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I assume you are talking about the Chapter 13 payment plan to take care of the arrearage owed on a house or property that you own. This is set up as a Chapter 13 plan that is in a strict format set up by the court and handled by experienced attorneys. It is a monthly plan that lasts for either 3 or 5 years. You will need a lawyer to make a proper payment plan.
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∙ 11y ago
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If you have been contacted for the remaining balance and set up a payment plan what are your options if you are unable to commit to the plan?
Your options are to be sued for judgement, or file Bankruptcy or PAY. Fairly simple plan.
How do judgements affect your credit score?
It can affect you dramatically. Make sure that you set up either a settlement of payment plan.
Will the IRS set up a payment plan if you owe more on your taxes then you can pay in full?
Yes the IRS does set up payment plans for individuals who request them, but it is recommended to pay the amount as soon as possible as it will accumulate interest rates and penalties you can be charged.
Are pension plans protected in bankruptcy plan?
Up to the judge
Can you file chapter 7?
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan
Can you make a partial payment to the chapter 13 trustee?
You should check with your c 13 trustee. In general you can make a partial payment, but if the next payment is also a partial payment, or if you do not make up the difference, the trustee will file a motion to dismiss your case. It is always a good idea to let the trustee's office know your next payment will be short and why, and when you expect to get caught up. If you will not be able to continue the c. 13 payments as set forth in the plan, you may be able to end your c. 13 early or convert to a c 7. Consult your bankruptcy lawyer.
Can I change the payment plan after I have already filed Chapter 13?
Many people struggle with keeping up with the strict payment plans that go along with the chapter 13 bankruptcy. Typically when you cannot keep up with your payments you should talk to the court and also consider the possibility of switching to Chapter 7.
What happens at chapter 13 creditors' meeting?
Chapter 13 bankruptcy is different than chapter 7 in that you will essentially be reorganizing your debt and coming up with a payment plan. The creditors meeting involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
You set up a payment plan with the IRS now they are garnishing more what do you do?
If you are on a payment plan, the IRS cannot garnish you. Call the IRS and verify that your payment plan is still in place. If it is, tell them that your employer has not received a Notice of Release of Levy and ask them to fax one to them. Get your employer's fax number before calling. If your payment plan is no longer in effect, you may be able to get them to reinstate right over the phone. The number for IRS Collections is 1-800-829-7650
What precautions should one company take for avoiding bankruptcy?
To avoid bankruptcy, one should set up a plan with the creditor. If your creditor accept it, then no need to go to court and declare bankrupt. Alternatively one can go to higher cost lender.
How to Find Debt Relief Through Bankruptcy?
If you have attempted debt settlement plans, enrolled in credit counseling and set up a debt management plan with your creditors and things only seem to be getting worse, you may want to consider filing bankruptcy. Although bankruptcy truly is a last resort, it will also put an immediate end to the harassing phone calls, judgments, wage garnishments and other creditor collection tactics. It is an opportunity to learn from your financial mistakes and begin anew.How to Go about Filing for BankruptcyIf you are considering bankruptcy, you need to schedule an appointment with a bankruptcy attorney to learn your options. You shouldn't listen to scare tactics from creditors or other people's moral judgments about your situation. Instead, you need honest facts and real choices when it comes to eliminating your overwhelming debt load. Most bankruptcy attorneys offer free consultations and accept payment arrangements after your bankruptcy has been discharged.When you meet with a bankruptcy attorney for your initial consultation, he or she will administer the means test for your state of residence. The means test is a federal requirement that determines where your personal income level is in comparison to the average income in your state. If it falls below the median income guidelines, you can file chapter 7 bankruptcy as long as you meet some other qualifications.Bankruptcy petitioners whose personal income is at or above the state average are not eligible to file for Chapter 7 discharge. If you are in this situation, you may still be eligible for bankruptcy relief by filing Chapter 13 instead. Chapter 13 bankruptcy, also known as the wage earner's plan, allows you to restructure your debts and set up a legally protected payment plan with each creditor. You have up to five years to repay all of your debts. Once the plan is approved, you will begin making a monthly payment to the bankruptcy trustee. It is his or her job to distribute it to each of your creditors individually.If you intend to file for either bankruptcy type, your attorney will guide you through the rest of the process.
If you owe a balance on your credit card and have not set up a payment plan can you be sued?
Yes, but the process must move through Collections, and can be lengthy before you are summoned to court.
