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In a chapter 13 bankruptcy what if the trustee calls for an order expunging claim?
Wiki User
∙ 9y ago
A judge or court may sometimes expunge a claim in bankruptcy court. This means that the claim is erased, as if it never happened.
Wiki User
∙ 9y ago
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Can a person in chapter 13 bankruptcy sell a car that has a loan while still in bankruptcy?
The short answer is yes. Of course, BK or not, to sell a car that has a loan means you must pay off the loan. And, it is unlikely anyone will give you another now. That actually may be fine, and exactly the type of compromise your situation calls for now...at least for a while. You absolutely need to co-ordinate any financial changes like this with your trustee.
What are the chapter 13 bankruptcy laws in Michigan?
Chapter 13 is a federal law, which means it is the same in all 50 states. See 11 USC 1301 et seq. The U.S. Constitution calls for a uniform set of bankruptcy laws. The exemptions available to Chapter 13 debtors, on the other hand, differ by state. The homestead exemption in Michigan, for example, is $35,300 in most cases.
Filing for Bankruptcy?
No one ever plans to file for bankruptcy, but if you ever find yourself in a financial bind, filing for bankruptcy to remove most of your debts may be the only alternative you have to start over again and reclaim your life. By filing for bankruptcy, you can protect yourself from creditors that may try to repossess your property and who often make harassing calls to your home. In the United States, individuals that need to declare bankruptcy can file for either chapter 7 or chapter 13 bankruptcy protection. Chapter 7 bankruptcy protection is the typical bankruptcy that everyone thinks of when they hear the word. In chapter 7 bankruptcy, the courts will try to liquidate your assets in order to pay off your creditors. Once all your assets have been sold off, the rest of your debts will be discharged by the bankruptcy court. Chapter 13 bankruptcy is slightly different. Chapter 13 bankruptcy is often called a working man's bankruptcy and is intended for people that have jobs. In chapter 13 bankruptcy, your bills become reorganized and consolidated. You will then have to work out a payment plan for the courts. Once the court has approved your plan, you have a certain amount of time to pay off your debt according to the plan. Should you fail to adhere to the plan, your bankruptcy protection will be nullified, opening you up once again to creditors. In order to qualify for chapter 7 bankruptcy protection, you need to pass what the government calls a means test. In order to pass the means test and meet the qualifications for chapter 7 bankruptcy, you need to earn less than the median income of the state in which you reside. If you earn more than $167 over the median income of the state you do not qualify for chapter 7 bankruptcy. Many people want to qualify for chapter 7 because it discharges most of their debts instead of making them repay it later as in chapter 13. Chapter 7 and chapter 13 bankruptcies can eliminate most debts, but some debts can almost never be discharged by bankruptcy courts. This includes student loan debts, lawsuit awards, spouse and child support, and most taxes. Also before filing for bankruptcy it is important to know how a filing can affect the rest of your life. For one thing, chapter 7 stays on your credit report for up to 10 years. Chapter 13 bankruptcy will remain on your credit report for 7 years. Having a bankruptcy on your credit report will make it difficult to obtain loans, get credit cards, find housing, or even gaining employment.
Chapter 13 Bankruptcy Provides Relief to Debtors?
If you're overwhelmed by debt and have a steady job, filing for bankruptcy under Chapter 13 of the federal bankruptcy code might work for you.The federal government calls it the "wage earners" bankruptcy as it is targeted at people who have jobs and want to repay the debts they incurred. Chapter 13 calls for debts to be paid off in three to five years. The government likens the process to a consolidation loan only the debtor pays a bankruptcy trustee who distributes money to creditors.A key element to Chapter 13 bankruptcy is that, unlike Chapter 7 bankruptcies, a debtors property is not sold to pay the debts. If a debtors house is in foreclosure, the debtor will be allowed to keep the house, though he must keep current on mortgage paymentsand repay late payments.Eligibility for Chapter 13Only working individuals, including the self-employed, can apply for Chapter 13 relief. The debt limitation changes periodically, but in 2011, people could have up to $360,465 in unsecured debt, such as consumer loans, and $1,081,400 in secured debt, such as home mortgages. Debtors must undergo credit counseling with a federally-approved agency within six months before filing for Chapter 13. They also cannot have had any previous bankruptcy filings dismissed because they failed to appear within the same period.The ProcessThe bankruptcy court requires debtors to file a substantial amount of paperwork with the bankruptcy petition. Required documents include a list of assets and liabilities; a listing of income and expenditures; copies of contracts, unexpired leases and a recent tax return, as well as proof the debtor has participated in credit counseling. Information must also be filed for the spouse even if that person is not filing for bankruptcy.After the petition is filed, which requires payment of fees that were under $300 in 2011, a trustee is appointed to oversee the rest of the process. Once the petition is filed, creditors may not call the debtor about repayment, start a lawsuit to recover payment or garnishee wages.The trustee will help the debtor draw up a payment plan, and both will meet with creditors to discuss it. The plan must be approved by the bankruptcy court. The debtor must start making payments within 30 days of filing. When the debts have been paid, the bankruptcy can be discharged.
If you filed chapter 13 7 years ago and it was discharged in Feb 01 how can you contact the credit bureau to remove this from your record if your attorney will not return your phone calls?
A Chapter 13 bankruptcy will remain on a person's credit report for the required ten years not seven.
The trustee theory of representation calls on representatives to?
use their own best judgment of the issues.
You would like to change lawyers How do you do this Have called written letters to present lawyer about case. No response or calls. Filed chapter 13 bankruptcy. Is this neglect Please help.?
Simply, your new lawyer should handle this.
When to file bankrupcy?
If your house is being foreclosed on, you need to file a chapter 13, with a plan for paying the secured debt arrears, including the mortgage(s) and have the income left over every month to pay the plan (and the trustee's percentage).
Who calls the meeting in chapter 8?
Bella
What are the benefits of chapter 7?
Chapter 7 bankruptcy comes with advantages as well as disadvantages. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over.It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace
How do you start bankruptcy?
You start filing for bankruptcy by working with the court to determine if that is the best decision for you. Firstly, the court will do a "means test" in which they will calculate your income versus your debt and also compare your financial situation to other people in your area. Additionally, you have to undergo credit counseling before you are eligibile to file. When these steps are completed you can file.ANSWER:You would want to file bankruptcy if you are overwhelmed bydebt and harassed by creditors. If you are unable to payyour bills you may be eligible for relief under Chapter 7,Chapter 13, or Chapter 11 bankruptcy. A Minneapolisbankruptcy attorney will answer your questions. As soon asyou file for bankruptcy:* Harassing phone calls stop!* Mortgage foreclosure stops!* Repossession of your car or furniture stops!* An attempt to garnish your wages stops!* You keep your personal property.* You keep the tools you need to make a living.
Why would one need to file Chapter 12 Bankruptcy?
There are both advantages and disadvantages to filing for bankruptcy. Chapter 7 is often known as debt liquidation bankruptcy and is a good options for many individuals are couples that are in dire financial straits. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over. It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.
