Puerto Rico 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 primary expenses include trustee's fees, investment advice, accounting fees, and taxes.

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.

The creditor may not act, or commence or continue any civil action, to collect all or any part of a consumer debt of the debtor from any individual that is liable on such debt with the debtor, or that has secured the debt, unless the individual became liable or secured the debt in the ordinary course of his business, ...

If you file for bankruptcy under Chapter 13, you may need to provide your tax refund to the bankruptcy trustee so that they can use it to pay your creditors. However, in some situations, you may be able to get your tax refund excused from being included in the repayment plan.

When preparing an estate or trust's income tax Form 1041, you may deduct fiduciary fees. Fiduciary fees are the amounts executors, administrators, or trustees charge for their services.

In Chapter 13 and Chapter 11, some trustee payments can potentially be deducted when filing taxes. It's in your best interest to consult with a proven bankruptcy tax professional and lawyer to learn what deductions you are eligible for.

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