Ford Expedition XLT
Repossession
Debt and Bankruptcy
Japan in WW2

How does a Chapter 13 come to an end after all payments have been made?

212223

Top Answer
User Avatar
Wiki User
2005-11-12 22:08:42
2005-11-12 22:08:42

I am not a lawyer. If you have a

1
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0

Related Questions

User Avatar

Yes, late payments on mortgages can be reported. The chapter 7 discharges all unsecured debts, except for student loans, child support and certain taxes, and any balance due on secured debt after the collateral has been surrendered and sold. If you reaffirmed the mortgage and failed to make payments during or after the chapter 7, that can be reported. Late payments can also be reported. Many states prevent penalties for late payments if the payment is made within a certain number of days, but they can still be reported as late if not made on or before the due date.

User Avatar

Legal grounds are payments not being made...usually if there is a car involved, if 3 payments have not been made in a row and there has been no contact made with the signers. Reposession will be put into play.

User Avatar

Chapter 11 is a corporate business bankruptcy where a reorganization plan is made while operating under protection. It is not a Chapter 13 with a specific payment plan.

User Avatar

War reparations are the payments made between countries to cover the damages of war. Almost exclusively, these payments have been made by the defeated party.

User Avatar

Yes. If you have payments due to them which you haven't made then they have the right to come to your residence and request for payment.

User Avatar

If the mortgage payments are still being made then no - they won't be, however - if you default on the mortgage payments then yes - they will go after the cosigner and if it is not paid their credit will be effected.

User Avatar

Social security payments are not a factor in the means test. However, they are a factor in terms of your budget and as to how much you have available to repay creditors under Chapter 13.

User Avatar

There shouldn't be any jail time in a situation such as this - the objective is to ensure that the payments are made, and that has been done.

User Avatar

No,paypal does not take taxes out of payments made to you

User Avatar

What payments? Chapter 7, 13, 11? Secured debt payments (mortgage, car loan, etc.) should be made after filing. Bills acquired after filing (telephone, electricity, cable, DSL, etc.), must be made. All others should not be paid, especially on a regular basis, or you may reinstate the debt.

User Avatar

Yes, if the creditor first obtains relief from the automatic stay. This is accomplished by filing a motion and proving that you have not made payments on the vehicle.

User Avatar

Yes, if other terms of the contract are breached, such as having no car insurance.

User Avatar

Child support ends when all the payments ordered by the court have been made.

User Avatar

If I'm a buyer and I want to keep the automobile, can the co-signer take it away if all the payments has been made. I put the down payment on the truck and the insurance in my name.

User Avatar

The only viable option would be to discuss the matter with the lender and hope that an equitable agreement can be made. In lieu of such, the petitioner should contact the BK trustee to find out if the Chapter 13 can be modified.

User Avatar

In some bankruptcy jurisdictions, if you made all the mortgage payments when due after the filing (FILING, not discharge or close date), you may have re-instated the debt and can apply to refinance it. If you have not made any payments during the 6 months the chapter 7 was open, and did not make any payments for some time before filing, you may find it difficult to refinance. If the mortgage holder has not started foreclosure proceedings, it might be possible. If you can afford it, you can file a chapter 13 with a payment plan to get caught up on the mortgage arrears. You have to pay the trustee fee in your jurisdiction in addition to the mortgage arrears, in a plan that can be as long as 5 years.

User Avatar

If you are paying less than 100% of your debt to creditors, then you were required to at least give a portion of the refund to the BK Trustee (since it is considered income). The fact you made plan payments is irrelevant. If you had some unforseen expense come up- it would have been better to discuss this ahead of time with the Trustee. Your lawyer SHOULD have made you aware of this possibility. If you have no lawyer, you will still be held responsible for following BK law/procedures. So now it is up to the Trustee, either he will overlook this if you make higher payments (to make up for the tax refund money the Trustee did not receive) or he can ask the court to dismiss you BK (the court doesnt automatically dismiss a case, a party has to file a motion with the court). If your BK is dismissed, you will NOT be given a refund/credit for any plan payments made.

User Avatar

You cannot skip a year even if you made double payments for the first year, the bank considers those payments extra and hopefully you made sure the payments went to the principle, not the interest.

User Avatar

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 personโ€™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 isnโ€™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.


Copyright ยฉ 2020 Multiply Media, LLC. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Multiply.