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;klj
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0.10 Dollars($)
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Post subject: ? |
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| how do chapter 7 and 11 and 13 creditors get paid? |
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adonis
Joined: 22 Oct 2005
Posts: 10542
Location: ALASKA
1086.66 Dollars($)
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Welcome klj,
In case of chapter 7, your assets are liquidated by the bankruptcy trustee and used to pay off your creditors. In case of chapter 13, the creditors will give you a repayment plan in order to pay off the dues. Chapter 11 is similar to Chapter 13. In this chapter, the creditors will offer a repayment plan to the borrower depending upon his financial situation.
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Procrastination is the enemy of your financial success |
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mgrantham
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Post subject: Chapter 13/Mobile Home |
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| We have recently been discharged from Chapter 13 Bankruptcy in which we had a mobile home, a truck and a car. The mobile home was bought in 2000 for $32000. This was tax and all. When we were discharged from Ch 13, the lienholder says we still owe $29,500 on the mobile home. How can this be? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2692
Location: New Brunswick, New Jersey
496.14 Dollars($)
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Hi mgrantham,
Chapter 13 bankruptcy helps in reorganizing the debts. It does not forgive the dues. Rather, your lender will give you a payment plan to pay off the dues. You'll have to pay off the mortgage dues as per that payment plan.
Take care.
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Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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Ash
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Post subject: So Many Questions |
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I am recently divorced and have three loans with my ex which he can not refinance to take my name off of. One is our house that he was awarded and he isn't paying on. I'm looking into filing chapter 13 bancruptcy becuase I have two small children and my child support is about to go down, which means I will be negative each month even after I file bancruptcy and my debts get discharged. My questions are:
1. If I have items that are not listed on the exemptions list, such as it says you can only have 2 beds, and I have three becuase I have two children. Will they take that property from me? Or make me pay for it again even though it is paid and I do not owe on it?
2. It also states that you can only have $150.00 in a bank account when you file for bancruptcy and no outstanding checks, but I have to pay my child care with a check as well as my rent with a check, how do I pay my bills?
3. Once I'm in bancruptcy and my plan has been approved, can I start saving up money again (I live paycheck to paycheck) to pay bills or will they take that money too?
4. When I file for taxes in 2011 will my taxes be taken and if so will they be applied towards my bancruptcy plan?
5. If I end up paying off my plan earlier because my taxes took a big chunk of money out of my plan to pay, can I be discharged earlier than the original plan date?
6. I had to buy a new car cause my old one is breaking down, it's KBB value is more than the $5,000 it states you can have, are they going to take my car away from me becuase of that, even though I want to keep it and pay for it?
Thanks for the help1 |
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adonis
Joined: 22 Oct 2005
Posts: 10542
Location: ALASKA
1086.66 Dollars($)
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Post subject: |
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Welcome Ash,
As far as the exemptions and savings are concerned, you should contact your bankruptcy attorney and take his opinion in this matter. He will be able to help you in a better way.
I don't think you should save money while you are in bankruptcy. Rather, you should start saving money once your bankruptcy gets discharged. In case of taxes, if you receive any returns, then that could be used by the bankruptcy attorney to pay off your creditors. If you can afford to pay off your dues before time, you would be discharged earlier. If you include the car loan in bankruptcy, then the trustee can sell off the car in order to pay your lender.
_________________
Procrastination is the enemy of your financial success |
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Frustrated
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Post subject: Vehicle |
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| One of the vehicles I have is co-signed by my father. Is there a way to keep that vehicle out of the loop? If not, how can this affect my father's credit? |
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anonymous -- sd
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Post subject: Banruptcy |
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| My uncle does not have a job, but does draw social security for disability. He owes several creditors and has not paid his electric bill in 2-3 months. He owes several thousands of dollars in unpaid solid waste bills and medical bills. His property has unpaid taxes. His tax ticket was purchased by a tax lien company last year. Can my uncle file Chapter 7 or 13 bankruptcy? If he can, does it pay off his tax lien ticket? |
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adonis
Joined: 22 Oct 2005
Posts: 10542
Location: ALASKA
1086.66 Dollars($)
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Post subject: |
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Hi Guest,
If the vehicle has your name on it, then you will have to list it in your bankruptcy filing. You should contact your bankruptcy attorney and check out whether or not you would be able to keep the property out of the loop. Your bankruptcy filing will not affect your father's credit.
Hi sd,
Your uncle can file Chapter 7 and get rid of his creditors. However, back taxes do not get discharged in bankruptcy filing. He will have to pay off the back taxes to the IRS.
_________________
Procrastination is the enemy of your financial success |
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PAtoVA
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Post subject: Purchase of property after filing Chap 13 |
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| I filed chap 13 in Aug 2009 on a 5 yr 100% repayment plan. I am planning on relocating in the next 4 years. I would like to purchase another property in my relocation area prior to moving and using it as a rental/2nd home until I sell my primary residence. Is that possible under Chap. 13? I am currently in PA and will be relocating to VA. Thanks! |
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smithsussane
Joined: 18 Sep 2008
Posts: 10395
Location: Alaska
978.90 Dollars($)
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Minnie
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| We filed Chapter 13 in Oct of 09. and have been paying the trustee. We recently received the schedule of creditors as their time to file their claim has passed. A lot of my creditors did not file a claim surprisingly, does this mean my payment goes down? I am in CA. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10395
Location: Alaska
978.90 Dollars($)
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Hi Minnie!
Welcome to forums!
If the creditors have not filed their claims, it means that you may not be considered as liable for paying them under you Chapter 13 filing.
Feel free to ask if you've further queries.
Sussane |
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Post subject: |
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| why do so many creditors not file? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10443
Location: Nevada
984.98 Dollars($)
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Hi Guest,
Your creditors would be the best to answer this query.
Thanks |
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