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What happens to the money you did pay to chapter 13 trustee and could not keep up payments?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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Can a trustee find out from the IRS about a recent 1300 gambling winning if you are going to file Chapter 7 in a month and can he or she demand this money even if you've already spent it?
The trustee will look at your entire financial situation based on the information that you provided in your bankruptcy filing and supplemental documentation, but I am unaware of any ability or authority foro the trustee to be able to get information from the IRS. You are LEGALLY REQUIRED to disclose the winnings when you file for bankruptcy. Failure to do so would be bankruptcy fraud and could result in the denial of your discharge if this information comes to the attention fo the court and/or the trustee. If you made preferential payments to creditors, the trusted might ask for a refund of those payments to be distributed to all of your creditors.
When the beneficiary dies does the trustee then own the property in the trust?
No. The trust specifies what happens if the beneficiaries are no longer living. It could go to the beneficiaries' estates, or a remainder man, or to a charity. It is possible for the person who set up the trust to leave it to the trustee.
If a trust is divided upon death of trustee and split into 3 separate trusts and one of the 3 new trustees has already died what happens to that trust?
It depends upon the terms of the trust and the state law governing the trust. The trust document may explicitly say what happens when a trustee dies (or cannot server). For example, a specific individual may be named as a successor trustee, or a corporate trustee, or perhaps the current beneficaries may by majority vote appoint a new trustee. Failing that the appropriate court could appoint a successor trustee. But you should seek legal counsel.
What happens if the employer doesn't make the payment to the bankruptcy trustee on time?
The Trustee must take actions to assure the process is adhered properly followed. The court could impose penalties, especially if the failure to respond results in a loss or is irresponsible.
What is substitution of trustee?
Substitution of trustee is a legal process where the current trustee of a trust is replaced with a new trustee. This can be done for various reasons, such as the original trustee resigning, becoming incapacitated, or being removed due to misconduct. The new trustee assumes all the duties and responsibilities of the former trustee.
How do you use trustee in a sentence?
My mother made her bank the trustee for her accounts so they could pay her bills for her.
If you come into a large sum of money after you file for Chapter 13 bankruptcy are you liable to tell the trustee about it?
This is tricky but can be answered easily. All depends on wether trustee has access to your Income tax report. if he\she doesn't, then they probably won't be the wiser and my suggestion would be don't tell them, hide it in a sock or under your pillow. Be careful about depositing the money b\c the trustee may be able to see current balances and have acces. In conclusion, I don't think the trustee will be doing these types of things unless you stop monthly payments to them in a structured repayment that has already been put in place. But you could use the money to repay percentage required by trustee. After all there not asking you to repay 100% are they? Only a small percent. Pay it off and be done with it. Tell them you borrowed the money from a relative.
Will the trustee for chapter 13 take my bonus from work?
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.
How to Choose Between a Chapter 7 and a Chapter 13 Bankruptcy?
There are two types of bankruptcies that individual consumers file; Chapter 7 and Chapter 13. Chapter 7 involves liquidation of assets and completely discharging a person’s debts and thus freeing them of the obligation to pay. Chapter 13 is a little bit more complicated.In a Chapter 7 bankruptcy, credit cards and other dischargeable debt is wiped clean and allows the debtor an opportunity to start over with no debt. The debts still remain on the credit report, but the debtor no longer owes any of the balances. In a Chapter 7, you are usually able to keep your car and house and other assets that are necessary in everyday living. Sometimes you are able to reaffirm these debts for lower and more affordable monthly payments and lower interest rates. The biggest difference between the two chapters is that the Chapter 7 is discharged within a matter of months, while the Chapter 13 could continue for 3 to 5 years.Chapter 13 bankruptcy is different from a Chapter 7 bankruptcy primarily because debt isn’t wiped clean. Chapter 13 is also referred to as a reorganization plan or an individual reorganization and is filed by debtors that have steady incomes and may not qualify to file a Chapter 7 bankruptcy. If the debtor has valuable assets that cannot be exempted, they may choose Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, the debts are combined and payments are made to a trustee for a period of time of 3 or 5 years. The payments that are made and the length is determined by the income and the amount of debt. After all payments are made to the trustee for the designated period of time, the debtor receives a discharge of debt.For both Chapter 7 and Chapter 13 bankruptcies, the debtor will have to go through a series of checks to make sure they qualify for these forms of debt relief. Most debtors qualify for one or the other, but should meet with an attorney if you are not certain as to which chapter you should file.
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.
If you cosign on a car and the other person files chapter 13 and is paying on the loan can the company make you pay for the loan too?
Absolutely. That's the responsibility you took on as a co-signer: that you would assume payments in the event the primary could not make them. If that person is making payments mutually agreed to by him and his creditor, then they have no reason to coma after you. However, if because of the Chapter 13 he can't make payments, you become legally responsible for them.
What does ATF mean on a bank statement?
Could be "as trustee for"
