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It is possible for the monthly payments to be raised while in bankruptcy. There are many reasons for this. One is that there could be an increase in your income - either through overtime wages or new job. When the trustee notices that your income has increased, then your monthly payments can also increase. While most payment plans are of three years (some are of 5 years), it does not mean that a debt must be paid in 3 years. It can be paid in lesser time. So when you clear a debt in less time, the trustee can raise your monthly payments. Debts like car loan are often repaid before 3 years. Certain court ordered payments often terminate before the duration of the payment plan. Once these debts terminate, they are no longer part of the payment plan. In such cases, the trustee can raise your monthly payments.
Legal Disclaimer:
The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
What else can I help you with?
What is the difference in frequency between monthly and semi-annual CD coupon payments?
The difference in frequency between monthly and semi-annual CD coupon payments is that monthly payments occur once a month, while semi-annual payments occur twice a year.
What is the difference between CD interest at maturity and monthly interest payments?
CD interest at maturity is the total interest earned on a certificate of deposit when it reaches its maturity date, while monthly interest payments are the interest earned and paid out on a monthly basis.
What are the benefits of financing cars on PCP compared to traditional car loans?
PCP financing offers lower monthly payments and the option to return the car at the end of the term, while traditional car loans involve higher monthly payments and ownership of the car from the start.
What is the best car loan length for me to consider when financing a vehicle?
The best car loan length for you to consider when financing a vehicle depends on your financial situation and how quickly you want to pay off the loan. Shorter loan lengths typically have lower interest rates but higher monthly payments, while longer loan lengths have lower monthly payments but higher overall interest costs. Consider a loan length that allows you to comfortably afford the monthly payments while also paying off the loan in a reasonable amount of time.
Can you refinance in chapter 13?
Yes. If you have had 12 months of on time payments to the truste and your mortgage has been paid on time,While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
What is the difference in frequency between monthly and semi-annual CD coupon payments?
The difference in frequency between monthly and semi-annual CD coupon payments is that monthly payments occur once a month, while semi-annual payments occur twice a year.
Can you keep home in bankruptcy?
In the State of Illinois, you can keep your home while filing a Chapter 7 if it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions and continue to be current on your monthly mortgage payments.
What is the difference between bi-weekly and bi-monthly payment schedules?
The difference between bi-weekly and bi-monthly payment schedules is the frequency of payments. Bi-weekly means payments are made every two weeks, while bi-monthly means payments are made twice a month.
What is the difference between CD interest at maturity and monthly interest payments?
CD interest at maturity is the total interest earned on a certificate of deposit when it reaches its maturity date, while monthly interest payments are the interest earned and paid out on a monthly basis.
What would allow a debtor to repossess a car while in a stay under a bankruptcy?
Depends how the bankruptcy was set up and whether the car was listed. There should be some consideration in that case as to whether you can make the payments, or not.
If you get set up with monthly payments to pay off a defaulted loan can you get a loan to go to school while your paying it?
yes
What are the benefits of financing cars on PCP compared to traditional car loans?
PCP financing offers lower monthly payments and the option to return the car at the end of the term, while traditional car loans involve higher monthly payments and ownership of the car from the start.
What is the best car loan length for me to consider when financing a vehicle?
The best car loan length for you to consider when financing a vehicle depends on your financial situation and how quickly you want to pay off the loan. Shorter loan lengths typically have lower interest rates but higher monthly payments, while longer loan lengths have lower monthly payments but higher overall interest costs. Consider a loan length that allows you to comfortably afford the monthly payments while also paying off the loan in a reasonable amount of time.
Can you refinance in chapter 13?
Yes. If you have had 12 months of on time payments to the truste and your mortgage has been paid on time,While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
When selling your house do you have to keep making house payments?
Of course you do. If you don't the interest and late penalties will add up and if it takes a while to sell the house you may lose it by foreclosure instead. You signed a contract to make monthly payments and you are legally bound to its terms.Of course you do. If you don't the interest and late penalties will add up and if it takes a while to sell the house you may lose it by foreclosure instead. You signed a contract to make monthly payments and you are legally bound to its terms.Of course you do. If you don't the interest and late penalties will add up and if it takes a while to sell the house you may lose it by foreclosure instead. You signed a contract to make monthly payments and you are legally bound to its terms.Of course you do. If you don't the interest and late penalties will add up and if it takes a while to sell the house you may lose it by foreclosure instead. You signed a contract to make monthly payments and you are legally bound to its terms.
What are the different mortgage term options available for homebuyers?
Homebuyers have various mortgage term options, including 15-year and 30-year terms. Shorter terms typically have higher monthly payments but lower overall interest costs, while longer terms have lower monthly payments but higher overall interest costs.
Can you pay your creditors while following bankruptcy?
You can up and until you do it, most people say why it doesn't matter? I found that it did matter, because the late payments also show for 7 years.
