Fill and Sign the West Virginia Chapter 13 Form

UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF WEST VIRGINIA In re:       Case No.             Chapter 13 Adjustment of Debts CHAPTER 13 PLAN AND IF CHECKED, MOTION TO AVOID LIENS; MOTION TO VALUE SECURED PROPERTY THIS PLAN CONTAINS EVIDENTIARY MATTER WHICH, IF NOT CONTROVERTED, MAY BE ACCEPTED BY THE COURT AS TRUE. THIS PLAN MAY BE CONFIRMED BASED ON THE INFORMATION AND VALUATIONS IT CONTAINS IF THERE IS NO OBJECTION FROM CREDITORS. CREDITORS MAY OBJECT TO ITS CONFIRMATION PURSUANT TO BANKRUPTCY CODE SECTION 1324 ANY OBJECTIONS MUST BE IN WRITING AND MUST BE FILED NO LATER THAN TEN DAYS FOLLOWING THE FIRST DATE SET FOR THE SECTION 341(a) MEETING OF CREDITORS (THE DATE OF THE SECTION 341(a) MEETING OF CREDITORS CAN BE FOUND IN THE NOTICE OF FILING.) SECURED CREDITORS TAKE NOTE THAT YOUR COLLATERAL IS VALUED UNDER THE CLASS THREE CLAIMS PROVISION OF THIS PLAN. THE TRUSTEE WIL PAY HOLDERS OF SECURED CLAIMS ACCORDING TO THIS PLN UNLESS AND UNTIL AN OBJECTION IS TIMELY FILED BY THE BY THE SECURED CLAIM HOLDER. The Debtor proposes the following Chapter 13 Plan and makes the following declarations: 1. PROPERTIES AND FUTURE EARNINGS OR INCOME SUBJECT TO THE SUPERVISION AND CONTROL OF THE TRUSTEE: The Debtor submits the following to the supervision and control of the Trustee: 1. Payments by the Debtor of $       for       months. Pursuant to Local Rule 6.01: a Wage Withholding Order will be issued to the Debtor’s employer. a Motion to permit direct payment by the Debtor was filed with the petition 2. Other Property: (Specify property or indicate none) 3. Amounts necessary for the payment of post-petition claims allowed under Bankruptcy Code Section 1305. II. PLAN ANALYSIS – TOTAL PAYMENT PROVIDED FOR UNDER THE PLAN (a) CLASS ONE (1) Unpaid attorney’s fees .................................................................................... $       (2) Taxes ............................................................................................................... $       (3) Educational Benefit Overpayments or Loans ................................................... $       (4) Other ................................................................................................................ $       (b) CLASS TWO .......................................................................................................................... $       (c) CLASS THREE ....................................................................................................................... $       (d) CLASS FOUR ......................................................................................................................... $       (e) CLASS FIVE .......................................................................................................................... $       (f) SUB-TOTAL ........................................................................................................................... $       (g) TRUSTEE’S FEES. (Estimated at 10% or the Court established rate of       %) . . .............. $       III. CLASSIFICATION AND TREATMENT OF CLAIMS; AND VALUATION OF SECURED PROPERTY 1. CLASS ONE – Allowed Unsecured Claims entitled to priority under Bankruptcy Code Section 507. Debtor will pay Class One Claims in full in deferred payments, provided a proof of claim has been filed as follows. PREPETITION AMOUNT OF PAYMENT TO PRIORITY MONTHLY NUMBER OF TOTAL ATTORNEY CLAIM PAYMENT PAYMENTS PAYMENT a. Administrative Expenses (1) Trustee’s Compensation Not to exceed 10% of amounts disbursed (2) Attorney’s Fees $       Plus 4% of amounts disbursed b. Internal Revenue Service $       $       #       $       c. West Virginia Dept. of Revenue $       $       #       $       d. Educational Benefit Overpayment or Loan guaranteed by a governmental unit….. $       $       #       $       e. Other: $       $       #       $       Page 1a Case No.       2. CLASS TWO – Payments on Real Property that is the Debtor’s PRINCIPAL RESIDENCE. There are no CLASS TWO payments treated under this plan. Treatment of CLASS TWO claims are depicted on Page 2a, attached to this plan. Debtor’s mortgage is treated outside of the plan. 3. CLASS THREE and MOTION TO VALUE SECURED PROPERTY – Secured claims not secured solely by a security interest in the Debtor’s principal resident, which are paid in full under the plan. There are no CLASS THREE payments treated under this plan. A motion to value secured property and treatment of CLASS THREE claims are depicted on Page 3a, attached to this plan. 4. CLASS FOUR – Secured and Unsecured Claims for which the last payment is due after the final payment under the Plan is due. There are no CLASS FOUR payments treated under this plan. Treatment of CLASS FOUR claims are depicted on Page 4a, attached to this plan. 5. CLASS FIVE – Non-Priority Unsecured Claims. The Debtor estimates that non-priority general unsecured claims total the sum of $       . Class five shall be paid as follows: (Check one box only) Class Five Claims (including allowed unsecured amounts from Class Three) are of one class and shall be paid (pro rata) at       % of such claims. Class Five Claims are divided into subclasses as depicted on the attached Exhibit and paid pro rata in subclass as indicated therein. The Plan provides the same treatment for each claim within each subclass of Class Five. The claims of each subclass are substantially similar and the division into subclasses does not discriminate unfairly. 6. CLASS SIX – Post-Petition claims under Bankruptcy Section 1305. Post-Petition claims allowed under Bankruptcy Code Section 1305 shall be paid in full in equal monthly installments commencing no more that 30 days after entry of an older allowing such claims and concluding on the date of the last payment under the Plan, provided sufficient funds are available under this plan or an amended plan. IV. COMPARISON TO CHAPTER 7 – The value as of the effective date of the Plan 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 claims if the Estate of the Debtor were liquidated under Bankruptcy Code Chapter 7 on such date. The percentage distribution to general unsecured creditors under Chapter 7 is estimated at 0%. V. ENLARGEMENT OF TIME FOR PAYMENTS The Plan provides for payment over a period of more than 36 months; cause exists as follows: 1. The Plan proposes to pay at least       % of unsecured claims. 2. Other:       . VI. DEBTOR’S ABILITY TO MAKE PAYMENTS AND COMPLY WITH THE BANKRUPTCY CODE: Debtor will be able to make all payments and comply with all provisions of the Plan, based upon the availability to the Debtor of the income and property the Debtor proposes to use to complete the Plan. This Plan complies with the provisions of Chapter 13 and all other applicable provisions of the Bankruptcy Code. Any fee, charge, or amount required to be paid under the United States Code or required by the Plan to be paid before confirmation has been paid or will be paid prior to conformation. The Plan has been proposed good faith and is not by any means forbidden by law. VII. MOTION TO AVOID LIENS ON EXPERT PROPERTY - There are no motions to avoid liens filed under this plan. Motions to avoid liens are attached to this plan on Page 5a. VIII. OTHER PROVISIONS - There are no other provisions to this plan. Other provisions are attached tot his page as Page 6a. Date: _______________________ Attorney for Debtor I declare under penalty of perjury that the forgoing is true and correct. Debtor Joint Debtor SECURED CREDITORS PLEASE NOTE IF MOTIONS ARE ATTACHED TO THIS PLAN THIS PLAN CONTAINS A TOTAL OF       PAGES WHICH INCLUDE THE FOLLOWING PAGES AND CONTINUATION SHEETS (check if attached): Motion to Avoid Liens – (attached page 5a) Motion to Value Secured Property – (attached page 3a) Page 1b Case No.       MOTION TO VALUE SECURED PROPERTY and Treatment of CLASS THREE Secured Claims 3. CLASS THREE – Secured claims are not secured solely be a security interest in the Debtor’s principal residence which are paid in full under this plan. Class Three claims shall be paid in monthly payments as set forth below. Each creditor shall return its lien until the plan is completed. Where the Secured Claim exceeds the amount of the total claim, the payments reflect a present value computation using a discount rate of       % per annum not to exceed the amount of the Secured Claim. Payment under this class in on the Secured Claim only. See Class Five for treatment of the unsecured portion of the claim. (If room to list more creditors is needed attach continuation sheet as Page 3b.) NOTICE OF HEARING TO VALUE SECURED PROPERTY Notice is hereby given that pursuant to Bankruptcy Code Section 506(a) the Debtor moves to value the Secured Property listed under Class Three of this plan. The Debtor is the owner of the property serving as collateral, is aware of its condition and believes its value is as set forth below under the heading “Secured Claim.” It’s object to the motion, you must file you objections within 10 days following the date first set for the Section 341(a) Meeting of Creditors. A Section 506(a) hearing value secured property shall be held on the date and at the time set for confirmation of the plan. a.       Name of Lienholder Account No. Description of Property Secured by Lien the amount in the “Secured Claim” column reflects the value the debtor places on this property                               TOTAL CLAIM SECURED CLAIM UNSECURED NUMBER TOTAL CLASS (Debtor’s value) CLAIM OF THREE PAYMENTS PAYMENTS b.       Name of Lienholder Account No. Description of Property Secured by Lien the amount in the “Secured Claim” column reflects the value the debtor places on this property                               TOTAL CLAIM SECURED CLAIM UNSECURED NUMBER TOTAL CLASS (Debtor’s value) CLAIM OF THREE PAYMENTS PAYMENTS c.       Name of Lienholder Account No. Description of Property Secured by Lien the amount in the “Secured Claim” column reflects the value the debtor places on this property                               TOTAL CLAIM SECURED CLAIM UNSECURED NUMBER TOTAL CLASS (Debtor’s value) CLAIM OF THREE PAYMENTS PAYMENTS d.       Name of Lienholder Account No. Description of Property Secured by Lien the amount in the “Secured Claim” column reflects the value the debtor places on this property                               TOTAL CLAIM SECURED CLAIM UNSECURED NUMBER TOTAL CLASS (Debtor’s value) CLAIM OF THREE PAYMENTS PAYMENTS e.       Name of Lienholder Account No. Description of Property Secured by Lien the amount in the “Secured Claim” column reflects the value the debtor places on this property                               TOTAL CLAIM SECURED CLAIM UNSECURED NUMBER TOTAL CLASS (Debtor’s value) CLAIM OF THREE PAYMENTS PAYMENTS Page 3a Case No.       VII. OTHER PROVISIONS 1. The following executory contracts and unexpired leases are rejected:       2. Debtor assumes the following executor contracts and unexpired leases:       3. Debtor shall make regular monthly payments directly to the following:       4. Debtor hereby abandons the following personal or real property:       5. Miscellaneous Provisions (specify):       The payments, as set out in this chapter 13 plan, provide for payment in full satisfaction of all claims owed by debtor(s) to creditor(s) and creditor(s) agree, that upon full payment by the Trustee as set out in the plan, to release any and all liens held by the creditor(s). Creditors who timely file unsecured proof of claims shall be paid the remainder of all funds paid into the plan, after the payment of administrative expenses, fees, secured and priority claims. Debtor estimates payout to unsecured creditors will be approximately       %, but may be more of less depending on proof of claims filed by unsecured creditors. Upon payment of the obligation to City National Bank, secured by , Account Number , Credit, secured by , and       Mortgage, secured by , Account Number as set out in the debtor’s Chapter 13 plan, creditors will surrender to the debtors the released titles to these vehicles and mobile home.