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Can't afford trustee payments what do I do?
Contact the company concerned and explain your situation.
What happens when ch13 trustee finds plan infeasible?
When a Chapter 13 trustee finds a repayment plan infeasible, they may recommend that the bankruptcy court dismiss the case or convert it to a Chapter 7 bankruptcy. The court may then hold a hearing to assess the situation, allowing the debtor an opportunity to propose a modified plan that addresses the trustee's concerns. If the debtor cannot present a viable modification, the case may be dismissed, leaving the debtor to deal with their debts outside of bankruptcy.
What happens if you default on paying your monthly payment to the trustee?
If you default on your monthly payments to the trustee in a bankruptcy case, the trustee may take several actions. They could file a motion to dismiss your bankruptcy case, which would leave you responsible for your debts without the protection of bankruptcy. Additionally, your creditors may resume collection efforts against you. It's crucial to communicate with your trustee and explore options if you're facing difficulties in making payments.
Can you make a partial payment to the chapter 13 trustee?
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.
When will lehman brothers bond holder be paid?
Lehman Brothers bondholders have been receiving payments from the liquidation of the firm's assets since its bankruptcy in 2008. The process is ongoing, and payments depend on the distribution of recovered assets, which can take years to finalize. As of now, many bondholders have received partial payments, but full repayment timelines vary based on the specific securities held and the progress of the bankruptcy proceedings. For the most accurate information, bondholders should consult updates from the bankruptcy court or the trustee managing the liquidation.
How many payments missed from debtor to trustee before chapter13 is dismissed?
In a Chapter 13 bankruptcy case, if a debtor misses one or more payments to the trustee as outlined in their repayment plan, the case may be dismissed. Typically, the court may allow a grace period for missed payments, but consistently missing payments can lead to dismissal. The specific number of payments missed before dismissal can vary by jurisdiction and the discretion of the bankruptcy judge, but generally, two or more missed payments can trigger a dismissal. It is essential for debtors to communicate with their trustee if they anticipate payment issues.
While in Chapter 13 will they take a winter seasonal job layoff into consideration regarding your payments?
Yes - you can request a variable repayment plan with higher payments during the months that you are employed. Ask your lawyer or trustee for more info!
What questions will the trustee ask?
The trustee may ask questions regarding the debtor's financial situation, including the sources of income, assets owned, and any liabilities. They might inquire about recent transactions or transfers of property to assess potential fraud or preferential payments. Additionally, the trustee may seek clarification on the debtor's expenses and budget to evaluate the feasibility of repayment plans. Understanding the debtor's overall financial history and circumstances is essential for the trustee's assessment.
Can't afford trustee payments what do I do?
Contact the company concerned and explain your situation.
What is the purpose of 'trust deeds'?
A trust deed is when a legal title in property is transferred to a trustee. If a lendor defaults on a mortgage the trustee can foreclose the property. With mortgages a bank is usually the trustee given the trust deed.
What happens when you can't make your chapter 13 monthly payments anymore?
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.
What happens when ch13 trustee finds plan infeasible?
When a Chapter 13 trustee finds a repayment plan infeasible, they may recommend that the bankruptcy court dismiss the case or convert it to a Chapter 7 bankruptcy. The court may then hold a hearing to assess the situation, allowing the debtor an opportunity to propose a modified plan that addresses the trustee's concerns. If the debtor cannot present a viable modification, the case may be dismissed, leaving the debtor to deal with their debts outside of bankruptcy.
Can you file a Chapter 13 and keep your home but move out and rent out your home for cashflow?
You need to consult with competent legal council. When you file a chapter 13, you are putting all your assets into a repayment plan. A trustee would need to approve your addition of additional debt (the apartment rental). Since your chapter 13 payment plan is based upon specific income; it's doubtful you will have extra cash for a security deposit. This is because any disposable income goes towards your repayment plan. Secondly, how do you know the renters of your home will make payments. If they stop, you will end up renting and have to make your mortgage payments. It's a bad idea #1, and #2, doubtful, a trustee would allow it.
What happens if you default on paying your monthly payment to the trustee?
If you default on your monthly payments to the trustee in a bankruptcy case, the trustee may take several actions. They could file a motion to dismiss your bankruptcy case, which would leave you responsible for your debts without the protection of bankruptcy. Additionally, your creditors may resume collection efforts against you. It's crucial to communicate with your trustee and explore options if you're facing difficulties in making payments.
Why Are safeguards needed in trust accounting?
Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.Because a trustee has sweeping power over the trust property and a dishonest trustee could convert the trust assets to their own use quite easily. Beneficiaries should always insist on a regular accounting.
Can you ask for a voluntary dismissal if your chapter 13 trustee has already asked for a dismissal for missed payments?
yes.
How long can you stay in house after trustee abandons property?
You can stay as long as you keep making the mortgage payments.
