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David M. Siegel Law
Bankruptcy & Family Law Practicing In Chicago Since 1991
Bankruptcy & Family Law Practicing In Chicago Since 1991
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Determining The Proper Percentage To Pay In Chapter 13
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How to pay the Trustee in your Chapter 13 bankruptcy case. If you are gainfully employed, the payment will most likely come directly from your wages in the form of a payroll control order. If you are self-employed or do not receive a regular pay check, then you will have to make the payment directly to the Chapter 13 Trustee.

If you fall behind on your payments, the Trustee or a creditor can bring a motion to dismiss your case.
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When you file a Chapter 13 bankruptcy, you have the ability to dismiss the case at any time. There may be a family emergency which requires a person to redirect wages instead of repaying creditors through the plan. There is often a refiling option if circumstances warrant anther case.
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Some creditors will object. Typically the auto lenders may object. They may want a higher interest rate, higher valuation or a higher set payment amount per month. Mortgage companies will also object to ensure that the bankruptcy debtor is paying back the proper amount of arrears through the Chapter 13 plan.

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Once a bankruptcy case is filed, there is the creation of the automatic stay. The automatic stay indicates to certain creditors that collection activities must cease. Not all creditors are subject to the automatic stay in bankruptcy. For example, debts for child support or criminal enforcement are not stayed.

To find out if you can be helped by filing for bankruptcy, you should contact an attorney in your local area to see if you qualify.
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You can establish credit after a bankruptcy filing. There will be offers for credit. There is life after bankruptcy. The fear of never being able to purchase a car, purchase a home or obtain a credit card is not accurate. There will be opportunities for credit within 6 months to two years after filing for Chapter 7 bankruptcy. You can even purchase a vehicle prior to the Chapter 7 completing. However, be careful with regard to the interest rate on such a purchase.

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Will I lose my property if I file a Chapter 13 Bankruptcy?
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Who notifies my creditors about my bankruptcy?
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You can file a Chapter 7 bankruptcy case once every eight years. Thus, you should take corrective action so that you do not run into the same problems that caused you to file in the first place. However, if you absolutely are in need of debt relief within eight years of filing a prior Chapter 7 case, you can resort to Chapter 13. You may be able to propose a percentage repayment plan and receive a discharge depending upon how long it has been since your Chapter 7 bankruptcy filing. Further, you can always file a non-discharge plan and reorganize debt for the term of the plan.
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