Planning to file BK 13..Monthly income of $12,000 with $60,000 profit as part owner of a company. Value of the business (corporation)
for myself is about $150,000. Has unsecured debts of $120,000. No real property, house was on short sale recently. Has IRS obligation of $6,000.00 paying at present $380.00 monthly. QA student loan for my son of $24,000.00 paying $521.00 per month for 5 years. If no creditors filed a claim..what will be the basis of my payment plan for my debts. I would appreciate a response on this matter. Thank you.
You said "has" unsecured debts of 120,000. Since you used the 3rd person, are you saying that the corporation has those debts? If so, your situation needs a whole new analysis.
But, to answer your question, if you file Ch13 and nobody files a claim, then your Plan won't last very long. Generally, the basis of your payment plan is your disposable income ... as calculated by the Form B22 means test or as determined by the difference between your Schedule I income and your Schedule J expenses.
You should file claims for creditors who would not be discharged. The IRS and the student loan to be specific. When your plan is paid, the rest of the non-claimants will be discharged.
The Trustee can pay only those creditors who file claims. That is why my colleague suggests that if IRS does not file a proof of claim that you/your attorney do so to ensure that the payments that you make go to it, first, as a priority creditor. If no other creditor files a proof of claim, then you will have completed your plan.
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You should definitely hire an attorney to assist you. A bankruptcy attorney would know what creditors they need to file claims for, and will already be ready to do that.
There are creditors, for example non-discharge able debts/creditors, that will need to have claims filed for them if they fail to file them. Similarly, some creditors that need claims filed may not file them in time. So will need a claim filed on their behalf.
Other issues may be creditors filing incorrect or improper claims.
Just because a creditor has (or has not!) filed a claim is not the determination of whether your case will be successful and their claim discharged (or paid as needed).
Especially with chapter 13 cases, it will be well worth your time and money to hire an experienced attorney.
Best of luck
You should consult an attorney for advice regarding your individual situation. Nothing in this response nor any communication shall be deemed to be a guarantee, warranty or prediction of the outcome of any case. This communication does not create an attorney-client relationship nor does it create an attorney-client privilege. Susan Dodds only practices in California. You should consult with an attorney immediately that is familiar with cases in your area. We are a debt relief agency, we help people file for bankruptcy under the bankruptcy code.