Order of events ??....confused

[klandsb]

Ok.. So I have retained an attorney... He said someone w/be contacting me .. So what happans next ?? I am confused as to when the plan is proposed... and at what point does the 341 occur...
Say u have $ 50,000 in unsecured debt .... when do u know how many creditors make claims to determine how much you will be bankrupting.. Or
Is the plan made up on the total amount of $ 50,000 even though some creditors may not make claim... Is this all done before the 341 or is the plan proposed after you know how many creditors make claim..
I hope this all makes sense as I seem to ... My mind is racing tonight

[lrprn]

So what happans next ?? I am confused as to when the plan is proposed... and at what point does the 341 occur...

1. You provide all your financial figures to your lawyer who puts them into the Means Test and Schedules to determine your disposable income amount.

2. You sit down with your lawyer or your lawyer's paralegal to go over the forms and make corrections (if needed). Your Ch 13 plan is what is entered on the Form B22C Means Test and Schedules. Your proposed Ch 13 payment is whatever shows as your disposable income on those forms. When you are satisfied the figures are correct, you sign the forms.

3. Your lawyer electronically files your case. You get a case number, your trustee is assigned, and the date for your 341 meeting is set (usually it's 30-45 days after filing, but with the current bk court overload, it could be longer).

4. Your confirmation hearing is typically set for 20-40 days after your 341 meeting.

Say u have $ 50,000 in unsecured debt .... when do u know how many creditors make claims to determine how much you will be bankrupting.. Or Is the plan made up on the total amount of $ 50,000 even though some creditors may not make claim...

Your plan payments are set up as if ALL your creditors file claims. Unless you have a 100% pay-back to your creditors, all that happens if some creditors don't file claims is that the ones that do get more money back.

The number of creditors who file claims has NO impact on your Ch 13 payment. You'll pay the agreed payment until you've paid for (usually) 60 months or all the creditors that do file claims are paid 100% of what they are owed. By law, you can't make more than 60 payments, and you can't be asked to pay unsecured creditors back more in the plan than they were owed on filing day.

Is this all done before the 341 or is the plan proposed after you know how many creditors make claim..

Your proposed Ch 13 plan is derived from your Means Test and Schedules before your case is filed. However, your proposed plan is not confirmed until any objections filed by your creditors or trustee are resolved (if you get any) and the bk judge signs that your plan is confirmed by the court.

No matter what happens, your sole job is after filing is to make your first Ch 13 payment within 30 days of filing, and to keep on making that agreed payment on time, period. From the filer's point of view, the rest of it is just legal noise

[klandsb]

No matter what happens, your sole job is after filing is to make your first Ch 13 payment within 30 days of filing, and to keep on making that agreed payment on time, period. From the filer's point of view, the rest of it is just legal noise

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Is the first payment due after the confirmation hearing or as you stated above or 30 days from your original filing ?????

[forgotten]

payment due after the confirmation hearing or as you stated above or 30 days from your original filing ?????

The payment is due 30 days from the filing date, I have already made 2 payments (comming up on the 3rd) and I have not even had my 341 yet.

[andy158]

^^^^^
Same here. Have made TWO payments and haven't had the 341 yet. WV courts are really backed with filings.