| Bankruptcy Lawyers Dallas - Preliminary Plan Summary |
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Bankruptcy Lawyers Dallas - Preliminary Plan Summary
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PRELIMINARY PLAN SUMMARY (PPS) & AUTHORIZATION FOR PRE-CONFIRMATION DISBURSEMENTS (APD). The Debtor must complete and file Debtor's PPS with or within fifteen (15) days of filing the Petition. A Debtor must also file an APD with the PPS that reflects the proposed disbursements to creditors after the § 341 Meeting. A copy of these forms may be obtained from the Trustee’s website at www.ch13-12westtex.org. At the 341 Meeting, the Trustee shall generate an APD, which reflects the Debtor’s changes. The purpose of the APD is to get money to creditors as quickly as possible and offer adequate protection to secured creditors. The Trustee will approve an adequate protection percentage of 1.25% applied to the lesser of the scheduled debt or the proposed value of the collateral, to all secured creditors. The Debtor may vary this percentage with agreement from the creditor involved. A. Noticing PPS & APD.
B. Amendments to PPS & APD Prior to § 341 MEETING If the § 341 Meeting notices have already been served on creditors and there is a need to change the PPS & APD prior to the § 341 Meeting, submit the Amended PPS & APD to the Presiding Officer before the § 341 Meeting. The Amended PPS and APD must be marked amended. C. Amendments to PPS After § 341 MEETING. If a change needs to be made to the PPS after the § 341 Meeting, an Amended PPS must be completed. All amended PPS’s should be clearly marked 1st Amended, 2nd Amended, etc. and be filed with the Clerk. Plan payment changes are not effective until the amended plan summary has been filed with the court (i.e. no retroactive payment changes). All changes to each amended PPS must be highlighted. D. Amendments to APD After § 341 MEETING. If a change needs to be made to the APD after the § 341 Meeting, the PPS must be amended also. Both the APD and the PPS must match creditor for creditor. The APD must also be marked 1st Amended, 2nd Amended, etc and be filed with the Clerk as a separate document from the PPS. E. APD Payment Adjustments. Pre-Confirmation Disbursements shall automatically increase to the PPS payment amounts after Debtor attorney fees are paid pursuant to G.O 98-4 and G.O. 2003-03. F. APD Disbursements.No refunds of APD payments paid to any creditor as authorized by the APD, will be requested by the Trustee.
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| Law Offices of David M. Siegel Dallas, TX |
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