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How does a bankruptcy trustee decide how much of a car payment you can have?
Wiki User
∙ 16y ago
each bankruptcy court in each city or state has a standard format. In my county, the cost of the car cannot exceed $18,000.00 and the payments cannot exceed $500.00 a month, for anyone under the plan. They take a realistic median priced car and a median car payment (based on poor credit) to come up with an amount. It is also based on cost of living in that area.
Wiki User
∙ 16y ago
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Who much of your tax return can the bankruptcy trustee take?
If it has not been exempted, all of it.
What can happen if you don't notify the trustee of inherited money after bankruptcy?
Nothing, or your bankruptcy discharge can be reversed, or you can be fined or sent to prison. It depends on how much you inherit and how long after the bankruptcy you inherited it.
What lenders refinance while in a chapter 13 bankruptcy?
None, if you mean refinance a debt in the chapter 13. If your car dies, and you can find one that does not require a payment much more than you were paying before, you can probably get it approved by the trustee and the court.
How much will a trustee take out of your monthly income in a chapter 13 bankruptcy Is it a certain percentage?
It's your disposable income. The debtor files a statement of income and expenditures. The expenditures cannot be unreasonably high. The chapter 13 payment is the difference between the income and expenditures.
If you are entitled to a large inheritance right after bankruptcy how much can the trustee take?
Your bankruptcy trustee has the right to receive your share of the inheritance within 6 months of filing your case. The trustee has the right to receive it all. Typically what happens though is the trustee receives the full amount and then makes a determination of how much is needed to satisfy your estate and debts. If you receive more than is necessary to pay off your debts, you will get a refund. It can take some time though. In rare cases, the trustee may have you cut a check for the amount and you keep the difference. But normally trustees don't trust debtors to do this.
If you inherit money after filing bankruptcy can the attorney take it all even if you don't owe them that much ex. you inherit 25000 but owe them 5000 filed one year ago can they take all 25000?
Making no sense. Who is "them"? Attorney took the money?.. it wasn't the Court trustee? If you inherit money within 180 days after the discharge of your bankruptcy, you must notify your attorney who will notify the trustee and they may have claim to some of the inheritance. If the case was discharged a year ago, it is no longer property of the bankruptcy trustee.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
How much is a certificate from a debt counselor for bankruptcy?
My bankruptcy clients have seen prices ranging from $30-$50. You should check with the local United States Trustee's office for a list of credit counseling agency that are approved in your judicial district.
What Are Chapter 13 Bankruptcy Exemptions?
Although most debtors keep all their property after filing a Chapter 13 bankruptcy, debtors must file exemptions when applying for this type of bankruptcy just like they do when they file for Chapter 7 bankruptcy. Filing exemptions in a Chapter 13 bankruptcy is for the benefit of creditors rather than the debtor himself. The exemptions inform the creditor of how much she is entitled to and allows her to compare the settlement of the case with the settlement the creditor would receive if the debtor filed Chapter 7 bankruptcy instead.Best Interest of Creditors TestU.S. bankruptcy law requires Chapter 13 bankruptcy applications to pass the "best interest of creditors test." Creditors involved in a Chapter 13 bankruptcy must receive at least as much from the bankruptcy as they would if the debtor filed Chapter 7 bankruptcy instead. The bankruptcy trustee performs this test by deducting the debtor's exemptions from the full value of the estate to determine how much the estate would be worth if the debtor filed Chapter 7 bankruptcy. Creditors may receive more from Chapter 13 than they would from Chapter 7, but they may not receive less from Chapter 13.Determining Payment AmountChapter 13 exemptions, or more specifically, the best interest of creditors test, are also used to determine how much the debtor must pay over the lifetime of the plan. To make this determination, the bankruptcy trustee compares three numbers. The best interest of creditors test, or the non-exempt value of the estate minus administrative costs, is one of these three numbers. The total amount of priority claims, such as alimony, child support and back taxes owed, is another number the bankruptcy trustee looks at, as is the debtor's disposable income, or income after payroll taxes each pay period. The bankruptcy trustee takes the biggest of these numbers and divides it by the life of the plan to determine how much the debtor must pay each month.ConsiderationsChapter 13 bankruptcy may be attractive to some debtors because debtors are at low risk of losing their property through this arrangement and there are no income limitations on this type of bankruptcy. However, debtors cant file for Chapter 13 bankruptcy if they have such large exemptions that the bankruptcy will fail the best interest of creditors test. In addition, Chapter 13 bankruptcy negatively affects the debtor's credit for seven years and requires debtors to pay the bankruptcy trustee on a monthly basis.
If you sell a listed asset how much goes toward bankruptcy?
If the bankruptcy is a Chapter 7, and the asset is not exempt, you cannot sell it. It is the property of the bankruptcy estate administered by the trustee. If the asset is exempt, you can sell it and keep the proceeds. If the asset sells for a lot more than you listed its value as, be prepared for a claim by the trustee. If in a Chapter 13 and the Plan has been approved by the court, you are a debtor in possession and can sell assets with no problem, unless, as above, the asset turns out to have a significantly higher value than you listed.
Can bankruptcy court take taxes after dismisal?
Most taxes are not discharged in bankruptcy.If the amount of your tax liabilities is not clear, the bankruptcy court cam decide how much you owe; you need not go to tax court for that.
What is a straight bankruptcy?
Basically, a straight bankruptcy means a Chapter 7 "No Asset" Bankruptcy. This type of bankruptcy is of the simplest form, and I say the simplest because there are no assets involved, and/or if there assets such as a home and vehicle, they are secured as collateral and are under water, such that a trustee would not be interested in selling off for the benefit of the creditors. A Chapter 7 Bankruptcy "No Asset" pretty much takes about 3-5 months from filing to discharge, the goal being to liquidate, if any and obtain a fresh start. Call me at: 1-888-291-6682 for any bankruptcy related questions. I am a licensed California Attorney.
