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When a bankruptcy case is dismissed for missed payments what happens to the money already paid into the plans?
Wiki User
∙ 15y ago
If the court has already confirmed the chapter 13 plan then the money already paid is distributed to the creditors. Basically, since the case was not discharged, you still owe the debt, so you made payments towards the debt while in bankruptcy. If the plan was not yet confirmed by the court, the money is returned to the debtor by the trustee save for a small amount for the trustee's expenses (trustee would ask for this in his motion to dismiss). Money would not be distributed to creditors by the trustee until after the proposed chapter 13 plan is confirmed.
Wiki User
∙ 15y ago
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What happens to the person who needs to file bankruptcy before discharged from previous bankruptcy?
The short answer is to get the case dismissed so it can be refiled.
What happens to an incomplete bankruptcy filing if the filer dies before its completion?
The filer has to be in person for the 341 meeting so the bankruptcy would be dismissed. A bankruptcy may still be discharged if they are just waiting on the judge to discharge the bankruptcy.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
What happens if car dealership files bankruptcy how do you pay for vehicle?
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
What happens to unsecured debts when a chapter 13 bankruptcy is dismissed?
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
What happens to spousal maintainance and child support if the person files for bankruptcy?
Spousal support and child support debts cannot be discharged in a bankruptcy, so the ex spouse must continue to keep making the payments. Failure to do so can lead to a dismissal of the bankruptcy case.
What happens if you are in bankruptcy and then become unemployed?
If you are in a chapter 13, if you are no longer able to make plan payments, you must either convert to a chapter 7 or dismiss the 13.
If a married couple no longer living together own a house and one files bankruptcy should the person filing bankruptcy surrender the house so other can keep house or will it cause other person to lose?
The party that filed bankruptcy will be protected as far as the collections process is concerned. The bank will in response expect the party who has not filed bankruptcy to make all the remaining payments. If this happens, you may want to consult with a lawyer ASAP so that you are making payments on a house that will be co-owned by an X.
What happens if the bankruptcy is denied and you have no equity in your home but am current in payments?
What happens to what? Your debts are still owed, including the mortgage(s). If you are not in foreclosure and are current in your payments, nothing will happen to your home. You will start getting sued (or getting hauled into court to collect on existing judgments) and eventually will get attachments on your home and/or on your wages if garnishment is allowed in your state for consumer debts.You may be able to refile, maybe after some period of time. Ask your bankruptcy lawyer or get one.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
What happens if you dont pay after filing bankruptcy?
Assuming its a chapter 13 bk, if you dont make your plan payments the court will dismiss your bk- allowing creditors to resume collection efforts
What happens if a co signer files bankruptcy?
They both go bankruptcy
