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The BK trustee is representing you to your creditors. He is protecting you from their otherwise legal abilities to collect what you owe them. You do not owe him anything...you owe others. He will likely make it possible for you to pay those others less than you owe...and again doing it while preventing them from taking action. I should think he would be the first you would pay? If you don't...all the protections, all the benfits he provides for you will be stopped and the creditors will do whatever they legally can to get everything the legally can. That includes garnishments, property seizing and sale, and of course getting judgements, which frequently mean that for the next 20 years, they can do all theose things (and more), and collect (with interest and costs of collection added).
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∙ 15y ago
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Why would your bankruptcy trustee object to your stopping your bankruptcy?
You might have had assets in excess of your statutory exemptions that the trustee is legally obligated to collect and pay your creditors.
Will the trustee take the remainder of a settlement after you pay off bankruptcy?
The Trustee keeps anything that is not exempt. If your settlement is part of the bk, and is not exempt, it will be used to pay off your creditors.
what happens when a truste appose your bankruptcy?
If a trustee opposes your bankruptcy, it means that they do not believe you should be granted discharge of your debts and, as a result, you might not be able to go bankrupt, if the trustee's position prevails.
How do you fix a judgment against you when the company that sued you has filed bankruptcy?
The judgment becomes an asset of the bankruptcy estate and thus the "property" of the trustee. The trustee may decide to abandon the judgment as not worth collecting, or may pursue its collection. Either call the trustee's office or check the docket and documents in the bankruptcy court. If by "fix" you mean pay, check with the trustee's office before sending any money or bank check to anyone. You may be able to settle the claim for less than the full amount. If you are uncomfortable doing it yourself, get a bankruptcy lawyer.
What type of attorney protects creditors when there is a bankruptcy?
Bankruptcy trustee.
If you owe a thousand dollars to chapter 13 but are behind paying what will happen if you do not pay?
The trustee/bankruptcy court can dismiss the chapter 13. Creditors would then be able to pursue collection including filing a lawsuit.
Which of these is a description of a bankruptcy?
a federal law whereby a person's assets are turned over to a trustee and used to pay outstanding debts
Can you refinance your house while you are in a chapter 13 bankruptcy?
If you own a home and you have made your payments on time to the bankruptcy trustee, you may be able to complete your bankruptcy very quickly. There are several thinks that must be considered. It is very important that you work with a Mortgage Lender who has a lot of experience in this type of refinance. If you have equity in your home you may be able to do a cashout refinance of the home and use the cash you take out to pay off the bankruptcy. This will require the approval of the bankruptcy trustee. Normally the best option for someone who wishes to do a cashout transaction is an FHA loan. You can get an interest rate that is aggressive and you will not have a prepayment penalty. Another factor is how long you have been in the bankruptcy.
How long do you have to wait to file bankruptcy after getting a car out of your name?
2 years, but a trustee might be able to use the state "look back" period where the bankruptcy court is located.
Do you have to file bankruptcy?
It is beneficial to have all bills/documents relating to BK when you file. The court realizes, however, that things get lost or misplaced. The filer should make a real attempt to supply all the necessary documents for the trustee. Any debts which cannot be proven to the satisfaction of the trustee, could be excluded.
If you do not owe the IRS will your refund been taken if you file bankruptcy?
It depends on the courts. I had a friend who went through bankruptcy and was owed a refund from the IRS. The trustee for the bankruptcy ordered her to turn over the refund to the courts to be paid out to creditors. So it could happen, but they cannot actually intercept or offset your refund. They will just order you to pay it to the trustee.
Being in a Chapter 13 bankruptcy and receiving money for a personal injury settlement two years after filing do you have to by law turn that money over to the Trustee or bankruptcy attorney?
Why aren't you asking your bankruptcy attorney? It depends on the amount and what the award is for. And the details may depend on what bankruptcy court your 13 is in. You may be able to use the money to prepay your 13 plan and get out of bankruptcy. The money would go to you, not the bankruptcy attorney (unless you owe the attorney money). What claim the trustee would have is the issue.
