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Bankruptcy

Chapter 13 bankruptcy—repayment plan

Unless the court grants an extension, the debtor must file a repayment plan with the petition or within 14 days after the petition is filed. A plan must be submitted for court approval and must provide for payments of fixed amounts to the trustee on a regular basis, typically biweekly or monthly. The trustee then distributes the funds to creditors according to the terms of the plan, which may offer creditors less than full payment on their claims.

In Connecticut, as in other states, this description pertains to the process of filing for Chapter 13 bankruptcy. When an individual files for Chapter 13 bankruptcy, they must submit a repayment plan either with their petition or within 14 days after the petition is filed, unless the court allows for an extension. This plan outlines how the debtor intends to pay off their debts over a period of time, usually three to five years. The plan requires court approval and must include regular payments to a trustee, who then distributes the funds to creditors. The payments are typically made on a biweekly or monthly basis. The repayment plan may propose to pay creditors less than the full amount owed. The specifics of the plan must comply with federal bankruptcy laws as well as any local rules and procedures specific to the Connecticut bankruptcy courts.

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Bankruptcy

Chapter 13 bankruptcy—repayment plan

Individual & Family Legal Plan

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Connecticut State Code

Connecticut State Code

Bankruptcy

Chapter 13 bankruptcy—repayment plan

Articles