Chapter 13 gives you a good way to resolve accounting disputes about a lender’s additional fees and charges, and whether you’ve cured the default. Last week we described a Chapter 13 procedure to force mortgage lenders to resolve mortgage accounting disputes. This procedure focuses on changes to the monthly mortgage payment amount during the case. These are often just … Read More
If you owe 2018 income tax you can now include that tax into a new Chapter 13 case and payment plan. Have you been considering filing bankruptcy and now also expect to owe income taxes for 2018? If so, the start of 2019 gives you more reason to file a Chapter 13 “adjustment of debts” case. Why? Because … Read More
To finish your case successfully, sometimes beyond paying your Chapter 13 plan you may need to pay a debt directly and do some other things. The bankruptcy court’s approval of your payment plan (at the Confirmation Hearing) happens about 2-to-4 months after filing your case. At that point your Chapter 13 case is fully on its way. You likely … Read More
At the Confirmation Hearing (which you almost never need to attend) the bankruptcy judge “confirms” (approves) your Chapter 13 payment plan. The Chapter 13 Plan As we said last week about the Meeting of Creditors, a Chapter 13 case is all about “the plan.” The plan is your financial road map during the 3 to 5 years that you … Read More
At the Chapter 13 Meeting of Creditors you, your lawyer, & the trustee discuss your payment plan and any creditor & trustee questions. The Chapter 13 Payment Plan The core of your Chapter 13 “adjustment of debts” case is the payment plan. The plan is a detailed outline of who you will pay, how much, and when. A Chapter … Read More
The Chapter 13 trustee is an important player in your “adjustment of debts” case so it helps to know how to deal with him or her.
The Bankruptcy Code explicitly says that, at the request of the person in a Chapter 13 case, the bankruptcy “court shall dismiss” the case.
It’s good to know that your Chapter 13 payment plan can be changed during the 3 to 5 years the case lasts to address changing circumstances.
Before committing to a Chapter 13 “adjustment of debts” it’s good to know that its plan can likely be “modified” if your situation changes.
If protecting your co-debtor from having to pay your debt is a high priority, Chapter 13 has a remarkable tool for doing that.
The laws about the treatment of different types of creditors can often be used in your favor to pay who you want or need to pay.
If you owe “priority” debts like income taxes and/or support payments, you may be able to pay no more while protecting a transferee.
Overall, Chapter 13 can be more powerful and more flexible than Chapter 7. That often also applies to a fraudulent transfer.
Selling or giving away something innocently, without trying to hurt your creditors, could still give the trustee the right to get it back.
Usually it’s not hard to avoid getting into a dispute with your trustee. But you need to know the law and follow it.