What would you like to do?
Answer The lender has the right to initiate forclosure proceedings. A chapt. 13 does not restrict the rights of a secured ldender.
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.
Answer If you are late, depending on who you owe, you can get taken to a collection agency, charged fines and/or have your car repossesed. I actually know… two people who couldn't do the payments, it may have been for a couple of months, and their cars were repossesed.
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").
Well..you can't really be late on any payment you signed a legal agreement and swore you would pay on time...without breaking the terms of the agreement and being entire…ly wrong and likely having consequences. Apparently you didn't care about what your own word meant before, why would it have any more worth now? Or, likewise if you think you may want to swear to someone about how you'll act (like paying them back) again in the future. IT IS NOT OK TO NOT DO WHAT YOU PROMISE AND HAVE OTHER PEOPLE RELYING ON YOU TO DO...it can be illegal too.
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.
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 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.
Report? You mean on to credit reporting Cos, a private information service of business that share information? Sure. They can't attempt to collect it. We live with the ac…curate history we make...and it won't be changed, like your being a late pay won't change..even after the BK discharge...late pay is what happened.
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?
Many people are unable to maintain the rigid repayment plans (and strict budget) that go along with Chapter 13 bankruptcy. One option is to switch to Chapter 7 bankruptc…y. This can be done (one time) without court approval, although if you ever wish to switch back to Chapter 13 then the court will be involved. Before switching I would recommend looking at the different characteristics of each type of bankruptcy.
A one time missed payments may be overlooked. If they are frequent, then the lender may file to lift the automatic stay. If you fail to make plan payments, you risk the BK bei…ng dismissed.
They are considered "lost", you will not get that money back, but your debt to the individual creditors will be reduced by what they had received in 13 BK.
In such a case you will lose the house- the only thing you can do is either dismiss your bk petition (if you filed merely to take of your mortgage) or you can convert to a cha…pter 7 (this would deal with any debt other than your mortgage). Otherwise the Trustee will dismiss your bk petition- which would allow creditors to continue collection efforts, and in the case of the mortgagee (i.e. lender)- to foreclose on the property.
The trustee will file a motion to dismiss to get your BK case thrown out.
What is the highest interest a homeowners association can charge for late payments in the state of Georgia?
Your governing documents, specifically your Collections Resolution, states specifically how late payments are penalized. If no answer is available in your governing do…cuments, you may rely on your state's Usury Laws, if any exist. Bottom line is this: penalties for late payments must be 'reasonable'.