What would you like to do?
What happens if you are late on chapter 13 payments in the state of Georgia?
Answer Maybe..but then it goes on for longer. Chapter 13 offers individuals a number of advantages over liquidation under chapter 7. Perhaps most significantly,… chapter 13 offers individuals an opportunity to save their homes from foreclosure. By filing under this chapter, individuals can stop foreclosure proceedings and may cure delinquent mortgage payments over time. Nevertheless, they must still make all mortgage payments that come due during the chapter 13 plan on time. Another advantage of chapter 13 is that it allows individuals to reschedule secured debts like cars (other than a mortgage for their primary residence) and extend them over the life of the chapter 13 plan. Doing this may lower the payments. Chapter 13 also has a special provision that protects third parties who are liable with the debtor on "consumer debts." This provision may protect co-signers. Finally, chapter 13 acts like a consolidation loan under which the individual makes the plan payments to a chapter 13 trustee who then distributes payments to creditors. Individuals will have no direct contact with creditors while under chapter 13 protection.
What happens to payments made to creditors during a Chapter 13 payment plan if you file for dismissal?
What do you think happens? The creditors have the money. They have to apply it to your debt balance, which will increase dramatically because they get to charge you for …all the late fees, penalties and interest, not to mention any legal fees, that they could not add while you were in bankruptcy. I hope the dismissal was worth it.
Many people struggle with keeping up with the strict payment plans that go along with the chapter 13 bankruptcy. Typically when you cannot keep up with your payments you shou…ld talk to the court and also consider the possibility of switching to Chapter 7.
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.
Monthly. Although if the money is taken as a garnishment it is the monthly amount / how many times you get paid in a month. Remember there are 4 1/3 weeks in a month, no…t 4. 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.
Back payments yes, forward payments must be kept current.
Answer The petitioner submits the repayment schedule/plan to the court and the court decides whether or not it is acceptable. The best option fo…r the petitioner is to retain a qualified bankruptcy attorney rather than self-filing, as the forms, required documentation and so forth can be complicated to say the least. If the petitioner qualifies for the bankruptcy he or she should be aware that they will be placed on a very strict budget, which is one reason so many people fail to complete a chapter 13 BK ("Adjustments of Debts of an Individual With Regular Income").
Your case is dismissed, and you lose all protection of the court. You can expect your creditors to then act quickly and agressively to seize what they can and secure any asset…s and judgments they can.
You MAY be able to stop your BK..but if you actually mean, can you just not pay your debts and legal obligations without serious conseqeunces to you - presumably you don't wan…t to and feel you have other things much more important...NO..that is what BK is doing for you. I'm sorry...but good lord the idea is offensive...PAY YOUR DEBTS...LIVE WITHIN YOUR MEANS..... BK (which is what YOU requested and an agreement YOU made to live by) IS ALREADY FORCING OTHER PEOPLE TO PAY FOR YOU (your payment plan is only for a SMALL portion of what you owe)... ISN'T THAT ENOUGH?
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.
It makes no difference where you are...bankruptcy is Federal. Under the bankruptcy laws effective from October 17, 2005, Chapter 7 cannot be filed unless the debtor was disch…arged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. That's only a very small part of an answer to your question...the real one being: bankruptcy is for resolving an extraordinary bad luck in life event...a once in a lifetime event. Its a real break..that in most parts of the world you just don't get..there you pay your debts, or your kids, family do, or (and frequently it's AND) very bad things happen to you. But most certainly, your not a trusted member of the community ever again..and you ain't reneging on your solemn oath to pay again. If you looking to do it even a few years after having done it, until you substantially change your ways....likely just about everything in your spending habits and probably even how and what you feel you deserve from others and yourself....you'll just continue being a bankrupt... in ways much more than money. Hey...wake up...what your doing...what your taking from others...it obviously ain't working for you and certainly ain't making you rich. Change. NOW.
The the Trustee can file a motion to dismiss your bk.
Answer The same thing that happens when a Chapter 13 is dismissed in any other state. It is as if the bankruptcy was never filed. The automatic stay is lifted a…nd the trustee returns any money left on hand to you.
Exactly how many chances do you think you should get? Hey that "they" your speaking about, it may well be my retirement savings....buy what you can afford, pay your bill…s, or get rid of it and live differently. it is not OK to mis mortgage payments. No everyone doesn't so it....a very, very small percentage of people do. And after getting Chap. 13 protection from having lied originally about how you would pay....to do it again...why not save everyone the trouble and just move out to something you can afford? Get some financial advice...maybe someone to really sit down and handle things for you....you've asked what now....7 very basic type questions that all indicate you ever relly understood you are actually expected to pay the loans you get and that you buy a lot of stuff....cars, time shares, more and more...you can't afford....nor do you feel you should have to pay for.
State really isn't an issue. All BKs are filed in a Federal court...a district of a Federal court.(The United States Federal Bankrutpcy Court...an entire Federal Court sy…stem)..the system has many districts, (which may or may not have anything to do with State lines) and each district, (as in each little court anywhere), may have some variation of it's procedures. Find from your courts clerk what they want from you - a standardized form or a letter, or what. Obviously, you better speak with your administrator about what the effects may be - they can be rather severe and without the BK stay on collections, the creditors will come looking, generally quickly.
If a creditor doesn't file a claim and writes the debt off to bad debt what happens to the monthly payment you are required to pay the trustee when filing a chapter 13?
Write off is an accounting entry done (required) by the lender to reflect on it's financials that the income/asset is unrealizable. It does not effect you or change your… obligation to pay in any way. The owner of a debt may hire anyone, or sell the rights to it to anyone, for any amount at any time. Again, it does not change your obligation to pay in any way. I