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.
Mississippi Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal procedure implemented to facilitate the collection of debts owed by individuals within the state of Mississippi. This order enables a trustee appointed by the court to receive regular deductions from the debtor's paycheck, ensuring timely and consistent payment towards the debts. Keywords: Mississippi, Order Requiring Debtor's Employer, Remit Deductions, Paycheck, Trustee, legal procedure, collection of debts. There are different types of Mississippi Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee, including: 1. Garnishment Order: This type of order authorizes the employer to withhold a portion of the debtor's wages or salary, as specified by the court, and remit it directly to the trustee. The trustee will then distribute the funds among the creditors to satisfy the debtor's outstanding debts. 2. Wage Assignment Order: Similar to garnishment, a wage assignment order instructs the employer to deduct a specific amount from the debtor's paycheck and forward it to the trustee. The order remains in effect until the debts are repaid, or until the court modifies or terminates the order. 3. Income Withholding Order: This type of order is commonly associated with child support or spousal support obligations. It requires the debtor's employer to withhold a predetermined amount from their paycheck and send it directly to the trustee responsible for overseeing the distribution of funds to the appropriate parties. 4. Priority Wage Assignment Order: This order refers specifically to debts owed to governmental entities, such as unpaid taxes or fines. It empowers the designated trustee to collect a portion of the debtor's wages, prioritizing repayment of these governmental debts over other creditors. In conclusion, the Mississippi Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal mechanism designed to enforce debt collection in Mississippi. It includes various types of orders, such as garnishment, wage assignment, income withholding, and priority wage assignment, each serving a specific purpose in repaying the debtor's outstanding obligations.
