While making the repayment plan, it is necessary to see what kind of debt is there. The three types of claims are as follows:
Priority Claims: Expenses of the bankruptcy proceeding and taxes are examples, and they have special status as per bankruptcy law. They are fully paid except when the creditor agrees to treat it differently or when the debtor puts all â€œdisposable incomeâ€ into a five-year plan in domestic support obligation cases.
Secured Claims: Mortgages are the best examples of secured claims wherein the creditors can take specific property as collateral if the debtor does not pay the debt. The repayment plan will allow the debtor to keep the property while continuously paying the payments or by surrendering the property. When there is a payment of the little collateral, the debtor can keep the property.
Unsecured Claims: Credit cards are unsecured claims wherein the creditor has no special rights to take the debtorâ€™s property. The sum of money that can be spent is determined by the amount of money that is available. After paying basic bills, disposable income is what’s left. Therefore, disposable money must be saved to pay the unsecured debts.
Contents and Procedure of the Repayment Plan
When making the repayment plan, it is necessary to include the following in the contents of the plan:
The debtor must submit his/her future earnings party or whole to the trusteeâ€™s supervision or control.
The debtor must pay priority claims fully unless the creditor has agreed to a different repayment method.
The trustee has to pay the creditors exactly how much the debtor has mentioned in the repayment plan. If any change is required, the lawyer has to give an amended plan to the judge for approval. The plan is sent to the creditors who review it and discuss any questions or objections in the first meeting or 341 hearing wherein the creditors and the debtor meet in the trusteeâ€™s office. After six weeks of the first meeting or the 341 hearing, a confirmation hearing will be there.
The Confirmation Hearing
The judge will keep a confirmation hearing within 45 days of the first meeting or the 341 hearing wherein he/she will decide whether the repayment plan is as per the rules of the Bankruptcy Code and the creditors raise their objections. There must be a compilation of the confirmation requirements before the judge confirms the repayment plan. The questions are as follows:
Whether the plan is practical?
Whether the unsecured creditors will get at least the amount if filed under chapter 7 bankruptcy?
Whether is there is good faith in the filing of the repayment plan?
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