Detailed New Chapter 13 Form For Southern District Of NY Bankruptcy Court Is Approved

The US Bankruptcy Court for the Southern District of New York has adopted a new form Chapter 13 plan for 2009. The plan is very long – almost like a mini-Chapter 11 plan – and it appears that a lot of careful thought was put into it but it is terribly detailed and time-consuming. The form can be found on the Court’s site. I handle cases in this District for homeowners from Manhattan, Bronx, Rockland and Westchester counties. One noticeable feature that has been added to the plan for the first time is an option for debtors to express an interest in discussing loss mitigation (such as loan modification, loan refinance, short sale, or surrender in full satisfaction) concerning the debtor’s real property.