Q

What is a chapter 13 plan?

A

It is essentially a contract approved by the Bankruptcy Court binding you and your creditors to certain terms respecting the repayment (or partial repayment as the case may be) of your debts. The plan will state how much money or other property the you will pay to the chapter 13 trustee, when your creditors will be paid, how long you will make payments to the chapter 13 trustee, and which creditors will be paid outside of the chapter 13 plan.