What is The Role of the Bankruptcy Trustee in Chapter 13 in Dalton, GA?
Clear your debt and know the role of the bankruptcy trustee in a Chapter 13 case
If you decide to petition for Chapter 13 bankruptcy or not, you must be aware of all the details before proceeding. Being informed about what a debtor should expect, what needs to be prepared, and who is included in the bankruptcy procedure is crucial in making a solid case. Knowing what is the role of the bankruptcy trustee in Chapter 13 in Dalton, GA, before filing for bankruptcy might be the key to finally clearing your debt.
Filing for Chapter 13 bankruptcy is typically a complicated process. It is also pretty limited in the debts it can immediately get out of. Nevertheless, filing bankruptcy remains your best bet when you need to legally obtain debt relief while protecting you also from abusive debt collection practices. A rock-solid bankruptcy petition requires the ability to work with other individuals. Hence, knowing the bankruptcy trustee's role in Chapter 13 bankruptcy is necessary. How you relate with the Chapter 13 bankruptcy trustee can affect how soon you can achieve debt relief.
To know how petitioning for bankruptcy could improve your financial status, contact the Law Office of Jeffrey B. Kelly and receive terrific legal services from our Georgia bankruptcy attorney.
Why Should I Hire a Bankruptcy Attorney in Georgia?
Aside from possessing the knowledge, skills, and experience to assist you properly during the entire bankruptcy process, our law office believes that every client needs to be with a bankruptcy lawyer who:
- is confident in their abilities to represent all clients effectively
- provides you with all the resources necessary to get out of debt and stay out of debt
- devotes a lot of their time and energy to each bankruptcy case
- meticulously formulates strategies aimed at giving every debtor the best possible result
We understand that a single error can result in unwanted outcomes and may lead to your petition being delayed. A skilled bankruptcy attorney will thoroughly explain the bankruptcy trustee's role in Chapter 13. Our law office always ensures our clients know about everyone involved in the Chapter 13 bankruptcy process.
If you have concerns about the Chapter 13 bankruptcy proceedings, do not hesitate to call our law firm immediately!
What is Chapter 13 Bankruptcy?
Also known as the wage earner's plan or reorganization, Chapter 13 bankruptcy allows you to develop a repayment plan to clear all your debt within three or five years. Per the Bankruptcy Code, your repayment plan will be for five years if your monthly income at the time of filing is greater than the applicable state median. If your monthly income at the time of filing is less than the applicable state median, your plan will only be for three years, unless a longer period is approved by the bankruptcy court or if you qualify for an exemption. Like all bankruptcy chapters, you need to undergo credit counseling to be eligible.
The best benefit of Chapter 13 bankruptcy filing is unlike during Chapter 7 bankruptcy, you have a better opportunity to keep all your assets. Also, you cannot be contacted by your creditors or debt collection agencies directly while under Chapter 13 protection - just like in Chapter 7. Nonetheless, you still need to pay your dues within the set period.
What Does the Bankruptcy Trustee in Chapter 13 Do?
According to the Bankruptcy Code, one of the primary duties of a Chapter 13 trustee is ensuring you are qualified to submit a petition and your repayment plan is implemented correctly. Most individuals who petition for bankruptcy do not meet with a judge while the case is ongoing, as the trustee does this on their behalf.
Since a trustee plays an enormous role during the Chapter 13 proceedings, the following qualities are a must for every bankruptcy trustee:
- Possesses integrity and good moral character
- Physically and mentally fit to execute the duties of a trustee
- Is unbiased and does not have any prejudices against an individual, group, or entity
- Must be willing to submit reports as required and have applied under oath and accomplished prescribed forms
- Cannot be in any way related to anyone who works in the United States Trustees of the Department of Justice's executive office or the office of the United States Trustee for the district where they are currently applying
The following are other vital roles a Chapter 13 trustee plays during the bankruptcy process:
A Chapter 13 trustee reviews the Chapter 13 repayment plan.
When your proposed monthly payments plan is submitted, the Chapter 13 trustee acts as a bankruptcy administrator and examines your plan to see if any issues exist. Another job of a trustee during Chapter 13 bankruptcy is ensuring that the proposed payment plan is fair to the creditors. Any problems with the payment plan proposal shall be discussed during the creditor's meeting.
A Chapter 13 trustee conducts the meeting of creditors.
You are required to be present in a Chapter 13 creditor's meeting about a month after submitting your bankruptcy petition. During the meeting, you will answer questions from the trustee and your creditors while under oath. The trustee may also decide to continue the meeting on a different day if additional documents are needed.
A Chapter 13 trustee appears during the confirmation hearing.
During the confirmation hearing, the Chapter 13 trustee will inform the bankruptcy judge whether or not your repayment plan is achievable and meets all requirements. You will probably be granted additional time to fix any issues if the judge disapproves of your submitted payment plan.
A Chapter 13 trustee objects to invalid creditor claims.
Creditors are required to file a proof of claim with the bankruptcy court to receive Chapter 13 funds. After this, it will be the Chapter 13 trustee's job to review the claims and make the necessary objections. They must also check the timeliness of the claim (submitted within 180 days for government creditors or within 70 days of filing for private creditors).
Call our Bankruptcy Attorney in Dalton, GA, Now!
Whether you are petitioning for Chapter 13 bankruptcy or finding other methods to help clear your debt, our attorneys at The Law Office of Jeffrey B. Kelly is capable of guiding you to the path that should lead to your financial freedom, and that includes knowing what is the role of the bankruptcy trustee in Chapter 13 in Dalton, GA.
Not eligible for Chapter 13? Filing for Chapter 7 bankruptcy may be better for you.
Are you currently not seeking bankruptcy law assistance? We also give excellent legal advice in personal injury!
We have law offices in Dalton, Rome, Kennesaw, Marietta, Cartersville, and Dallas. Feel free to visit us anytime, and we will initially evaluate your bankruptcy case FREE OF CHARGE!
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