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A sworn
written statement in which a party
asserts certain facts. The statement
must be made under oath and witnessed
by a notary. |
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An order
entered as an agreement between parties.
Often the debtor’s attorney
and creditor’s attorney resolve
disputes concerning the Chapter 13
plan by entering an agreed entry.
An agreed entry can also be filed
with the Chapter 13 Trustee to resolve
objections the Trustee may have to
the debtor’s plan or the debtor’s
performance under the plan. |
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A legal
document that is filed with the United
States Bankruptcy Court to initiate
a bankruptcy case. |
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Bankruptcy
Petition Preparer: |
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Schedules
which must be filed when filing a
bankruptcy petition:
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Schedule
A - List of real property owned
by the debtor |
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Schedule
B - List of the debtor’s
personal property and its value
(Ex. automobiles, furniture,
cash etc...) |
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Schedule
C - Property claimed as exempt
(Property that the Bankruptcy
Code or applicable state law
permits a debtor to keep from
creditors) |
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Schedule
D - List of creditors holding
secured claims |
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Schedule
E - List of creditors holding
unsecured priority claims (Ex.
taxes, child support) |
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Schedule
F - List of creditors holding
unsecured non-priority claims
(Ex. credit cards, utility
bills medical bills etc...) |
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Schedule
G - List of executory contracts
and leases |
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Schedule
H - List of co-debtors |
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Schedule
I - This schedule lists all
the debtor's income and all
deductions from the debtor's
pay (Ex. taxes, insurance,
alimony) |
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Schedule
J - This schedule lists all
of the debtor’s expenses
to be paid by the debtor and
not the Trustee. (Ex. current
mortgage payments, utilities,
food, property taxes and insurance) |
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A date
set in which an unsecured creditor
can no longer file a claim against
the debtor as long as the creditor
has received sufficient notice regarding
the bankruptcy filing. |
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When an
unsecured creditor has had sufficient
notice of a bankruptcy filing and
does not file a proof of claim in
a timely manner. The unsecured creditor
is then not permitted to receive
payment on their claim. Note: Secured
creditors cannot be barred.
 Also
see "Dismissal
vs. Discharge" |
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To make
your Chapter 13 payment every two
weeks. |
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The money
due to the Trustee each month to
pay the creditors listed in your
Chapter 13 plan. |
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A plan
that provides the repayment of some
or all debts out of future income
over 3 to 5 years. See Chapter
13 Overview for full discussion. |
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A Chapter
13 Trustee is appointed by the United
State Department of Justice-United
States Trustee Program pursuant to
28 USC Section 586.
Please
see "The
Role of a Chapter 13 Trustee". |
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The approval
of a plan of reorganization by a
bankruptcy judge. |
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A person
or organization to whom a debtor
owes a debt. |
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A petitioner
who has filed a bankruptcy petition
pursuant to Title 11 of the United
States Code. |
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Payments
made to creditors by the Chapter
13 Trustee pursuant to the debtor’s
approved Chapter 13 plan. |
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The complete
satisfaction and elimination of debt
by the debtor upon successful completion
of the Chapter 13 plan.
Also
see "Dismissal
vs. Discharge" |
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An order
that is filed with the United States
Bankruptcy Court and submitted to
the employer so that Chapter 13 payments
are deducted automatically from the
debtor’s paycheck. |
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A term
used in bankruptcy to say that a
plan can complete as proposed as
long as the debtor’s payments
into the plan are timely made. In
a Chapter 13 plan, to be feasible,
the plan must complete within a 3-5
year time frame. |
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A final
report is a final accounting filed
by the Trustee with the United States
Bankruptcy Court which details all
of the funds received by the debtor
in Chapter 13 payments and all the
funds paid by the Chapter 13 Trustee
pursuant to the debtor’s Chapter
13 plan. |
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This is
when the file is reviewed making
sure that all claims that have been
filed with the United States Bankruptcy
Court have been paid by the Trustee’s
office. |
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A report
that shows the status of a Chapter
13 plan:
• Creditors that have filed a proof of claim
• Receipts from debtor
• Amount that has been paid to each creditor
This statement is generally mailed twice a year to the debtor. |
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A legal
document made before the court requesting
that the court grant the moving party
a right to take some action. For
example, if the debtor does not make
payments into the Chapter 13 plan,
the Trustee will motion the court
to dismiss the case. |
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This motion
is filed by the debtor’s attorney
stating that a certain secured property
has a lesser value than what is owed
on that piece of property. |
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A legal
document filed with the United States
Bankruptcy Court when a party is
not in agreement with statements
made by another party. For example,
a creditor may object to the court
approving a debtor’s Chapter
13 plan, if a creditor believes that
the creditor is not receiving appropriate
compensation for the creditor’s
claim. |
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Order
Confirming Plan (OCP): |
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An order
confirming plan is filed with the
United States Bankruptcy Court by
the Chapter 13 Trustee. This order
is filed if the Trustee recommends
confirmation (approval) of the Chapter
13 plan as filed and the court has
accepted the Trustee’s recommendation. |
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An order
is a directive by the court for the
parties to abide by certain terms
and conditions either agreed to amongst
the parties (agreed entry) or a directive
made directly from the court. |
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The document
that begins the bankruptcy proceeding. |
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A summary
of the debtor's financial reorganization
which states how creditors are to
be paid. |
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An unsecured
debt which must be paid 100% pursuant
to 11 USC Section 507 (Ex. alimony,
child support, certain taxes). |
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A document
filed by the creditor stating the
amount that is owed to the creditor
by the debtor. A POC must be filed
by the creditor in order to be paid
by the Chapter 13 Trustee.
For a
sample of a proof of claim |
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Provisional
refers to a set time period in which
parties in a bankruptcy must take
some action. For example, the Trustee
often files provisional motions to
dismiss giving the debtor 30 days
to bring their plan into compliance
with Title 11 or to bring their payments
current to the Trustee. |
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A motion
brought by a mortgage holder, car
lender, or other creditor holding
a secured claim on the debtor’s
assets. The motion is a statement
made before the United States Bankruptcy
Court in which the creditor asserts
that the debtor has not made regular
payments and that the creditor is
asking permission to recover said
assets either under applicable federal
or state law. |
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A claim
secured by a lien on the debtor’s
property, a security agreement or
an involuntary lien such as a judgment. |
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To make
your Chapter 13 payment twice a month. |
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A pleading
filed by the Trustee to resolve issues
regarding the type of claim and amount
listed in the debtor’s plan
and the actual claim filed by the
creditor. |
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United
States Trustee Program: |
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The United
States Trustee Program is a division
of the United States Department of
Justice. The United States Trustee
has jurisdiction over bankruptcy
cases filed in the United States
and has the authority to bring civil
or criminal litigation against petitioners,
creditors, and other parties who
are attempting to abuse the bankruptcy
system. |
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A claim
is unsecured if there is no collateral
that is security for the debt. Most
consumer debts are unsecured. |
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