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Through a process known as debt management, InCharge can work with creditors to consolidate credit card debt, lower interest rate paid and arrive at an affordable monthly payment that reduces debt. The program is open to all credit profiles, which means a bad credit score won't keep an applicant from qualifying.
Payment. Current beneficiaries have the right to distributions as set forth in the trust document. Right to information. Right to an accounting. Remove the trustee. Termination of the trust.
Beneficiaries' right to information enables them to act upon another right: to petition the court to remove the trustee if they are not properly carrying out their duties, or to terminate the trust altogether under some circumstances.
Chapter 128is neither bankruptcy, nor credit counseling.Although the trustee does not clean up your credit report; however once the plan is completed, you get documents from the court that will help you clean up remaining problems with the credit bureaus.
A debtor filing Chapter 128 fills out a simple petition to reorganize debts and an affidavit listing the debts he or she wishes to include. Chapter 128 covers unsecured debts such as credit cards, payday loans, speeding tickets, medical bills, late utility bills and rent payments.
With voluntary amortization of debts, you work with a court-appointed trustee to set up an approved payment plan and amortize all debts included in the plan so they're paid in full within three years.If you renege on the plan or do not pay the debt in full, creditors can resume debt-collection efforts.
Any payments made by you personally are to be made by money order or cashier's check made payable to the Office of the Chapter 13 Trustee, and mailed to the Atlanta address at Chapter 13 Trustee - COLS P.O. Box 116347 Atlanta, Georgia 30368-6347.
Chapter 128 plans are filed through an attorney, as these are legal proceedings. The attorney will review your situation to determine if you qualify for the plan. He or she will examine your debt situation, explain the plan, prepare and submit the required documents with the Court and communicate with the trustee.