Sentences with phrase «trustees take the payments»

The trustees take the payments that have been made during the 90 days up to filing to place them back into the bankruptcy estate.

Not exact matches

Then there is attorney Lewis Roberts, «Roberts's intervention is to get judges and trustees to classify the federal student loan debt separately so that his clients can take advantage of special payment plans the government offers borrowers to manage their student loans.»

Additionally, any payment on a debt which qualifies as one of the above payment can be taken back by the trustee and given to the rest of your creditors.

If the house is worth about what remains owing on the mortgage, the trustee will not take your house if you go bankrupt, and generally the mortgage company will allow you to keep making your monthly mortgage payments.

For example, if your proposal dictates that you will pay $ 400 per month over 3 years, the fees for hiring a Trustee will be taken from that amount and will not require any additional payment on your part.

The trustee sets the amount of payment by taking into account your total income, the standards issued by the Superintendent of Bankruptcy, and your personal and family situation.

This calculation can become quite complicated and can increase the cost of your bankruptcy so you should always take to your trustee about the possibility of having to make surplus payments.

The best thing about a Chapter 13 is that it helps avoid filing for Chapter 7 bankruptcy.By extending the length of time you will take to pay off your debts, your monthly payments will be smaller making it easier for you to get out of debt.Chapter 13 also offers the convenience of consolidation because you only make one monthly payment to the trustee who will deal with all your creditors for you.Once you have filed the petition, the creditors are no longer allowed to take any action against you in order to collect their payments.

A debtor recently blogged on a bankruptcy forum website his trustee and bankruptcy judge wanted him to take money out of his 401 (k) plan to make a balloon payment on one of his creditor's notes.

The trustee would require a payment of the unexempt portion or take the car.

Misunderstandings generally occur through hearing rumors and horror stories about trustees who have taken back payments made by debtors.

With a Chapter 13 filing, you would also need to obtain permission from the bankruptcy trustee to take on those new monthly payments.

In a Chapter 13 bankruptcy, instead of the trustee taking the asset, you make a monthly payment that's equivalent to the unexempt asset.

A wage deduction order is having your employer automatically take a portion of your paycheck to the trustee for your monthly chapter 13 plan payment.

If the trustee of the SMSF can demonstrate all reasonable steps had been taken to ensure the pension payment would be processed prior to 30 June and it was something outside the trustee's control that prevented the payment from being made, we may consider applying the exception to allow the fund to continue to claim ECPI.

Later, relying on Raithatha, a trustee in bankruptcy (Mr Horton) approached the High Court requesting an IPO to require a bankrupt (Mr Henry) to take his four valuable money - purchase pension pots (not yet in payment) as lump sums.

After that point, creditors — including the wife with the $ 35,000 order in her favour — could no longer take individual steps to pursue payment from him, except via the trustee in bankruptcy.