Indiana Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Income to Trustee

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The U.S. Bankruptcy Code also allows individual debtors who meet certain financial criteria to adopt extended time payment plans for the payment of debts. An individual debtor on a regular income may submit a plan for installment payment of outstanding debts. This is called a Chapter 13 Plan. This plan must be confirmed by the court. Once it is confirmed, debts are paid in the manner specified in the plan. After all payments called for by the plan are made, the debtor is given a discharge. The plan is, in effect, a budget of the debtor's future income with respect to outstanding debts. The plan must provide for the eventual payment in full of all claims entitled to priority under the Bankruptcy Code. The plan will be confirmed if it is submitted in good faith and is in the best interest of the creditors.



A Chapter 13 plan must provide for the submission of all or such portion of future earnings or other future income of the debtor to the supervision and control of the trustee as is necessary for the execution of the plan. After the confirmation of a Chapter 13 plan, the court may exercise its discretion and order any entity from whom the debtor receives income to pay all or part of such income to the trustee.

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FAQ

The Office of the Chapter 13 Trustee disburses creditor payments once a month by check.

In Chapter 13 bankruptcy, you pay the Chapter 13 bankruptcy trustee the monthly payment required by your Chapter 13 repayment plan and the trustee distributes the funds to creditors each month.

It's a Long Term Commitment ? Filing Chapter 13 bankruptcy requires you to make a long-term commitment to the process. Tough To Get Credit or a Mortgage for 7 Years ? Other impacts include the inability to get credit cards at a good rate, and filing Chapter 13 makes it tough to get a mortgage.

Chapter 11 is the chapter used by large businesses to reorganize their debts and continue operating. Corporations, partnerships, and limited liability companies cannot use chapter 13 to reorganize and must cease business operations if a chapter 7 bankruptcy is filed.

Be Prepared for One More Round of Paperwork A Chapter 13 payment plan doesn't automatically cease once you make your final payment. You must complete the compulsory paperwork and your attorney has to file for an official dismissal of your bankruptcy case.

A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.

The case trustee is the person who appears at the 341 meeting of the creditors to inquire the debtor as to the veracity of his or her bankruptcy. U.S. Trustees are appointees of the Attorney General, so they work for the Department of Justice.

Once the court confirms the plan, the debtor must make the plan succeed. The debtor must make regular payments to the trustee either directly or through payroll deduction, which will require adjustment to living on a fixed budget for a prolonged period.

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Indiana Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Income to Trustee