After your Fort Worth bankruptcy attorney in Texas files a repayment plan with the Bankruptcy Court you will begin making regular payments directly to the Trustee of the court. It is the responsibility of the Trustee to allocate the correct amounts to your creditors and send payments to them. These amounts are explained in the plan that was filed with the court.
The bankruptcy process is similar to a partnership. Your Fort Worth bankruptcy attorney in Texas has certain obligations to fulfill and you have certain obligations to fulfill. If either of you fail to complete your tasks then your plan may be terminated and you will lose the protection of the Chapter 13 court. One of the most important tasks that you have to complete is submitting payments to the Trustee.
Making a late payment to the Trustee can create a lot of problems. But we all know that situations arise and the best intentions of people fall short of living up to the ideal. Here are some steps to help prevent any problems with getting the payment in on time.
At the recommendation of the Trustee and a Fort Worth bankruptcy attorney in Texas, most people will choose to have payments deducted from either their paycheck or automatically from the checking account. This is a good plan but you need to stay alert of your situation. It is important that your employer properly submits the payments on your behalf. Once again, the responsibility is yours, not your employer’s, to ensure payments are sent in on time. Make note of the amounts coming out of your paycheck and communicate with the Trustee’s office to make sure they are receiving the payments.
The payments to the Trustee will begin 30 days after your plan is filed with the court. However, most company payroll departments will take considerable time getting the paperwork completed to start deducting the amounts from your check and submit to the court. Until this happens you will have to make direct payments on your own. The first payment to the Trustee will come due at the end of 30 days after your case has been filed by the bankruptcy attorney in Texas.
Do NOT miss your first payment. This will most likely get your case dismissed by the court. Think of the first year of bankruptcy as probation. Being responsible with your plan and making the payments on time proves that you are serious about repaying your debts and deserve the protection of the Chapter 13 Bankruptcy court. A bankruptcy plan is supposed to be feasible for the debtor. If you can make your payments every month without fail then you should be able to re-establish yourself once the bankruptcy has ended.
It is vital that all payments include the Chapter 13 case number as well as your full name. The Trustee has several cases to handle each month and it is easy to misapply a payment if your name is similar to somebody else. The best way to make sure a payment is applied to your plan is to prominently put the case number on each and every payment.
Larry Chandler is a freelance writer for Ebert Law Offices, a legal firm devoted to providing expert advice and professional counsel in the area of bankruptcy. To find out more about bankruptcy attorney Texas or bankruptcy lawyer Texas visit their website at www.ftworthbankruptcy.com.
The bankruptcy process is similar to a partnership. Your Fort Worth bankruptcy attorney in Texas has certain obligations to fulfill and you have certain obligations to fulfill. If either of you fail to complete your tasks then your plan may be terminated and you will lose the protection of the Chapter 13 court. One of the most important tasks that you have to complete is submitting payments to the Trustee.
Making a late payment to the Trustee can create a lot of problems. But we all know that situations arise and the best intentions of people fall short of living up to the ideal. Here are some steps to help prevent any problems with getting the payment in on time.
At the recommendation of the Trustee and a Fort Worth bankruptcy attorney in Texas, most people will choose to have payments deducted from either their paycheck or automatically from the checking account. This is a good plan but you need to stay alert of your situation. It is important that your employer properly submits the payments on your behalf. Once again, the responsibility is yours, not your employer’s, to ensure payments are sent in on time. Make note of the amounts coming out of your paycheck and communicate with the Trustee’s office to make sure they are receiving the payments.
The payments to the Trustee will begin 30 days after your plan is filed with the court. However, most company payroll departments will take considerable time getting the paperwork completed to start deducting the amounts from your check and submit to the court. Until this happens you will have to make direct payments on your own. The first payment to the Trustee will come due at the end of 30 days after your case has been filed by the bankruptcy attorney in Texas.
Do NOT miss your first payment. This will most likely get your case dismissed by the court. Think of the first year of bankruptcy as probation. Being responsible with your plan and making the payments on time proves that you are serious about repaying your debts and deserve the protection of the Chapter 13 Bankruptcy court. A bankruptcy plan is supposed to be feasible for the debtor. If you can make your payments every month without fail then you should be able to re-establish yourself once the bankruptcy has ended.
It is vital that all payments include the Chapter 13 case number as well as your full name. The Trustee has several cases to handle each month and it is easy to misapply a payment if your name is similar to somebody else. The best way to make sure a payment is applied to your plan is to prominently put the case number on each and every payment.
Larry Chandler is a freelance writer for Ebert Law Offices, a legal firm devoted to providing expert advice and professional counsel in the area of bankruptcy. To find out more about bankruptcy attorney Texas or bankruptcy lawyer Texas visit their website at www.ftworthbankruptcy.com.
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