Youngstown - Chapter 13 Plan (July 2015) UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF OHIO EASTERN DIVISION - YOUNGSTOWN In re: ) ) ) ) ) ) Chapter 13 Case No.: Judge G Original Chapter 13 Plan G Modified/Amended Chapter 13 Plan **************************************************************************************** ATTENTION CREDITORS AND PARTIES IN INTEREST This Plan sets forth how the Debtor proposes to pay claims. Creditors should review the Plan to determine how their claims will be treated. Creditors must exercise their own judgment in deciding whether to accept or oppose the Plan. Each creditor should read this Plan carefully and discuss it with its attorney. Anyone who wishes to oppose any provision of this Plan must file with the Court a timely written objection unless such objection is one provided for in Article IV, below. This Plan may be confirmed and become binding without further notice or hearing unless a timely written objection is filed. Creditors must file a proof of claim with the Clerk of the Bankruptcy Court in order to receive distributions under this Plan. Absent an objection by the Debtor or other party in interest, the Trustee shall pay claims as filed. All claims must comply with FED. R. BANKR. P. 3001 and secured claims must comply with FED. R. BANKR.P.3001(c). Creditors claiming a right to interest should state the interest rate and the total amount of the claim, as of the case filing date, on the front page of the proof of claim. ARTICLE I. PLAN PAYMENTS Within ten (10) days after the filing of this bankruptcy case, the Debtor or Debtors in a joint case (hereinafter Debtor) shall commence making monthly Plan payments (Plan Payments) pursuant to 11 U.S.C. 2471326(a)(1), as follows: 1 A. To the Standing Chapter 13 Trustee (hereinafter Trustee): $ per month, for a period of months, payable in G monthly G semi-monthly G bi-weekly G weekly installments of $ each. 1 B. Upon request of the Trustee, subject to objection by the Debtor, the Debtor may be required to devote all annual federal, state and/or local income tax refunds (excluding credits of any kind) greater than $1,500.00 (One Thousand Five Hundred Dollars) (Excess Tax Refund) to the repayment of creditors under this Plan, which contribution shall be in addition to the payments in Article 1A, above, and the American LegalNet, Inc. www.FormsWorkFlow.com 2 dividend to general unsecured creditors shall increase commensurate with the additional contribution. 1 C. Based upon claims filed and payments received by the Trustee, the Plan, after confirmation, may extend beyond its stated term without further application or notice, but in no event shall it extend beyond sixty (60) months after confirmation. 1 D. If a Plan proposes a dividend in an amount to which no objection is filed by a creditor or party in interest and such dividend is increased by agreed order between the Trustee and the Debtor, based on claims then filed or estimated and, subsequent to such increase, additional claims are thereafter allowed, the dividend to general unsecured creditors may be reduced to an amount, not less than provided for in the original Plan for which creditors were provided notice, without further hearing or additional notice to creditors. ARTICLE II. TREATMENT OF CREDITORS 2 A. General Unsecured Claims - Each creditor holding an allowed general unsecured claim shall be paid a dividend of at least % of the amount of the allowed claim. No interest shall be paid on any unsecured claim unless (i) specifically provided for by the Plan; and/or (ii) provided for by operation of law. 2 B. Co-debtor Obligations - The following unsecured consumer debts for which there is a non-Debtor co-obligor shall be separately classified and paid: G (a) In full through the Plan: Creditor Amount 1. 2. G (b) Directly by the non-Debtor co-obligor outside the Plan: Creditor Amount 1. 2. G (c) Through the Plan in the manner provided for payment of general unsecured claims: Creditor Amount 1. 2. American LegalNet, Inc. www.FormsWorkFlow.com 3 2 C. Priority Claims - All allowed claims entitled to priority under 11 U.S.C. 247 507 shall be paid in full in deferred cash payments over the projected term of the Plan, unless a holder of a particular claim agrees to a different treatment. In addition to the costs of administration, which are to be paid in accordance with the standing orders of this Court, these claims include: Creditor Amount 1. 2. 3. 2 D. Secured Claims for Which ' 506 Valuation is Not Permitted - 11 U.S.C. 247 1325(a) (i.e., 910-DAY VEHICLE CLAIMS AND SECURED DEBTS INCURRED WITHIN ONE YEAR). Each of the following allowed claims shall be paid through the Plan, in equal monthly payments, until the amount of the secured claim, as set forth in the creditor=s proof of claim or by separate order of the Court, has been paid in full. Claims listed in this subsection consist of debts secured by (i) a purchase money security interest in a vehicle acquired within 910 days preceding the filing of the bankruptcy petition for the personal use of the Debtor; or (ii) anything of value if the debt was incurred during the 1-year period preceding the filing of the petition. Proposed Amount of Interest Creditor Allowed Secured Claim Rate 1. 2. 2 E. Secured Claims - Residence/Real Property - Secured claim(s) secured only by a lien on the Debtors residence, the last payment upon which debt is due after the date on which the final payment under the Plan is due, shall survive discharge and shall receive current monthly payments pursuant to the underlying contract between the creditor and the Debtor. Secured creditors listed below shall be paid directly by the Debtor outside the Plan unless otherwise indicated in Article XII, below. The arrearage, if any, will be paid by the Trustee through the Plan over the projected term of the Plan. No interest shall be paid on any pre-petition mortgage arrearage as part of the cure of the default. Creditor Arrearage Amount 1. 2. 3. American LegalNet, Inc. www.FormsWorkFlow.com 4 2 F. Secured Claims - Other - The following allowed secured claims shall be paid by the Trustee through the Plan. Each claim is secured to the extent of the value of the corresponding collateral, as indicated below; provided, however, that the amounts set forth herein are not binding valuations of the collateral. The remainder of the claim, if any, is unsecured. Payments shall be made in equal monthly payments over the projected term of the Plan. Value of Interest Amount of Claim(s): Creditor Collateral Rate Secured/Unsecured 1. 2. 3. A holder of a secured claim shall retain the lien securing such claim until the amount for which the claim is allowed, both secured and unsecured, is paid in full or a discharge is granted pursuant to 11 U.S.C. ' 1328. 2 G. Adequate Protection Payments Pending Plan Confirmation - All adequate protection payments required by 247 1326(a)(1)(A) and (C) shall be made pursuant to Amended Administrative Order No. 05-10 (as may be amended hereafter). 2 H. Lien Avoidance - The Debtor proposes to (i) avoid the lien(s) held by the following creditors by separate motion or adversary proceeding pursuant to 11 U.S.C. 247247 522(f), 506(a) and (d) or other applicable provisions of the Bankruptcy Code; and (ii) pay claims based on these liens as a general unsecured claim(s) upon the entry of a final order by the Court determining that such avoidance is proper and allowed. Creditor Amount 1. 2. 2 I. Domestic Support Obligations Pursuant to 11 U.S.C. ' 101(14A) The Debtor G Does G Does Not have domestic support obligation(s). American LegalNet, Inc. www.FormsWorkFlow.com 5 If the Debtor does have domestic support obligation(s): The holders of any claims for domestic support obligations pursuant to 11 U.S.C. 247 1302(d) are specified below. If the holder of a claim is a minor, the name and address of such minor has been disclosed to the Trustee contemporaneously with the filing of this Plan in compliance with 11 U.S.C. 247 112. Holder Address of Holder Address of Child Enforcement Support Agency (If known) (Mandatory) 1. 2. The Trustee shall pay, pursuant to 11 U.S.C. 247 507