Get debt relief easily from Chapter 13 bankruptcy with knowledge of the trustee’s role
Whether or not you file for Chapter 13 bankruptcy, proceeding without knowing all the details is unwise. Getting information about what a debtor should expect, what you have to prepare, and especially who will be involved with the bankruptcy procedure is crucial to a successful petition. To be more specific, you need to know about what is the role of the bankruptcy trustee in Chapter 13 in Springfield, MA, before filing for bankruptcy.
Chapter 13 bankruptcy filing is usually very difficult, complicated, and somewhat limited in what it can do. But despite its limitations, this process still gives you the best odds to clear your debt legally and prevents you from being harassed by creditors or debt collection agencies. Building a rock-solid bankruptcy petition entails you work with other people, so knowing the role of the Chapter 13 bankruptcy trustee is necessary. In other words, your relationship with the bankruptcy trustee may dictate how soon you can achieve debt relief.
To find out how filing for bankruptcy could improve your present financial status and the role of the Chapter 13 bankruptcy trustee, call the Law Office of Eric Kornblum to get excellent legal advice from a Springfield bankruptcy attorney.
Why Should I Hire a Bankruptcy Attorney in Massachusetts?
If you are struggling with student loans, credit card debt, hospital bills, or all of those, the only way you could be free from those is by filing for bankruptcy. To do that, you need a bankruptcy lawyer who looks out for their client’s welfare and is fully aware of how challenging the process is.
To be more specific, you must work with Springfield, MA attorney who:
- Has several years’ worth of experience in resolving all sorts of financial problems both in and out of federal court
- Believes in aggressive yet compassionate and diligent legal representation
- Does everything in their power to get all clients’ finances back on track
- Strives hard to ease the stress brought by every step of the bankruptcy proceedings
- Thoroughly explains what is the role of the bankruptcy trustee in Chapter 13 in Springfield, MA
- Walks you through everything that needs to be done to complete the process
- Informs you of any Chapter 13 exemption that applies to your bankruptcy case
Call our law firm to start a conversation with Erik today if you are looking for a competent Chapter 13 bankruptcy lawyer.
What is Chapter 13 Bankruptcy?
Also known as consumer reorganization or the wage earner’s plan, Chapter 13 bankruptcy involves monthly plan payments to each creditor within three or five years. Although you are not required to have any of your assets liquidated like in Chapter 7 bankruptcy, you should have a reliable source of income to be eligible for Chapter 13 as it gives you a better chance to be discharged within the time frame.
Per the Bankruptcy Code, the minimum amount you need to pay monthly shall be determined by how much you earn, how much you owe, and how much every unsecured creditor would have received if you instead opted to petition for Chapter 7 bankruptcy. Either way, you must undergo credit counseling to be eligible for filing.
What is the Role of the Bankruptcy Trustee in Chapter 13?
The trustee plays an essential role during the Chapter 13 process. Because of this, knowing these qualities should give you a better idea of their role in Chapter 13 bankruptcy:
- Physically and mentally fit to execute the duties of a trustee
- Possess integrity and good moral character
- 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
- Is unbiased and does not have any prejudices against an individual, group, or entity
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.
Here are other critical duties a Chapter 13 trustee performs during bankruptcy proceedings:
Reviews your Chapter 13 payment plan
Once you submit a proposed monthly payments plan, the Chapter 13 trustee acts as a bankruptcy administrator and will review the plan to check for any issues. The trustee ensures that your proposed plan is also fair to the creditors. Any problems with your proposed plan will be brought up during the meeting of creditors.
Conducts the creditor’s meeting
You are required to attend a Chapter 13 creditors meeting around a month after you’ve filed your bankruptcy case. During the meeting, you will be under oath while the Chapter 13 trustee and your creditors ask you questions about your petition, so you need to answer everything truthfully. The trustee can also decide to continue the meeting on another day if more paperwork is needed.
Attends the confirmation hearing
During the confirmation hearing, the Chapter 13 trustee will inform the bankruptcy judge if they believe your repayment plan meets all requirements and is attainable. You should be given more time to address any issues if the judge disapproves of your plan.
Objects to creditor claims that are invalid
Since creditors need to file a proof of claim with the bankruptcy court to receive Chapter 13 funds, the Chapter 13 trustee should review the claims or make objections to those not properly filed. They should also check if the claim was submitted on time (within 70 days of filing for private creditors or within 180 days for government creditors).
Call our Springfield, MA, Bankruptcy Attorney Today!
If your financial troubles constantly rob you of a good night’s sleep and peace of mind, you need a partner that you can rely on to take care of your issues, tell you what is the role of the bankruptcy trustee in Chapter 13 in Springfield, MA, and get you living a regular life again in no time.
Eric Kornblum has intimate familiarity with the Massachusetts legal system and over 25 years of bankruptcy law experience. If you’re looking to prevent having your wages garnished, want to know what life is after bankruptcy, or prefer to file for a Chapter 7 case instead, he’s your guy!
Call our law firm immediately to schedule a conversation with our Springfield bankruptcy lawyer!