Posts Tagged ‘Trustee’

Bankruptcy Trustee: What’s On Your Credit Card?

… for bankruptcy, a debtor’s credit card purchases will come under scrutiny by the bankruptcy trustee at the 341 meeting.  During the 341 meeting, the bankruptcy trustee will probably ask the debtor questions about what assets they purchased with their credit card and which of those assets do they still have.  For example, if a debtor purchased a scooter for $2,000 using a credit card, the bankruptcy trustee will want to know about it.  That scooter is considered an asset and may be …

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Bankruptcy Trustee Forced to Return Tax Refund

… Renee M.; In re, 19 CBN 870 (Bankr. N.D. Tex. 2009) the bankruptcy court ruled that the bankruptcy trustee must return the balance of a joint tax refund to the non-filing spouse.

The details of the bankruptcy case:

“The debtor filed for Chapter 13 relief on Dec. 31, 2008. The debtor’s husband did not join her in filing for bankruptcy. The debtor and her husband subsequently filed a joint federal tax return. The debtor did not earn any wages during 2008. The couple’s tax refund of …

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What to Expect From Your Bankruptcy Trustee

… of these people are nervous about the process especially their relationship with the bankruptcy trustee. Many ask, what should a bankruptcy filer expect from the trustee?

The bankruptcy trustee is empowered by the court to meet with debtors, creditors and approve (or disapprove) Chapter 13 bankruptcy plans or Chapter 7 bankruptcy discharges. The bankruptcy trustee is also responsible for collecting payments from debtors and disbursing them to creditors. It is important to remember …

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Car Deduction And 401(k) Loan Payment Deduction Not Allowed By Bankruptcy Trustee

In the bankruptcy case of R. Barraza, the bankruptcy trustee dismissed the debtor’s Chapter 7 bankruptcy because of he ruled that it was abusive under the means test in section 707(b)(2)(A) of the bankruptcy code.

The bankruptcy case said:

The debtor attempts to avoid the presumption of abuse by (a) taking a standard $475 ownership

allowance for a truck that is neither financed nor leased, and (b) deducting $915 per

month from his current …

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Bankruptcy Trustee Auctions Debtors’ Lawsuit

In the case of Tekippe, Joseph W. and Jamie L.; In re, a bankruptcy trustee auctioned off the debtors’ lawsuit against the state of Iowa against the wishes of the debtors. The debtors who flied for Chapter 7 bankruptcy listed their interest in a pending lawsuit against the State of Iowa as an asset. The bankruptcy trustee determined that the lawsuit was the debtors’ only valuable asset; but the debtors did not claim the interest as exempt property. The …

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Bankruptcy Trustee Can Increase Debtor’s Confirmed Chapter 13 Bankruptcy Plan

… were forced to change their bankruptcy payment plan because they received a $2,452 tax refund. The trustee who had a policy of exempting tax refunds of $2000 or less requested that the excess $452 be used to repay creditors in the Chapter 13 bankruptcy. The bankruptcy court ruled that the tax refund was disposable income and should therefore be used (to the extent requested by the trustee) to repay creditors in the Chapter 13 bankruptcy.

This is a tough case for debtors in Chapter 13 …

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The Bankruptcy Trustee Looks Out For Creditors’ Interests, Who’s Looking Out For Your Interests?

When a debtor files for Chapter 7 or Chapter 13 bankruptcy, a bankruptcy trustee is appointed to oversee the case. Many debtors who file for bankruptcy without an attorney, mistakenly believe that the bankruptcy trustee is there to protect them from the creditors when in fact the bankruptcy trustee’s main responsibility is to collect money from debtor’s assets and use them to pay creditors as required by the bankruptcy laws. In other words, the bankruptcy …

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The Chapter 13 Bankruptcy Process For Debtors

… and debts.

Step 6: Once the debtor’s repayment plan has been reviewed by the bankruptcy trustee, he/she will need to attend the confirmation hearing. At the confirmation hearing the bankruptcy trustee will either approve or disapprove of the bankruptcy repayment plan.  Also, some creditors may object to the confirmation of the bankruptcy plan if they feel that it does not treat them fairly.

Step 7: Once the debtors Chapter 13 bankruptcy repayment plan is approved, he/she must …

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Can I Convert My Chapter 13 To Chapter 7 Bankruptcy?

… Maybe you suffered a job loss that prevents you from making payments to the bankruptcy trustee.  If so, converting to a Chapter 7 bankruptcy may be a simple and of course logical decision.

You have suffered an illness that has created medical debt that you can’t pay.  Medical debt is one of the leading causes of bankruptcy and converting to a Chapter 7 bankruptcy because of medical debt may be a smart choice.

Your household size has changed.  Maybe you just had a child and …

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Unlisted Debt Comes Back To Haunt Bankruptcy Debtor

… 7. The debtor re­ceived a discharge following conversion. The case was closed in 1999 after the trustee completed administering assets. Ten years later, the debtor asked the bankruptcy court to reopen the case to add an unscheduled creditor. The debtor said he did not learn of the creditor’s claim until 2005, when he was sued by the creditor. The creditor countered that the debtor did not inform him of the bankruptcy for two years, during which time the state court action was litigated up …

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Madoff Bankruptcy Liquidation Decision Riles Investors/Victims

… aren’t happy with how the bankruptcy liquidation is being handled.  The bankruptcy trustee in the Madoff case has decided to reimburse claimants based on their cash deposits minus withdrawals instead of including the amounts on Madoff’s final account statements. Claimants are insisting that they are entitled to the profits promised by Madoff despite the fact that those profits were only a figment of Madoff’s imagination.  The bankruptcy trustee ruled that it would not make …

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Foreclosure and Chapter 13 Bankruptcy – What You Need To Know

… In those cases, the homeowner did not comply with a mortgage payment schedule set up by a court trustee… As a result, the property loses bankruptcy protection.

If you want to maintain your fresh financial start and save your home from foreclosure, you must comply with the repayment schedule set in place by the Chapter 13 bankruptcy trustee.  This is critical! If you fail to make payments to your bankruptcy trustee your bankruptcy case may be closed and your lender can then file …

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