Fill and Sign the Chapter 13 Plan New Mexico Form

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF NEW MEXICO In re:             Debtors. NO.       CHAPTER 13 PLAN Debtors propose the following Chapter 13 Plan of Adjustment of Debts and make the following declaration: ARTICLE I FUTURE INCOME AND PROPERTY SUBJECT TO SUPERVISION AND CONTROL OF THE TRUSTEE Debtors shall pay to the Chapter 13 Trustee for the District of New Mexico at 309 God SW, Albuquerque, NM 87103 in certified funds only the sum of $       per month for a period of consecutive months commencing on or before       and continuing on the same day of each month thereafter. HOWEVER,       anticipates becoming re-employed in the near future and when that occurs Debtors shall increase their plan payment by the amount by which       net monthly income exceeds his current unemployment compensation, beginning with the first plan payment following a full month of employment.       shall not have retirement or other voluntary deductions (except for insurance) withheld from his wages during the life of this plan. At the time of such increase Debtors shall submit a stipulated order decreasing plan duration to ___ months or LONGER if necessary to meet the proposed % dividend to unsecured creditors. However, given       previous employment history, ___ months at the increased plan payment should provide a significantly higher dividend to unsecured creditors. Such stipulated order decreasing plan duration must include the Trustee’s approval, otherwise Debtors may request hearing on motion to the court. Debtors shall timely file all tax returns for tax years       ,       and       and send a copy to the Trustee. Debtor shall pay any net federal or state tax refunds to the Trustee within 15 days after receipt for the above years. Debtors shall keep their level of withholding for taxes at the same level reflected on the Schedule I filed with the Court. ARTICLE II CLASSIFICATION AND TREATMENT OF CLAIMS FROM FUNDS SUBMITTED TO THE TRUSTEE Only those claims that are duly filed or otherwise allowed by the Court shall be paid as provided herein. Class I: Claims entitled to administrative priority pursuant to 11 U.S.C. 503 and 507. Trustee shall pay Class I claims in fully in deferred cash payments, unless the holder of a particular claim agrees to different treatment. This class incl udes but is not limited to the following claims: CLAIMANT AMOUNT Standing Trustee Not to exceed 10% of gross plan payment Debtor attorney $       (includes tax) Class II: Claims entitled to priority pursuant to 11 U.S.C. 507. The Trustee shall pay Class II claims in full, in deferred payments, after payment of Class I claims herein unless the holder of a particular Class II claim agrees to different treatment. The Trustee shall pay all filed and allowed claims in this Class even if different from the creditors or amounts provided below. Class II claimants include: CLAIMANT AMOUNT       $             $       Class III: Claims entitled to security interests in property of the bankruptcy estate modified or cured pursuant to 11 U.S.C. 506. The Trustee shall pay Class III claims after payment of Class I and II claims. SECURED CLAIMS MODIFIED: The Trustee shall pay to the claimants hereinbelow monthly installments equal to the value of each claimant’s collateral or claim, whichever is lower, including interest as set forth in the claim. Payment of collateral value together with any interest stated shall constitute full satisfaction of each claimant’s security interest in the described collateral and Debtors shall thereupon be entitled to a full and complete release of lien or other security interest thereon. In the absence of written objection collateral values shall be determined in the amounts set out below. NAME OF CLAIMANT COLLATERAL VALUE ALLOWED CLAIM % INT                                                                                                                         SECURED CLAIMS CURED The Trustee shall pay to claimants set out hereinbelow pro rata payments in the amounts and interest rates given. Full payment of the amounts specified shall cu re all arrearages and cause all defaults to be waived notwithstanding the terms of any agreement between the parties or the laws of any governmental unit to the contrary. CLAIMANT ARREARAGE INTEREST                                                       CLASS IV : UNSECURED CLAIMS The Trustee shall pay all duly filed or allowed claims of unsecured claimants, including any claims that remain unpaid after treatment of claims in Classes I through III, pro rata after payment of claims in Classes I through III. Debtors estimate that the plan payments herein provide sufficient sums to pay % of the total of Debtor’s schedule unsecured claims. ARTICLE III OTHER PROVISIONS TREATMENT OF UNMODIFIED SECURED CLAIMANTS Notwithstanding other provisions of this Plan the following leases and contracts with the claimants set out below shall be assumed by Debtors, and Debtors shall pay said claimants directly in accordance with the terms and conditions of the respective contracts. These claimants shall not be provided for in the chapter 13 proceeding except to the extent that arrearages and defaults are addressed in Article II. Unmodified secured claimants shall retain all of their present interests in property of the Debtors or bankruptcy estate. UNMODIFIED SECURED CLAIMANTS             ARTICLE IV OBJECTIONS In the absence of written objections filed with the Court with copies mailed or delivered to Debtor’s counsel,       ,       , and the Standing Chapter 13 Trustee, Kelley L. Skehen, 309 Gold SW, Albuquerque, NM 87103, the Bankruptcy Court may confirm this Chapter 13 Plan and accept allegations of value and secured status asserted herein without further hearing or notice. ARTICLE V UNSWORN DECLARATION UNDER PENALTY OF PERJURY We, the undersigned Debtors, declare under penalty of perjury that the statements contained in the foregoing Chapter 13 Plan are true and correct to the best of our knowledge, information and belief. ________________________ ______________________________ DATE       , DEBTOR ________________________ ______________________________ DATE       , DEBTOR