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In chapter 13, can I pay off my plan early or make larger payments to the Trustee so I can finish quicker ?
The Bankruptcy Code requires that you send all your disposable income to the Trustee for the number of years you are in the plan. Your disposable income is the amount left over after you subtract your reasonable and necessary expenses from your net income. This amount...
BORROWING MONEY OR BUYING OR SELLING PROPERTY WHILE IN CHAPTER 13 BANKRUPTCY
Folks who are debtors in a Chapter 13 Bankruptcy often need to borrow money from a bank, finance company or other party, while they are still in their Chapter 13 Bankruptcy. For example, their car may have broken down and they may need to borrow money to purchase...
I thought creditors would stop contacting me when I file Chapter 13 ? What do I do if they don't ?
The filing of your bankruptcy papers operate to automatically stop any collection efforts once the creditor is notified. Most legitimate creditors know about this and will respect that legal requirement. It usually takes about 30 days for a creditor to get officially...
Zombie Debt Collection
The collection of old debt that has past the statute of limitations for legal collection by law through collection letters, calls or lawsuits has often been called zombie debt. It is called that because the unsuspecting debtor that may have owed the debt at one time,...
In a Chapter 13 Bankruptcy, what if I have co-signers on some of my debts ?
You are required to list that debt and list the co-debtors or co-signers. You can either continue to pay that debt as you are now OR put that debt “inside the plan”. If you have co-debtors or co-signers on any of your loans, and that loan is paid INSIDE your plan,...
I’m about to make my last payment in my Chapter 13 Bankruptcy. I heard that now I get a discharge. What does that mean and how long does it take ?
A discharge is your ultimate goal. It means that you have completed your requirements under your plan and you are relieved of any efforts to collect from any of the creditors you listed in your schedules, other than the creditors paid outside your plan. The discharge...