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What else can I help you with?
What would happen to a monthly payment if the interest rate increased?
Either the monthly payment would have to increase or the period of the loan.
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.
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.
How do you get payment on child support if your ex spouse files chapter 7 bankruptcy?
Yes, bankruptcy does not effect spousal support or child support.
What can a trustee take during chapter 13 bankruptcy?
Money for your plan payment, tax refunds.
Are vendors guaranteed payment selling a company in Chapter 11 Bankruptcy?
No, but generally they receive higher preference than unsecured creditors that issued credit prior to the bankruptcy, should the chapter 11 company go to chapter 7.
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.
What is the punishment for dismissed for bankruptcy chapter 13?
There is no real "punishment"for not meeting the obligations of chapter 13 (which are usually pretty strict repayment plans). The negative side effect is that filing for bankruptcy will be on your credit report and your payment obligations will be due in full (rather than the reduced payment plans established by chapter 13) which can be very difficult.
How does bankruptcy work?
It depends on what chapter you file under. There are separate types of bankruptcy for businesses and for individuals. The two chapters for individuals is chapter 7 and chapter 13. Chapter 7 discharges most debts but has more serious repercussions. Chapter 13 consolidates many debts to make one payment which is much more manageable. The attached article explains bankruptcy and compares chapter 7 and chapter 13.
Calvin's monthly mortgage payment is 1580 30 percent of the payment is put into an escrow account. next year his loan will increase by 6.5 percent . what will his total monthly?
168270
Can you file back child support in a bankruptcy in the state of Illinois?
When you file for bankruptcy, you are required to list ALL debts you owe. However, child support or alimony (called Domestic Support) are NOT discharged in a bankruptcy. In a Chapter 7 - this debt survives your discharge. In a 13 - you probably can pay back the arrears over time, but you have to make the required monthly payment to the Child support agency for current support AND the trustee payment for the back support. I would seek the advice of an attorney that specializes in Bankruptcy to see if this is an option for you.
Can you pay off part of a chapter 13 bankruptcy and get on a lower payment plan?
Yes, you can potentially pay off part of a Chapter 13 bankruptcy and adjust your payment plan, but it typically requires court approval. If your financial situation changes and you can make a lump-sum payment to reduce your overall debt, you can propose a modification to your repayment plan. It's important to work closely with your bankruptcy attorney to navigate the legal requirements and ensure that any changes comply with the bankruptcy court's guidelines.
