Base and Unsecured Base
When reviewing Chapter 13 bankruptcy case information on the NDC (National Data Center) website, debtors, creditors and attorneys will see Base or Unsecured Base information. These fields are used by the Trustee to track the amount to be paid to creditors during the term of the bankruptcy case.
Effective June 14, 2018, the new Prime Rate is 5.0%, which means the presumptive rate per Administrative Order 17-02 is now 7.0%. For cases that are confirmed on or after June 14, 2018 and reference Administrative Order 17-02 for personal property secured claims, the rate to use is increased from 6.75% to 7.0%.
The new national form plan will be mandatory in all cases filed on or after December 1, 2017. Relative thereto, new Administrative Orders were posted by the Bankruptcy Court on October 31, 2017 and may be accessed at www.ohnb.uscourts.gov/judges-info/administrative-orders. A form confirmation order is expected to be posted in the near future. General Order No. 17-1, has also been posted by the Bankruptcy Court relative to service of Chapter 13 Plans as of December 1, 2017.
Chapter 13 Plans effective April 15, 2013 through November 30, 2017 Paragraph (D) of the Chapter 13 plan for cases filed from April 15, 2013 through November 30, 2017, provides that the interest rate shall be: the U.S. prime rate shown in the Wall Street Journal for Money Rates as of the date of the entry of the confirmation order, plus a risk factor of 2%. Chapter 13 Plans effective December 1, 2017 Pursuant to Administrative Order No. 17-2 (Order Adopting a Common Formula for a Presumptive Interest Rate in Chapter 13 Cases for claims secured by a security interest in Debtors Personal Property), the applicable prime rate shall be the U.S. prime rate shown in the Wall Street Journal for Money Rates at the time of confirmation.