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How much will a trustee take out of your monthly income in a chapter 13 bankruptcy Is it a certain percentage?
Dear Wiki - is this supposed to be a legitimate place to ask questions and receive PROFESSIONAL answers? Does anyone at Wiki control what gets answered or how it is answered? …Please review this answer below because this person is answering by mocking, ridiculing & condescending a person who asked a simple question. The answers can be kept SIMPLE, without PERSONAL OPINIONS (You really don't get it do you? - try to resolve them because you couldn't...jeez I could go on and on!). Anyone in bankruptcy deserves a respectful & professional answer, and WIKI should control at the least ridiculous answers like this one. Probably. Of course, all he does with it is exactly what you would....pay the bills YOU solemnly swore, promised and have to pay. In fact, since you already promised to give that money to someone else when you swore to pay them.... I guess it really isn't yours to take! So, Wow...you really don't get it do you? YOU asked (probably even used the term "begged") in the request, for the court to protect you from the legal actions of those you owed. They agreed and gave you specific guidelines of what they would do, which is basically appoint a trustee to handle your financial affairs, and try to resolve them because you couldn't. That amounted to him setting up a schedule to pay YOUR debts, using the assets/income you have or would get. You pay him, he pays your debts...generally forcing the creditors to accept less, or at least less than the agreement YOU made to pay them originally. Virtually everything you paid, goes to pay your debts. (Maybe a new idea for you?) Not someones elses. Once the case is complete, excess debts are normally discharged by the court...so you had someone else take care of your financial matters, allowed you to pay differently than you agreed and then, if even that was too much after a while, he says you don't have to pay anymore, and all those that dealt with you don't get paid anymore. Your not expecting because you filed out your W-2, (or if estimating, overpaid your taxes) and put more on deposit with the IRS than you should have, leaving less to use to pay your creditors every month, that when the excess you had overpaid (and yes that is what the rebate, like a tax refund is), you should then be able to take it as a windfall do you? No wonder why your bankrupt!
No they do not take your refund from my experience, but they do take the state refund. If they do take it, you can contact the trustee and ask for it back. I was told as long …as the payments were being made every pay period we were okay. Hope this helps
Answer Each Chapter 13 planis different. I have seen Chapter 13 plans pay nothing to unsecured creditors and I have seen plans that pay 100$ to the unsecured cre…ditors. Most cases are much less than 50%. It just depends on how much income is left for plan payments and how much debt the debtor has.
Until discharge. (The length of the ch 13 plan.) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar associat…ion and they will refer you to one.
A Chapter 13 requires that all excess income be applied to the plan, at least as of the date of filing. All tax refunds must be sent to the trustee. No one is going to check y…our bank account(s) after the plan is approved, so if you are able to save some small amount, there should not be a problem, especially if the savings come from reduced expenses rather than significant increases in income.
Everyones discharge time may be different. Simply because each plan is prepared based on specific personal information such as debtors particular amount of debt, debtors… income, and length of time plan is set up for repayment.All of these factors are taken into consideration to prepare a plan that is manageable payment wise. Five years is the maximum time allowed to schedule repayments for so depending on the amount of debt it could be the full five or much less.
No, but there can be a request for turnover, meaning, if you submit that check stub showing the bonus, and it was not filed as exempt, you could be required to pay that to the… court for eligibility of discharge.
Yes. The injury lawsuit must be disclosed in the BK schedules. If it is of nominal value, the trustee may abandon it. If there is serious money however, the trustee can prosec…ute the lawsuit and keep the proceeds of any settlement to pay off creditors. Depending on the exemptions your specific states uses, you may be able to exempt a certain amount, and this would also need to be disclosed in the BK schedules.
Yes. For 3 years. They do not take it all. You will get to keep your EIC and certain other credits that may be given that year. This is per my bankruptcy lawyer.
How can you find out how much of your income tax the trustee will take after filing chapter 7 bankruptcy?
The answer to this question varies from jurisdiction to jurisdiction, but I would say it is wise to ask your attorney what the common practice is in the district in which you… filed. In Indiana, the trustees normally lets debtors know at the Meeting of Creditors (also called the 341 hearing) whether they want the refund check, and if so, how much. Different states let you keep different amounts of cash in bankruptcy, so the state in which you live may influence how much the trustee takes. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Answer If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
Answer when i was in chapter 13 i was in for four years. it go by how much you pay a month and how long it take to pay the loans back. ask your lawer they… should have gave you paper work showing you step by step whats going on and how long your be in.
You will need permission from the trustee before doing anything financial while in chapter 13 bankruptcy. You will have already signed paperwork agreeing to full disclosur…e with your trustee when you filed.
No! You must claim more dependants on your paycheck to avoid the trustee claiming your refund. 1500$ is the limit from Fed and State combined. Keep your refund below that amou…nt combined and you will be in the clear. I find it ironic that if you owe the irs any money the trustee does not help out with that but if your refund is good then the trustee will claim it. Hope this helps!
If the property was claimed as exempt the trustee has 60 days to either exempt or reject the contract. If nothing is done then the contract is automatically rejected and the t…enant is considered a holdover tenant. If you exempted the property the property reinvests in the debtors name and thus the rents should follow as the debtor is the only one with standing to collect the rents. That is not to say the trustee will not try hard to stand in your way though.
I spoke to my lawyer about it and he said that he has never know the trustee to take the refund in this district. I would advise you to talk with your lawyer, I am sure your c…ase wasnt his first and they should have a history with the trustee.
If you still owe federal income taxes, they will. But if they don't take it, the chapter 13 trustee gets the tax refund. You should have listed any income taxes that were dis…chargeable (due more that 3 years prior to the filing date).