In bankruptcy cases the trustee’s job is to make sure the debtor is following the rules as stated in the Bankruptcy Code, Federal Rules of Bankruptcy Procedure, and the local rules of court. The trustee is also responsible for maximizing the money available to the unsecured creditors listed in the schedules. Trustees are given several […]
How the death of a debtor affects a bankruptcy case is described in Rule 1016 of the Federal Rules of Bankruptcy Procedure. The result is different depending on whether the case was filed under Chapter 13 or Chapter 7 of the Bankruptcy Code. In a Chapter 7 case, the bankruptcy continues. The estate is administered […]
Debtors filing Chapter 13 bankruptcy are required to list all of their creditors in their schedules. There are three schedules in which the creditors are listed. These include Schedule D for secured creditors, Schedule E for priority creditors and Schedule F for unsecured creditors. Schedule D is where secured creditors are listed. Secured creditors include […]
In Chapter 13 bankruptcy, debtors sometimes pay automobile claims as part of their Chapter 13 plan. Creditors don’t begin receiving payments right away. The trustee usually begins disbursing payments after confirmation of the plan. This creates a problem for creditors holding claims secured by automobiles. Cars depreciate quickly which means that the creditor’s secured interest […]
Chapter 13 bankruptcy has many benefits for debtors. One of the greatest advantages is the ability to cram down automobile claims. Cramming down a claim means two things. First it means that the debtor can reduce the interest rate paid on an automobile claim provided for in the Chapter 13 plan. In the Northern and […]