What is the process for approving a Chapter 13 Bankruptcy plan?

In New York, the process for approving a Chapter 13 Bankruptcy plan is very specific. First, you must complete the bankruptcy form and submit it to the court. Upon submission, the court will assign a date and time for a meeting of creditors. This meeting will be attended by the debtor as well as their attorney and any other creditors. At the meeting, all parties will discuss the proposed repayment plan and the court will decide if the plan is feasible and can be approved. If the proposed plan is found feasible by the court, the debtor will receive a discharge of their debts upon completion of the payments stated in the plan. The debtor must also file a petition with the court outlining their repayment plan. The court will evaluate the plan to ensure that it meets the required standards. Once the plan is approved, the debtor will begin making payments according to the plan. It is important to note that creditors may challenge the proposed plan or request changes. If any changes are proposed, the court must approve them before the plan can move forward. If no modifications are proposed, the court will enter an order confirming the plan. After the repayment plan is approved, the debtor must continue to make payments according to the plan. When the payments are complete, the court will enter a final discharge order and the debts will be eliminated. This concludes the process for approving a Chapter 13 Bankruptcy plan in the state of New York.

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