Can bankruptcy trustee take assets after discharge?

Unless the Trustee has formally abandoned (given back) assets to the debtor prior, they belong to the Trustee until the bankruptcy case is CLOSED, which occurs after the discharge is entered. Assets remain the property of the Trustee in a Chapter 7 case until the case is closed.

What does a trustee do in Chapter 13?

The chapter 13 trustee both evaluates the case and serves as a disbursing agent, collecting payments from the debtor and making distributions to creditors. 11 U.S.C. ยง 1302(b). Filing the petition under chapter 13 “automatically stays” (stops) most collection actions against the debtor or the debtor’s property.

How does a Chapter 13 trustee get paid?

Instead of a sales proceed commission, the Chapter 13 trustee receives a percentage of the monthly repayment plan as compensation for administering the case. The percentage the trustee can collect varies by district and is often limited to 10%, and the trustee’s total compensation is capped, as well.

How does Chapter 13 work in GA?

Filing for Chapter 13 Bankruptcy in Georgia Under this type of bankruptcy, your debts aren’t discharged immediately; instead, you develop a three-to-five-year payment plan approved by a judge to pay some percentage of your debts. At the end of the plan, the rest of your debts are discharged.

Does a bankruptcy trustee check bank accounts?

The trustee may conduct periodic reviews of your finances, including your business and personal bank accounts, to ensure you have sufficient cash to continue making payments as normal. The trustee also reviews your bank accounts to make sure you’re not hiding assets from the court and your creditors.

When can the trustee take money?

Although your trustee will end up with money from your bank account, he cannot go in and take it from you as he might in a Chapter 7 asset case. While you will lose the protection of your bankruptcy case if you don’t make your payments, the trustee will not physically take money out of your account.

What happens after meeting of creditors Chapter 13?

If the trustee concludes your Chapter 13 meeting of creditors, it means there are no problems with your bankruptcy and your repayment plan. If your case is confirmed, you’ll make monthly payments according to your repayment plan until it is paid off (usually three to five years).

What happens if your income increases during Chapter 13?

When your Chapter 13 case is filed, an Estate is opened up which consists of all of the Debtor’s property, including wages and income. An increase in income during the administration of the Chapter 13 case can create a situation where there is more disposable income available to pay general unsecured creditors.

Who gets paid first in a Chapter 13?

In Chapter 13 bankruptcy, you must devote all of your “disposable income” to repayment of your debts over the life of your Chapter 13 plan. Your disposable income first goes to your secured and priority creditors. Your unsecured creditors share any remaining amount.

Does Chapter 13 lower mortgage?

Even though you’re paying mortgage arrearages through a Chapter 13 plan, you can still work with your lender to modify your mortgage. Your interest rate could be adjusted, and therefore the monthly payment reduced, or your missed payments could be added to the end of your mortgage, thereby increasing its length.

Can you file Chapter 7 and keep your home?

Most Chapter 7 bankruptcy filers can keep a home if they’re current on their mortgage payments and they don’t have much equity. However, it’s likely that a debtor will lose the home in a Chapter 7 bankruptcy if there’s significant equity that the trustee can use to pay creditors.

What is a chapter 13 standing trustee?

The trustee in a chapter 13 case is a standing trustee who has been appointed to handle a large number of chapter 13 cases in a district, typically in one geographic area. The standing trustee is deeply involved in a chapter 13 case, including collecting the debtor’s plan payments and distributing the proceeds to creditors.

What is a chapter 13 bankruptcy filing?

A Chapter 13 bankruptcy begins with the filing of a petition with the bankruptcy court serving the area where the debtor has a domicile or residence. From there, the debtor proposes a 36- to 60-month payment plan to the court to repay his/her debt.

What is a chapter 13 payment?

A Chapter 13 is a payment plan bankruptcy, your first payment is due 30 days after your case is filed. A plan that skips payments will not be accepted. There are many questions we can’t answer without more information, and that you need to bring to a bankruptcy attorney.

What is 13 trustee?

The Chapter 13 Trustee is an attorney who is hired by the United States Bankruptcy Trustee to basically ensure that everyone is playing by the rules.