How Do I Come Up With a Repayment Plan in Chapter 13 Bankruptcy in Nevada?
If you’re considering personal bankruptcy in Nevada, Chapter 13 may be your best option. After all, under Chapter 13 you do not have to liquidate any of your assets like under Chapter 7. Instead, Chapter 13 bankruptcy requires you to propose a repayment plan. But how are you supposed to do this? How do you know if your plan will ultimately be accepted by the bankruptcy court? An experienced Las Vegas Chapter 13 for individuals lawyer can prepare a Chapter 13 plan that not only satisfies the requirements of the bankruptcy code, but also complies with Nevada’s local rules of bankruptcy practice.
You Don’t Need to Develop All the Details of a Plan Yourself
If you’re facing mounting financial pressure, you probably don’t have the time to create a repayment plan on your own, let alone time to learn all the rules about what Chapter 13 plans in Nevada can, can’t, and must do to be approved by the bankruptcy court. The good news is you don’t necessarily need to create a Chapter 13 repayment plan on your own; an experienced bankruptcy lawyer can help with the entire Chapter 13 process, including the plan.
At Larson & Zirzow, our attorneys work directly with our clients, through a collaborative process, to develop Chapter 13 repayment plans that fit their individual needs. We take the time to learn about your unique financial circumstances, provide personalized guidance to assist with important decisions, and make sure you understand what your Chapter 13 plan provides for, and why.
The Trustee and Creditors Can Require Changes to the Plan
In Chapter 13, the debtor is responsible for filing a plan. But creditors and the court-appointed Chapter 13 trustee play a role and can affect whether the proposed repayment plan should be approved by the bankruptcy court. Any adjustments needing to be made to the plan are usually done after the trustee concludes a meeting of creditors and the deadline for creditors to file their claims has passed. For example, the trustee might object to the plan and request an increase in payments if you have recently experienced, or are about to experience, an increase in income or decrease in expenses. Similarly, the amount or applicable interest rate for a particular creditor’s claim may require a slight increase in your monthly payments for the plan to be approved.
The Bankruptcy Court Has the Final Say About the Plan
Sometimes disputes arise regarding whether a proposed Chapter 13 plan serves everyone’s best interests, or whether it satisfies the requirements to be confirmed and bind on all parties. The bankruptcy court always has the final word when it comes to approving or denying confirmation of plans. Once a Chapter 13 plan is confirmed, creditors and the trustee don’t have the power to modify the plan without court approval, and even then the debtor can propose an alternative plan for the bankruptcy court to consider.
The process of preparing, filing, amending, and confirming a Chapter 13 plan is collaborative and often complex, involving multiple stages and many contributing parties. It is important to remember that you do not have to navigate this process alone. If you’re considering Chapter 13 bankruptcy, our Las Vegas bankruptcy attorneys are available to answer any questions you may have about the process.
Can a Las Vegas Bankruptcy Lawyer Help Me Create a Plan?
Yes, this is one of the most important legal services Chapter 13 bankruptcy attorneys provide. While you can exert a degree of control over the repayment plan originally proposed, you must also work with creditors, the trustee, their attorneys, and other professionals to ensure the bankruptcy court can ultimately confirm the plan. Our Las Vegas chapter 13 for individuals lawyers help explain how Chapter 13 works, iron out the details of a repayment plan, and can get you started with the process right away. Contact Larson & Zirzow today to get the ball rolling.
Source:
uscourts.gov/court-programs/bankruptcy/bankruptcy-basics/chapter-13-bankruptcy-basics