What Is A Trustee In A Chapter 13 Bankruptcy Case?

A trustee is assigned by the court to oversee the case. Basically, it is the trustee’s job to collect any assets and distribute payments to the creditors. Instead of paying all your creditors individually, the trustee takes one monthly payment and distributes it for you.

How Long Does A Chapter 13 Bankruptcy Typically Take To Complete?

The bankruptcy code requires a minimum of 36 months and a maximum of 60 months under the Chapter 13, and the number of months is primarily based on income.

What Options Do I Have If I Am Not Eligible To File For a Chapter 13 Bankruptcy?

There are options like debt consolidation or debt settlement if you are not eligible for a Chapter 13. The only other bankruptcy option for high wage earners is Chapter 11, which is usually reserved for businesses. There are rare exceptions where Chapter 11 can be filed by individuals.

Why Do I Need An Attorney To Help Me With My Chapter 13 Bankruptcy Case?

The bankruptcy code itself is very complicated. Dealing with a Chapter 13 is even more difficult than a Chapter 7, because you have to come up with an actual plan that deals with every type of debt that you may have. If they are not dealt with appropriately, the court will throw your case out, and then you’ll just be back at square one.

What Is The Difference Between A Chapter 7 And A Chapter 13?

The chapter 7 is a complete bankruptcy, where there is not going to be a monthly payment after the case is filed. It generally eliminates all the debts that are unsecured and then you would pay back any debts that were secured by property you want to keep. In the chapter 13, you are reorganizing your debts and making a monthly payment.

What Sets You And Your Firm Apart In Handling Chapter 13 Bankruptcy Cases For Your Clients?

The vast amount of knowledge we have about each individual part of the bankruptcy process, the chapter 13 plan, collecting of the documents, and explaining everything sets us apart. We are very thorough with each individual that comes in and we make sure that they understand the process and we walk them through it. Many firms just hand them paperwork and have them try to figure it out. We take the time to make sure you have all your questions answered and that what you file is as thorough and accurate as possible.

For more information on Trustee In A Chapter 13 Bankruptcy Case, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (937) 247-6447 today.