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Can your trustee convert your Ch 7 to a Ch 13 if he decides that you will have enough money to make payments on a Ch 13 repayment plan in 10 months?
Wiki User
∙ 8y ago
No. Once a chapter 7 bankruptcy has been discharged it is final.
Wiki User
∙ 8y ago
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Can't afford trustee payments what do I do?
Contact the company concerned and explain your situation.
Can you make a partial payment to the chapter 13 trustee?
You should check with your c 13 trustee. In general you can make a partial payment, but if the next payment is also a partial payment, or if you do not make up the difference, the trustee will file a motion to dismiss your case. It is always a good idea to let the trustee's office know your next payment will be short and why, and when you expect to get caught up. If you will not be able to continue the c. 13 payments as set forth in the plan, you may be able to end your c. 13 early or convert to a c 7. Consult your bankruptcy lawyer.
What would you think if a trustee asks you to sign away your rights to a trust so he can reinvest the money?
A person with assets sometimes decides to set aside some of those assets in a trust that will pay over the profits, or assets for the use and benefit of another person. A trustee is appointed to act in regards to the trust property. Generally, the power to reinvest the trust property is included in the powers of the trustee. A beneficiary would not be required to sign away rights as a beneficiary so the trust funds could be reinvested. The beneficiary is someone the donor cares about. The trust instrument, written by the donor, directs what the trustee may do with the trust property and how the payments must be made to the beneficiary. The trustee MUST follow the provisions of the trust unless the trust instrument allows her/him to use discretion. To your question: It raises suspicion that the trustee has asked that you "sign away your rights in the trust". You should seek the advice of an attorney who could review the trust and the actions of the trustee and advise you on how you should proceed in order to protect your interests as a beneficiary. Until then, sign nothing.
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
If you are in Chater 13 and behind on two mortgage payments and now the mortgage company filed papers in bankruptcy court is it too late to pay?
Not necessarily. You need to contact the trustee of your chapt.13 and the mortgage lender. Foreclosures almost always end up as a loss to the lender. If you can make up the back payments and convince the lender that you can continue to make payments on time, they will probably be cooperative. However, the trustee also has a say in the issue, and can opt to have the 13 dismissed. Stay positive, and good luck!
While in Chapter 13 will they take a winter seasonal job layoff into consideration regarding your payments?
Yes - you can request a variable repayment plan with higher payments during the months that you are employed. Ask your lawyer or trustee for more info!
Can't afford trustee payments what do I do?
Contact the company concerned and explain your situation.
What is the purpose of 'trust deeds'?
The purpose of trust deeds is to provide security for a loan by establishing a legal framework for the repayment of the loan. Trust deeds outline the terms and conditions of the loan, including the repayment schedule, interest rate, and consequences for default. They also allow the lender (trustee) to take ownership of the property if the borrower fails to repay the loan as agreed.
What happens when you can't make your chapter 13 monthly payments anymore?
You can either convert to a c. 7 or wait for the c. 13 trustee to move to dismiss your case. You should discuss these options with an experienced bankruptcy lawyer.
Can you file a Chapter 13 and keep your home but move out and rent out your home for cashflow?
You need to consult with competent legal council. When you file a chapter 13, you are putting all your assets into a repayment plan. A trustee would need to approve your addition of additional debt (the apartment rental). Since your chapter 13 payment plan is based upon specific income; it's doubtful you will have extra cash for a security deposit. This is because any disposable income goes towards your repayment plan. Secondly, how do you know the renters of your home will make payments. If they stop, you will end up renting and have to make your mortgage payments. It's a bad idea #1, and #2, doubtful, a trustee would allow it.
Why Are safeguards needed in trust accounting?
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
How long can you stay in house after trustee abandons property?
You can stay as long as you keep making the mortgage payments.
Can you ask for a voluntary dismissal if your chapter 13 trustee has already asked for a dismissal for missed payments?
yes.
Can you have a cosigner on a car loan while in the last few months of bankruptcy?
When participating in a Chapter 13 BK repayment all major financial transactions must have the approval of the bankruptcy trustee. If the person does not clear the action with the trustee the "13" can be dismissed with prejudice.
Does any money you receive ie ppi repayment go to creditors if you are declared bankrupt?
You are not "declared bankrupt." You file (for) bankruptcy (protection) and get a discharge. If you cannot exempt the ppi reimbursement, it goes to the trustee, who will pay the trustee fee and distribute whatever is left to the creditors.
How long does a trustee's sale last before eviction starts?
what is the timeline from when payments are missed to when a home goes to auction?
What happens if you file chapter 13 and defaults on payments?
The trustee will file a motion to dismiss to get your BK case thrown out.
