers lower than full commission on the says.
You can find about three form of claims: top priority, protected, and you will unsecured. Concern states are those provided unique standing from the bankruptcy proceeding law, including most taxation plus the will cost you of personal bankruptcy. (3) Covered says are those by which the creditor has the right get back certain assets (i.elizabeth., the new guarantee) whether your borrower doesn’t spend the money for root loans. Compared to protected says, unsecured states are usually men and women wherein the fresh new creditor has no special rights to gather up against particular possessions owned by this new debtor.
S.C
The master plan need to pay consideration states entirely until a certain priority collector believes to several therapy of the fresh claim otherwise, in the example of a residential assistance obligations, until the fresh borrower contributes all the “throw away income” – discussed below – in order to an effective five-12 months plan.11 U.