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What else can I help you with?
Does interest owed to the Internal Revenue Service stop accruing during Chapter 13 bankruptcy?
Typically a Chapter 13 bankruptcy will require you to enter into a payment plan with the IRS, and interest will be frozen as of the date that you file your bankruptcy petition.
What do you have to do to obtain a Chapter 13 bankruptcy discharge?
Chapter 13 permits debtors to receive a discharge, but only after a payment plan between 3 and 5 years. You would need to file a petition for discharge under Chapter 13 with the Clerk of the Bankruptcy Court in your district. This petition will include schedules of all of your debts and creditors. Within 14 days, a debtor needs to propose a plan for repayment or adjustment of all debts within a 3 to 5 year period. If the plan is approved by the court, repayments begin within 30 days. It is highly recommended that you seek the advice of a local bankruptcy attorney in a Chapter 13 Petition. See Argyle Publishing's Guide https://www.argylepub.com/shop/bankruptcy-book-lawyers-attorneys-chapter-7-13/ for more information.
When after filling chapter 13 you start making secure payment?
The moment you propose your payment plan.
Can your Chapter 11 be dismissed due to plan payments?
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.
How do you set up a payment plan for bankruptcy?
I assume you are talking about the Chapter 13 payment plan to take care of the arrearage owed on a house or property that you own. This is set up as a Chapter 13 plan that is in a strict format set up by the court and handled by experienced attorneys. It is a monthly plan that lasts for either 3 or 5 years. You will need a lawyer to make a proper payment plan.
How long before you make your first bankruptcy payment under chapter 13 once you have filed?
within 30 days, you actually have to make your plan payment before your plan is approved.
What can a trustee take during chapter 13 bankruptcy?
Money for your plan payment, tax refunds.
After filing chapter 13 do you have to move out of your house any period of time?
Generally you should not have to because a chapter 13 protects your assets through the payment plan you filed with the court.
Can I change the payment plan after I have already filed Chapter 13?
Many people struggle with keeping up with the strict payment plans that go along with the chapter 13 bankruptcy. Typically when you cannot keep up with your payments you should talk to the court and also consider the possibility of switching to Chapter 7.
If you are in a chapter 13 and quit your job can you get in trouble for that?
You can't really get in trouble for quitting your job. You will still have to make your payments whether you have a job or not. You may have to reconfigure your Chapter 13 payment plan.
How much property can a person keep if you file a Chapter 13?
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps. Michael A. Fakhoury, Esq.
How can I request a payment plan from the IRS by sending a letter?
To request a payment plan from the IRS by sending a letter, you should write a formal letter to the IRS explaining your financial situation and proposing a payment plan that you can afford. Include your contact information, tax identification number, and any supporting documents. Send the letter to the address provided on the IRS website for payment plan requests.
