What would you like to do?
Can your 401k retirement account be seized in a chapter 13 bankruptcy?
If you have filed for bankruptcy as an individual, rather than as a couple, then you are only filing on your personal debts. Following this logic, only those funds that are y…ours (so your share of the bank account, if that is possible) will be "up for grabs." Your bankruptcy status should not have an effect on your partner.
The Chapter 13 bankruptcy law allows a debtor to keep their property and pay their debt over time, usually over a period of between three to five years.
either 3 or 5 years, depending on your income and or debts you are trying to catch up on.
Yes, but if your income will be too low to make the plan payments along with your other monthly expenses, you will have to amend your plan, if possible. Talk to an exper…ienced bankruptcy lawyer
The best way, especially for a Ch 13 is to contact a local attorney. You may end up with a lower repayment plan by using an attorney as well because they understand all the ex…emptions that you may qualify for. If you are set on doing it yourself, contact the clerk of the local Bankruptcy Court for the forms. Remember, the Clerk can NOT give you any advice. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secu…red debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5 years.
Chapter 13 bankruptcy involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a p…ercentage or nothing at all. Debtors are subject to a very strict budget and repayment plan and when you are done paying all the debts the court determined you owed, then you are discharged. This information should be in your court papers.
Chapter 13 bankruptcy, or reorganization bankruptcy is a very different type of proceeding An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, th…e individual may lower his debt payments to affordable levels, making payment over a designated period of time. The plan for getting out of debt is formalized and approved by the bankruptcy court. Some unsecured debt (debt that is not collateralized) may be discharged. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels.
Chapter 13 bankruptcy is basically a set repayment plan that is usually allowed by court, even if the creditor objects. When you satisfy your payments in the allotted time you… have usually settled your bankruptcy. See the related link below for detailed info on chapter13 bankruptcy.
That is not how a Chapter 13 is usually described, since assets are irrelevant except to compare what a Chapter 7 would provide to unsecured creditors. But it is possible that… the monthly income or the means test shows the debtor can do a plan, even though the debtor has no non-exempt assets.
not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.
No you can't it will be almost impossible to do so don't try to.
You can attempt to open a savings account. Whether or not the bank you apply to grants you the account depends on each institutions rules and policies.
An abstract answer will probably not be helpful. There are rules that apply to every bankruptcy court and there are local rules for each court. In general, if you earn m…ore than the median income for your state and family size, you have to file c. 13 or apply standard deductions for various expenses (or your actual expenses if you have proof). You must have enough money left over after your monthly expenses to pay into the plan. The plan must pay off all secured loan arrears in 60 months or less, plus the trustee's fee.
401k probably not...that basically just personal savings...which would reasonably come with funds after you pay others you owe. Life insurance, may be a needed life ex…pense, depending on your situation and could be a basic living cost to be made.
All ERISA qualified accounts are protected in a BK- meaning creditors cannot seize those accounts.
Bankruptcy is a federal procedure in a federal court. What state you are in is irrelevant except for exemptions. Your 401(k) balance is exempt by federal law, but once you wit…hdraw money from it, that money is no longer exempt, and the trustee will want it to be applied to your plan. If you withdraw it and fail to disclose that to the trustee, you may find your bankruptcy in serious trouble. Don't do it.