Fill and Sign the Chapter 13 Plan Washington Form

LF 2083 (6/99) UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF WASHINGTON In re:       Case No.       Debtor(s). NOTICE The following plan proposed by the debtor contains provisions which may significantly affect your rights. A creditor who wishes to oppose the plan may do so by filing a timely objection to the plan. Any objection must be in writing, filed with the court and served upon the debtor, debtor’s counsel (if any), and the Chapter 13 Trustee no later than twenty-one (21) days after the conclusion of the meeting of creditors or within twenty-five (25) days from the date of service of the plan, whichever is later. If no objections are filed, the court may confirm the Chapter 13 Plan without further notice. The provisions of the confirmed plan will bind the debtor and each creditor. A proof of claim must be filed by or on behalf of each creditor, including secured creditors, in order for the creditor to be eligible to be paid by the trustee. The trustee will treat the amount stated on the filed proof of claim as the amount of a creditor’s claim unless otherwise determined by order of the court. See the notice of commencement of case for the claims bar date, the date by which a proof of claim must be filed in order to be treated as timely filed. If you need additional information to determine how your rights may be affected, you may attend the meeting of creditors, obtain copies of the schedules and statement of affairs from the clerk of the court or seek the advice of an attorney. Except as noted otherwise, references to the “debtor” include such individual’s spouse in a joint case. CHAPTER 13 PLAN Debtor proposes the following ORIGINAL       AMENDED Chapter 13 Plan. (Seq. #) I. FUTURE EARNINGS, INCOME AND ASSETS COMMITTED TO TRUSTEE FOR FUNDING OF PLAN Debtor shall pay the trustee as follows: A. PERIODIC PAYMENTS LEVEL PAYMENTS $       each month, commencing within 30 days after the plan is filed. ٠ GRADUATED PAYMENTS $       each month for first months commencing within 30 days after the plan is filed. $       each month for next months commencing       . $       each month for next months commencing       . B. Debtor ٠ COMMITS ٠ DOES NOT COMMIT all tax refunds to funding of the plan, except to the extent otherwise subject by law to setoff, recoupment or alternative disposition. Chapter 13 Plan – Page 1 I.C. C. Debtor commits the following other income and assets to funding of the plan: DATE SOURCE AMOUNT                                                       D. This Plan is a: 100% Plan Base Plan/Base Amount $       . [For "base plan", the base amount is the total sum of payments to be made to the trustee over the entire plan. If the base amount is ultimately insufficient to pay those creditors required to be paid in full under the plan, (i.e. administrative expenses and/or secured, executory contract/unexpired lease, arrearage/default, priority and separate classification claims) the base amount will be increased to the extent necessary to fund the plan.] If debtor commits tax refunds to funding of the plan, and the commitment of tax refunds will result in the plan completing in less than 36 months, the base amount shall be increased to the extent necessary to result in a plan of at least 36 months duration. II. DURATION OF PLAN Payments shall be made over a period of not less than 36 months nor more than 60 months, unless debtor pays all creditors in full in less than 36 months. Estimated length of plan is months. III. ADMINISTRATIVE EXPENSES AND CLAIMS A. DISBURSEMENTS MADE BY TRUSTEE From funds received, the trustee shall make disbursements in the sequence set forth below except as provided in Section VII. (If the trustee has insufficient funds on hand to make disbursements to all classes, the funds will be distributed as provided to the extent funds are available. Claims within a particular class which cannot be paid the proposed disbursements shall be paid a pro rata share of the proposed disbursement.) A monthly payment of less than $15.00 on a particular claim shall not be distributed, but shall be accumulated and distributed each time the aggregate amount of accumulated funds is $15.00 or more. 1. ADMINISTRATIVE EXPENSES a. To the standing trustee, the percentage fee fixed under 28 U.S.C. § 586(e)(1)(B). b. To the debtor's attorney, the initial sum of $       , of which $       remains unpaid. (The initial sum may not exceed $1,000.00). Any additional amounts shall be paid only upon appropriate application and allowance by further order of the court. The projected amount of total attorney fees is       . All attorney fees shall be paid as follows: In full after continuing, secured, executory contract/unexpired lease and arrearage/default creditors, but before any priority, separate classification or general unsecured creditors. $       per month.       % of each monthly disbursement to creditors. c. Other:       . 2. CONTINUING CLAIMS (LONG TERM DEBTS) To creditors to whom the last payments are due beyond the term of the plan, each creditor shall retain any lien and payments shall be maintained according to the terms of the original obligation as set forth below. In the event any obligation is paid in full before the plan is complete, future funds previously devoted to such creditor will be disbursed to other creditors under the plan. Chapter 13 Plan – Page 2 a. Regular periodic payments accruing postpetition on obligations that were current as of the date of petition filing will be paid directly to such creditor by debtor as set forth in paragraph III.B. b. Regular periodic payments accruing postpetition on obligations that were delinquent as of the date of petition filing will be paid to such creditor by trustee as set forth below. Arrearages will be paid as set forth in paragraph III.A.5.a. below. CREDITOR DESC. OF COLL./CLAIM MO. PMT.                                                       3. SECURED CLAIMS a. To creditors whose secured claims will be paid within the term of the plan, each creditor shall retain its security interest/lien and be paid the amount of its secured claim plus interest from the date of petition filing as calculated by the trustee at the interest rate and monthly payment set forth below. The amount of a creditor’s secured claim shall be the amount stated as secured on a proof of claim filed by or on behalf of the creditor unless the court determines a different amount following the filing of a separate motion to value the claim or the filing of an objection to the claim. To the extent that the amount of a creditor’s secured claim is determined to be less than the amount of its total claim, any portion of the claim in excess of the amount of its secured claim will be treated as an unsecured claim and paid as provided in section III.A.6 below, if entitled to priority under 11 U.S.C. §507, or if not, as provided in section III.A.8. below. An order valuing the secured portion of a claim, at less than the total amount of the claim, voids the creditor’s lien to the extent of the unsecured portion of the claim. In the event the case is dismissed prior to discharge, the lien so voided will be reinstated unless otherwise ordered by the court. CREDITOR DESCRIP. OF COLL. TOTAL CLAIM COLL. VALUE INT. RATE MO. PMT.                                                                                                             b. Debtor surrenders the collateral securing the claims of the following creditors in satisfaction of the secured portion of such creditor's claim. To the extent the collateral does not satisfy such creditor's claim, the creditor shall be treated as the holder of an unsecured claim and paid as provided in section III.A.6. below, if entitled to priority under 11 U.S.C. §507, or if not, as provided in section III.A.8. below. The entry of the order confirming the plan shall terminate the automatic stay of 11 U.S.C. §362(a) as to the collateral surrendered, thereby allowing recovery and disposition of such property according to applicable non-bankruptcy law. CREDITOR DESCRIP. OF COLL. TOTAL CLAIM COLL. VALUE                                                                         c. Debtor shall file a separate motion under 11 U.S.C. §522(f) to avoid the following judicial liens or nonpossessory, nonpurchase-money security interests. Any claim on which the lien is avoided shall be treated as an unsecured claim not entitled to priority and paid as provided in section III.A.8. below. Chapter 13 Plan – Page 3 CREDITOR DESCRIP. OF INTEREST EXEMPTION IMPAIRED                                                       4. EXECUTORY CONTRACTS AND UNEXPIRED LEASES a. ASSUMPTIONS 1. Debtor assumes the following executory contracts and/or unexpired leases: CREDITOR TYPE OF AGREEMENT DESCRIP. OF PROP./CLAIM                                                       2. To creditors whose executory contracts and/or unexpired leases have been assumed, adequate assurance of future performance will be provided by the contract or lease payments being made according to the terms of the original obligation. (a) Regular periodic payments accruing postpetition, on obligations that were current as of the date of petition filing, will be paid directly to such creditor by debtor as set forth in paragraph III.B.below. (b) Regular periodic payments accruing postpetition, on obligations that were delinquent as of the date of petition filing, will be paid to such creditor by trustee as set forth below. Defaults/pecuniary losses will be paid as set forth in paragraph III.A.5.b. below. CREDITOR DESCRIP. OF PROP./CLAIM. TOTAL CLAIM MO. PMT.                                                                         b. REJECTIONS Debtor rejects the following executory contracts and/or unexpired leases and surrenders the property. Any allowed unsecured claim for damages resulting from such rejection shall be paid as provided in section III.A.8. below. The entry of the order confirming the plan shall terminate the automatic stay of 11 U.S.C. §362(a) as to the property surrendered, thereby allowing recovery and disposition of such property according to applicable non-bankruptcy law. CREDITOR TYPE OF AGREEMENT DESCRIP. OF PROP./CLAIM                                                       Chapter 13 Plan – Page 4 5. ARREARAGES/DEFAULTS a. To creditors to whom the last payments are due beyond the term of the plan, arrearages shall be cured at the interest rate and monthly payment set forth below. CREDITOR DESCRIP. OF COLL./CLAIM AMT. OF ARREARAGE INT. RATE MO. PMT.                                                                                           b. To creditors whose executory contracts and/or unexpired leases have been assumed, debtor will cure any default and compensate the other party to such contract and/or unexpired lease for any actual pecuniary loss at the interest rate and monthly payment set forth below. DESCRIP. OF CREDITOR PROP.,/CLAIM AMT. OF DEFAULT/ PECUNIARY LOSS INT. RATE MO. PMT.                                                                                           6. PRIORITY CLAIMS (OTHER THAN ADMIN. EXPENSES) To unsecured creditors entitled to priority as defined in 11 U.S.C. §507, who file a proof of claim within 90 days after the first date set for the meeting of creditors called pursuant to 11 U.S.C. §341(a) [or before 180 days after the date of the order for relief in the case of governmental units], payment in full in deferred cash payments over the term of the plan pro rata as follows, unless the holder of a particular claim agrees to a different treatment. Unsecured creditors entitled to priority, who fail to file a proof of claim within the time set forth above, shall be paid as provided in section III.A.8.b. below. CREDITOR DESCRIP. OF CLAIM AMT. OF CLAIM                                                       7. SEPARATE CLASSIFICATIONS OF UNSECURED CLAIMS To unsecured creditors not entitled to priority, separately classified pursuant to 11 U.S.C. §1322(b)(1), a dividend over the term of the plan pro rata as follows. (Debtor has filed with the plan an affidavit stating the basis for each separate classification.) Disburse available funds only to separately classified unsecured claims until paid in full, then disburse remaining available funds to other unsecured creditors. (Requires 60 month plan.) Disburse available funds pro rata to all unsecured creditors for the equivalent of 36 monthly payments, then disburse remaining available funds only to separately classified unsecured claims until paid in full. AMT. OF Chapter 13 Plan – Page 5 CREDITOR DESCRIP. OF CLAIM CLAIM                                                       8. UNSECURED CLAIMS a. TIMELY FILED To unsecured creditors not entitled to priority, who file a proof of claim within 90 days after the first date set for the meeting of creditors called pursuant to 11 U.S.C. §341(a) [or before 180 days after the date of the order for relief in the case of governmental units], a dividend over the term of the plan pro rata as follows: 100% Plan: Full payment of their allowed claims. Base Plan: Payment of their allowed claims to the extent of funds remaining after payment of administrative expenses, continuing, secured, executory contract/unexpired lease, arrearage/default, priority and separate classification claims. b. TARDILY FILED To unsecured creditors, who fail to file a proof of claim within 90 days after the first date set for the meeting of creditors called pursuant to 11 U.S.C. §341(a) [or before 180 days after the date of the order for relief in the case of governmental units], a dividend over the term of the plan pro rata as follows: SUCH CLAIMS SHALL BE TREATED AS ALLOWED CLAIMS, UNLESS DISALLOWED BY ORDER OF THE COURT, BUT SHALL BE SUBORDINATED TO TIMELY FILED CLAIMS AND PAID PRO RATA ONLY AFTER FULL PAYMENT OF TIMELY FILED CLAIMS TO THE EXTENT NECESSARY FOR THE PLAN TO COMPLY WITH 11 U.S.C. §1325(a)(4), 11 U.S.C. §1325(b)(1)(B) AND THE TERMS OF THE PLA N. 9. POSTPETITION CLAIMS Claims filed under 11 U.S.C. §1305 shall be treated as follows: a. Claims for taxes that become payable to a governmental unit while the case is pending shall be treated as priority claims and paid as provided in section III.A.6 above. b. Claims for consumer debt that arise after the date of petition filing, and that are for property or services necessary for the debtor's performance under the plan, shall be treated as timely filed unsecured claims and paid as provided in section III.A.8 above, but only if the specific claim is provided for in a modification of the plan. The claim shall be disallowed if the creditor knew or should have known that prior approval by the trustee of the debtor's incurring the obligation was practicable and was not obtained. B. DISBURSEMENTS MADE BY DEBTOR Debtor shall make disbursements directly to creditors as follows: Chapter 13 Plan – Page 6 To secured creditors whose rights are not being modified pursuant to 11 U.S.C. §1322(b)(2) and are not otherwise impaired, the secured claim of each shall be paid directly by the debtor according to the terms of the original obligation at the interest rate and monthly payment set forth below. [A secured claim is not being modified and is not impaired if all payments were current as of the date of petition filing, none of the terms of the debtor's agreement with the creditor are being changed, and the collateral had a value as of the date of petition filing equal to or greater than the net amount due.] CREDITOR DESCRIP. OF COLL. TOTAL CLAIM COLL. VALUE INT. RATE MO. PMT. FINAL PMT.DATE                                                                                                                               IV. INSURANCE Debtor shall keep any collateral continuously insured in accordance with the terms of the original obligation with the creditor until the amount of its secured claim is paid. V. TAX RETURNS A. All tax returns and tax reports due prepetition have been filed. The following tax returns and tax reports due as of the date of petition filing have not been filed: Tax Agency Kind of Tax. Tax Period Date Return Will Be Filed                                                                         B. Debtor shall file all postpetition tax returns/tax reports and pay all postpetition taxes as they come due. VI. COMPARISON WITH CHAPTER 7 The value, as of the date of petition filing, of property to be distributed under the plan on account of each allowed unsecured claim is not less than the amount that would be paid on such claim if the estate of the debtor were liquidated under Chapter 7 of the Code on such date. If the case were commenced under Chapter 7, the estimated result would be as follows: Net value of non-exempt property:       + Total unsecured priority claims:       – Funds available for distribution on non-priority unsecured claims and administrative expenses:       VII. SPECIAL PROVISIONS (OPTIONAL) Chapter 13 Plan – Page 7 VIII. REVESTMENT OF PROPERTY Property of the estate shall revest in the debtor upon:       In the event the case is converted to Chapter 7, 11 or 12, property of the estate shall vest in accordance with applicable law. Debtor shall be responsible for the preservation and protection of all property of the estate. IX. CERTIFICATE The debtor’s attorney (or the debtor if no attorney) hereby certifies under penalty of perjury that this plan is a duplicate of the plan required by local rule. DATED: ______________________________________ _______________________________________ Debtor ______________________________________________ _______________________________________ ATTORNEY FOR DEBTOR Debtor Attorney Address       Attorney Telephone       Chapter 13 Plan – Page 8