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Is there a time limit from the filing of your petition in a chapter 7 and when a trustee can take the tax return you receive the following year?
PAV03
As long as the case is open..he has a right to assets. Now, there seems to be some leeway on how tax refunds are handled...but it should be relevant to when the tax was overpaid. So, say you made the same salary through the year, and filed BK on March 31. If at the end of the year (return filing 4/15 of following year) you have $1000 of refund, only 1 quarter (the 1/1 to 3/31 period) is prepetition overpaid and really available for creditors (logically, had you not put it on deposit at the IRS, it would have been used to pay the debts), and therefore $750 should be kept by you and $250 held by the BK. Obviously, uneven earnings through the year and such can make the calculation more intricate...but that should be the direction you want to go.
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∙ 14y ago
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Can you purchase a house if you pay off your chapter 13 early and have permission from your Trustee?
If you pay off your Chapter 13 early and receive your discharge, you won't need permission from the trustee for anything. The case will be over and you can make whatever purchase you qualify for.
How do you buy a house while in a chapter 13 bankruptcy?
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
When does a person need a trustee?
In bankruptcies a trustee is needed in all cases to administer the assets or determine that there are no assets. The court appoints the trustee in chapter 7 and 13. The creditors determine who will act as a trustee in chapter 11, usually. A trustee is needed if a person establishes a trust.
What is substitution of trustee?
Replacing the trustee with another for some reason; maybe the trustee gets old and finds the job burdensome. There might be another trustee named in the document as authorized "..in the event first trustee resigns." I'm no lawyer, but I guess you could petition the court for a replacement trustee if you could prove the trustee was not following the lawful trust instructions or something.
How can a trustee be fired?
It depends on what the trust says, but you can always petition the court.
In a trust what happens to the property when the trustee passes away?
The trust should list a successor trustee. If it doesn't, then will likely need to file a petition with the court to name a new trustee.
What is the appropriate amount for a trustee's fee and what can you do when you suspect the trustee is misusing the trust funds?
It depends, but could be 1% of total estate and you can petition the courts to have the trustee removed if you suspect misusing of funds.
You have file personal chapter 7 bankruptcy in Dec 09 and due to receive a settlement check for a diminished value automobile claim from March of 2007. Does the Trustee get to keep the proceeds?
Unless you claimed the proceeds as exempt when you filed, the trustee gets the money.
How can you get out of a Chapter 13 bankruptcy if you have been in it for 10 months and you've decided that you were better off as you were before?
Contact the attorney that handled the BK or the BK trustee and inform them that you want to file a petition for a voluntary dismissal of the "13".
Is it legal to get a credit card secured during chapter 13?
While involved in a Chapter 13 repaying of debts the debtor must receive permission from the bankruptcy trustee in charge ofthe casefor all major financial transactions.
How do you know when your chapter 13 bankruptcy is over?
You will receive a letter that your bankruptcy is discharged. You can also call the bankruptcy court or the trustee and find out if it is final.
