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I am filing Chap 7 can a trustee take your income tax refund if you applied it to next years estimated tax payment liability?
Your question rightly presumes they can, normally, take the refund.
How you were going to spend it doesn't make any difference.
And in the method your suggesting, you would be taking a pre-petition asset (the amount set aside before bankruptcy - now available to be used to pay any of those debts), and applying it to a post petition liability. That is a no-no.
What else can I help you with?
Why must the trustee of an irrevocable insurance trust make the premium payment?
As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.As trustee that is their responsibility.
If you did not make your first monthly payment to the bankruptcy trustee what will happen?
In some cases the trustee will allow a thirty day grace period for the missed payment. Pertaining to a first installment immediate action to dismiss the 13 might be taken. It is for the most part at the discretion of the bankruptcy trustee, missing any payment is reason for dismissal with prejudice.
Can you make a partial payment to the chapter 13 trustee?
You should check with your c 13 trustee. In general you can make a partial payment, but if the next payment is also a partial payment, or if you do not make up the difference, the trustee will file a motion to dismiss your case. It is always a good idea to let the trustee's office know your next payment will be short and why, and when you expect to get caught up. If you will not be able to continue the c. 13 payments as set forth in the plan, you may be able to end your c. 13 early or convert to a c 7. Consult your bankruptcy lawyer.
What happens if you miss a payment in your bankrupcty agreement?
The person should contact the BK trustee immediately. A trustee will generally give the debtor thirty days to bring the payment(s) up to date before requesting the "13" be dismissed.
What can a trustee take during chapter 13 bankruptcy?
Money for your plan payment, tax refunds.
How do you compel a BK trustee to take a full cash payment and discharge the BK?
You can compel the BK trustee to take full cash payment and discharge the bankruptcy by going to his/her office in person or setting a court date. Your attorney can advise you the best path to take.
Who pays when a transfer is complete trustee or beneficiary?
In a completed transfer, the payment typically comes from the trust's assets, which are managed by the trustee. The trustee is responsible for ensuring that the terms of the trust are fulfilled, including making distributions to beneficiaries as specified in the trust document. Therefore, it is ultimately the trust that pays, not the trustee or beneficiary personally.
How do you make out a check to a trustee?
To make out a check to a trustee, write the trustee’s name as it appears in the trust document on the "Pay to the Order of" line. Include the amount in both numerical and written form. Ensure to specify the purpose of the payment in the memo line, if applicable, and sign the check. Always verify the details with the trust documents or the trustee to ensure accuracy.
After Bankruptcy discharge you were named as a beneficiary to a life insurance annuity but you deferred payment for 5 years Do you have to tell the trustee about this?
yes
Can you be my own trustee or my corporation?
Another asker who can't control his pronouns. Why would I want to be trustee of your corporation or of you? Corporations do not have trustees. If the corporation files for bankruptcy protection, you cannot be the trustee. Similarly, you cannot be your corporation. A corporation is a separate legal entity. You may be the only officer and shareholder, which can cause you some tax and liability problems, but you are not the corporation.
Why are your chapter 13 checks written out to the trustee personally?
When it pertains to a chapter 13, the trustee receives the payment amount stipulated in the approved BK, and disburses the funds in accordance to debt priority. Chapter 13's are more expensive than "7's" because of the additional work involved in the payment and accounting of debts.
How long does it take to get final distribution payment from trustee of will after all expenses have been paid?
The time it takes to receive the final distribution payment from the trustee of a will can vary significantly, typically ranging from a few months to over a year. Factors influencing this timeline include the complexity of the estate, any disputes among beneficiaries, and the efficiency of the probate court process. Once all debts and expenses are settled, the trustee usually distributes assets within a few weeks to a few months, depending on the circumstances. It's advisable for beneficiaries to maintain communication with the trustee for updates.
