Pursuant to the Bankruptcy Code, and the advice and counsel of a Cicero bankruptcy attorney, when you file a Chapter 13 bankruptcy case, you have to file a plan within 15 days of filing your petition. Typically, you will file your Chapter 13 plan as a part of your Chapter 13 petition so it is one complete document.
The plan basically sets out the facts of your case including the amount you are going to paid per month for how many months and to what percentage you are going to pay unsecured creditors and to how you are going to treat secured creditors. For example, if you have mortgage arrearages, those arrearages are going to be listed in your Chapter 13 plan with a specific dollar amount to be paid back. If that dollar amount does not match exactly what you owe, then the mortgage company might file an objection to confirmation whereby you will be forced to amend your plan to pay the proper amount of mortgage arrearages back to your mortgage company.
Additionally, with a vehicle paid through a Chapter 13 plan, the amount of adequate protection payments per month that get paid to that auto are listed in the plan as well as the interest rate that you intend to pay the creditor over the life of the case. Additionally and most importantly and most Chapter 13 cases, you will provide the percentage that you are going to pay to your general unsecured creditors. General unsecured creditors are credit cards, medical bills, personal loans, utility service debts and debts for any other type of service.