A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

What percent of the creditors’ claims can the trustees pay?

A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

How many cents on the dollar will each creditor receive?

A bankrupt company’s assets were sold for ,000. Legal costs of bankruptcy and other preferred claims were ,000. Creditors’ claims totaled ,000.

If a creditor has a claim of ,500, how much will he or she receive?

I just need an explanation of how to find these I know that the chapter 13 bankruptcy stays on your credit for 7-10 years. But, how do you figure who gets what percent of what?

I live about 25 miles from my district court house. I don’t live in the county where the court house is located. I received a questionnaire for jury duty. I work full time as a QA manager and it would impact my job. I am also currently funding an open Chapter 13 bankruptcy. Should I include in the questionnaire that it would be a hardship that my case might be discharged if I don’t pay the Trustee payments? My employer does not compensate me for doing jury duty. The jury duty compensation of would not even come close to pay my Trustee payments. I pay 5 a week in chapter 13 Trustee payments. I am just 6 months away from my case being discharged. Thanks for any help.

I was in chapter 13 bankruptcy and my car was totaled and my finance company told me for a month that when my insurance check got here they would give it to me to get another car the day it go here they backed out on their word and costing me almost 500 in rental awaiting on the check when I could had used it to do a down payment they left me without a way of going with 3 kids and 1 son that lives with us without away to school how can they do that to us we didn’t ask for our car to be totaled someone please help and tell me what I can do to get a car

Self employed, I purchased a house for 90K in 1989. The house has been refinanced several time over the years and was last refinanced in 2008 for 270K. Shortly thereafter I was diagnosed with cancer and could not work for 6 months. During this period I could not pay the house payment and had to file for Chapter 13 bankruptcy after I returned to work. Originally, the house was included in the filing, but was removed to do a HAMP modification with the lender (Arora Loan Services). Entered the trial trial period and was told to pay 0 for the first month. Over the course of several months the payment went up to 0 monthly. After a few months I called the mortgage company to check on the status and was informed that the HAMP modification was denied due to incomplete information on the application. I also receive a notice of foreclosure auction scheduled for mid March.

We attempted to redo the HAMP modification and was told that we could not do it. Then after talking with several people at the lender’s office we were told that it could be done if we attached a letter of reconsideration to it. I prepared the application only to learn that it could not be redone. Now the representative at Arora has advised me to do what he called a traditional loan modification.

This seems odd as with the Chapter 13 filing and the denial of the HAMP modification, it doesn’t feel right that I would qualify for a Traditional Modification Plan. Am I wasting my time? What should I do?

I hope when people read this they do not judge…as I am only asking a question to make a decision. Over the past 3 years, my husband and I have lost about 00 in income per month due to job losses and pay cuts. This was immediately after purchasing our new home during the housing market boom. We managed to stay afloat by going through all my 401K money, and my husband taking a second job. It soon got to be overwhelming, with us having 3 children. Many times neither of us saw my children for days due to the fact that we were both working evenings. They are age 14, 13, and 7. The stress of having to take care of everything was beginning to effect my daughter, so I decided enough was enough. Some things are just more important than that big beautiful home. I made my husband quit his second job, so that someone could be here with the kids in the evening. We have since filed chapter 13 bankruptcy, as we were getting taken to court to be sued by a few of the credit card companies. My mom saw how stressed out we were, and came to us and asked us to move in with her as my father passed away 3 years ago unexpectedly. She wants to help us and in turn it would help her as she is by herself and could use help keeping the home repairs up not to mention she is terribly lonely. She doesnt want us to pay her anything, which would allow us to save a lot of money and get back on our feet financially and she also wants me to go back to school so that I will be able to get a better job in the future. (I was halfway done with school when I had my first child and had to quit.) We are very fortunate to have this opportunity. We currently have put our home up for sale and are in the process of chapter 13. I doubt we will sell our home with the housing market being what it is these days. So we made the decision that at the end of the school year we will move into moms. I will quit my job so that i may attend school full time, and we will convert to a chapter 7 bankruptcy, and let the house go into foreclosure. It was a very painful decision for us, and we have lost a lot in trying to keep up. My question to everyone is…if you had this opportunity would you take it? It is a gut wrenching decision for me and my family, so please dont think we are taking the easy way out.

I am a 17 year old senior in high school who is attending summer classes and a fall semester at the local university. I am not expecting to get many scholarships this year and am worried about paying for college. I have an appointment with the financial aid department at my university to talk about my options with them. I am interested in a parent plus loan through my parents but they filed chapter 13 bankruptcy about a year and a half ago. Will they be denied this loan? What will happen if they are denied? Will I be able to change to an independent status student in order to take more loan money? Any help would be greatly appreciated,

My tenants were late on their December rent. I tried to contact them to find out their intentions. They stated they were moving out and had no intentions of paying current or future rent. Two weeks later, they filed chapter 13 bankruptcy. My question is do I have a priority claim for the balance of the lease payments (stated in the lease in the event of breach) or just a standard proof of claim? Tenants attorney asked me to re-submit my claim as "non-priority" or they will have to file an objection. What should I do here? I have the priority claim filed referencing section 11 USC 502 (b)(6)(B) of the bankruptcy code. Am I interpreting this wrong?

My boyfriend has been going through foreclosure mediation for months now. He continuously receives letters from the court with follow up appearances, and continues to go to each. His new court date is January 20th

Last week, he received a letter in the mail pretty much saying that the he was declined the opportunity to pay what he has fallen behind on.

My boyfriend will not be proactive about the letter he received regarding the decline and is convinced that nothing will happen because he thinks he still has to go back to court on January 20th. I am scared that the letter makes the court date obsolete and they can put the house in foreclosure.

My question is – am I right? If so, when can the house be put in foreclosure? Will they notify us? Can they throw a sign on the house without notifying us? How soon will they do that?

He is filing for Chapter 13 bankruptcy this month and I want to make sure the house is saved!!

I have 7 more payments left on my chapter 13 bankruptcy plan and was wanting to know what happens a after I get all the payments paid.

My husband and I are into our 3rd year of a Chapter 13 bankruptcy. Our payments are deducted from my husband’s check each week and we have always made our payments on time. They also have intercepted our income tax refunds for 3 years but because of our good history of making our bankruptcy payments, the trustee sent us our intercepted stimulus check last year.

My husband is getting a bonus in 2 weeks from his work for more than 00. They are offering to wire transfer it into our bank account. Is there any possibility that the trustee can intercept a wire transfer such as this if we are making all of our scheduled payments?
My husband’s wages are already being garnished. This is the way we had it set up. Our agreements if for 07 per month in payments over a 5 year term with the trustee taking our income tax returns for 5 years as well. I wasn’t informed that we needed to also report any additional income so I never had. I thought we only had to meet our monthly payment obligation and forfeit our yearly tax refunds… They did intercept our stimilus check though because it is a form of tax credit…However, like I said, we called and inquired about it and they sent it to us…Isn’t that how it works?

In Chapter 13, does your monthly obligation increase just because your income increases?
I must say that I do like the idea of paying the bankruptcy off quicker…

But would the trustee use the money in the same way as if we were making monthly payments?

I do know that when they take the income tax refunds they use that money to pay more on the unsecured debt. Would they use this bonus money in the same way? If so, it wouldn’t necessarily pay us up 6.5 months sooner, would it? Rather than unsecured getting 10% they would give them more.

I’m actually very worried right now. My husband works on a weekly "draw on commission" rate. The payments are taken from his draw on commission. Our attorney told us that the trustee would never touch my husband’s monthly commission checks and to date nothing has been taken from his commission checks.

Are you guys saying that the trustee is supposed to know about every dime we make and they have a right to take it all? If that were the case, why would anyone file Chapter 13? A person has to have money to live on…

This month I’ve been dealing with a relative. She bought a brand new HDTV and gave me her old one. My husband has been wanting one but keeps items til they break. The picture has a long shadow that is very annoying when watching TV. So this means that probably the set is broken. We have to go today or tomorrow and rent a new TV since we gave away our old tube TVs to Goodwill.
Yesterday, she and I went to see a ballet. She promised to pay for my ticket. She backed out at the last minute, but I wanted to go anyway so I ended up paying for the ticket. Next, I asked her to return a gift for me while I parked my car. The item had a gift card used to pay for the item. I didn’t realize it at the time but she short changed me nearly . The clerk reimbursed the item partially on a store credit gift card. I realized this when I went to pay for my order at the store.
She’s been having a bad time lately with her dog being sick so I didn’t want to offend her.
However, I mentioned it to my husband and he basically blew up! I would never keep money that wasn’t mine.
For some reason, she thinks because my husband makes a good living that she can take advantage of us. My husband and I are in a chapter 13 bankruptcy with court payments of close to 00 a month out of our monthly income. So even if we do make a good living that really makes it so that she makes more money than us at the moment.
She has only rent, electric and a cable bill to pay. We have rent, car payment, car insurance, electric, health insurance premiums (which have gone up), cable and several miscellaneous bills. So we’re paying triple what she pays per month. Also, she is driving my car and we’re paying the insurance on the vehicle. That’s going to change in February or sooner. She buying another car herself. She wants to use my car as down payment. That ain’t happening either!
My mom spoiled her as a child. But to lie and steal from her sibling is wrong. What should I do to make her realize that I’m not the corner bank? Thanks.

I have 7 more payments on my chapter 13 bankruptcy plan and was notified that a motion to dismiss is pending. A court date is set for Jan. 18, 2011. What is this?

I was an authorized user on my Mom’s Credit Cards….?
Now they are saying I need to pay, her unpaid bills.
I was a minor when put on the credit cards as a authorized user, and now they are saying I’m the joint account holder, when she never signed me up for that I was a minor! Now, I’m only 18.

Anywho, she’s filing Chapter 13 bankruptcy on her CC debt, (the ones with my name on them too) but they are saying even if she does, I’ll have to as well. Shouldn’t the debt just be taken care of once she files Bankrupcy on it, or can they really make me file bankrupcy as well, to get it out of my name?

It’s already effecting my credit, as we never gave them ANY information other than my name and maybe my birthdate, but somehow, when I went and checked out my credit report, all the 4 credit cards that I was authorized user on, are there…. showing that Im in default.

What can we do?
Will I really have to file, EVEN if she does?!
Thank you for the help… We know this is a bit of an odd situation but I don’t need to hear how wrong she was…. We did what we needed at the time….

I was an authorized user on my Mom’s Credit Cards….?
Now they are saying I need to pay, her unpaid bills.
I was a minor when put on the credit cards as a authorized user, and now they are saying I’m the joint account holder, when she never signed me up for that I was a minor! Now, I’m only 18.

Anywho, she’s filing Chapter 13 bankruptcy on her CC debt, (the ones with my name on them too) but they are saying even if she does, I’ll have to as well. Shouldn’t the debt just be taken care of once she files Bankrupcy on it, or can they really make me file bankrupcy as well, to get it out of my name?

It’s already effecting my credit, as we never gave them ANY information other than my name and maybe my birthdate, but somehow, when I went and checked out my credit report, all the 4 credit cards that I was authorized user on, are there…. showing that Im in default.

What can we do?
Will I really have to file, EVEN if she does?!
Thank you for the help… We know this is a bit of an odd situation but I don’t need to hear how wrong she was…. We did what we needed at the time….

Now they are saying I need to pay, her unpaid bills.
I was a minor when put on the credit cards as a authorized user, and now they are saying I’m the joint account holder, when she never signed me up for that I was a minor! Now, I’m only 18.

Anywho, she’s filing Chapter 13 bankruptcy on her CC debt, (the ones with my name on them too) but they are saying even if she does, I’ll have to as well. Shouldn’t the debt just be taken care of once she files Bankrupcy on it, or can they really make me file bankrupcy as well, to get it out of my name?

It’s already effecting my credit, as we never gave them ANY information other than my name and maybe my birthdate, but somehow, when I went and checked out my credit report, all the 4 credit cards that I was authorized user on, are there…. showing that Im in default.

What can we do?
Will I really have to file, EVEN if she does?!

This year has been extraordinarily difficult and I’ve had to use the money that I was setting aside for property taxes which are due in Jan and Feb. They give you till the end of Feb to pay without penalties. Credit cards and title loans aren’t an option, those have already been tapped this year as has the Roth which was depleted anyways because of previous problems years ago. About the best I could hope for would be to borrow against my 403b but again due to serious problems a few years ago (including being told I would be dead within two to five years by Doctors), I never amassed anything significant there and actually nearly lost track of having it. It would only be enough for maybe half of the property taxes. There isn’t any equity in the home that can be drawn on, I’ve only had it for a year and aside from antique computers, I have nothing to sell. There’s a benefits retirement program but because I had a backup job that reactivated the program when I lost my job in April, I can’t touch that money at all unless I quit my job. Also that money may have gone into the State lost funds thing because I lost track of a lot when I was really sick a few years ago. So now with maybe four months max to save up for property taxes, which means it isn’t going to happen, what’s going to happen when I can’t pay the full bill by the end of Feb? Should I file for forebearance from the mortgage company? The Obama MHA would require an escrow for the taxes to be established, if I can’t save up enough for that by the end of Feb, how could I establish an escrow for that amount? Should I let bills go into arrears to save up for the taxes? Should I just declare chapter 13 bankruptcy?
I should probably add that I’ve lost a third of my income. I had a backup job already arranged when I lost my job in April but it was at two thirds the pay with better benefits. My girlfriend also had legal problems that I sorted out for her but that has left me with a budget that doesn’t balance. I’ll make it balance somehow, I have to. But loosing one third of my wages is loosing over k. I’m in a serious negative cash flow situation. I should be able to pick up some contract work, that should bring in up to 20% more cash but that’s not a certainty. Can’t ask family, sister had a stroke and is about to declare bankruptcy if the hotel folds. Probably need a DMP to make budget work.

My husband and I filed chapter 13 bankruptcy in 2006. The attorney advised us to increase our withholding allowances so that there would not be a tax refund for that year. Our attorney never advised us to change the status of the withholding allowances so that we would not owe the IRS. My husband was checking his paystub to see what we might be refunded for 2007. He realized that we owed money at that point. We contacted our attorney in October 2007 with no results. I then emailed him over 10 emails with no result. In Jan. 2008, I sent 3 letters, called his office with no answer. In April 2008, I sent a certified letter with no calls. I contacted the local bar association and they advised me to find a new lawyer. I contacted a new attorney and she found major errors on the case. She stated that our attorney should have not confirmed the case based on the higher allowances. I sent out another certified letter with no response. Should I sue for legal malpractice?

I have received a letter from my attorney saying

Hearing on Motion for Default Judgment

Your hearing on the Motion for Default Judgment has been scheduled for January 5, 2011 at 11:00am, regarding your chapter 13 bankruptcy case.

And then my attorney goes on to say to contact him 2 days before the hearing to see if it is necessary for me to attend the hearing.

This is from my attorney not a creditor or the bankruptcy court. It seems to me that my attorney set the hearing up for the default judgment against the creditors. I’m not sure on how all this stuff works. The last time I talked with my attorney he said things look promising for me and then I get this letter.

I would have called his office but I did not get the letter till this afternoon and they will be closed Tomorrow.

I have been following all my attorneys advice and I just need to know if I should be concerned about this letter he sent me.

I live in Georgia if that helps. Any help will be greatly appreciated.

My friend had purchased a car new 10 years ago, and it had went through flood waters so the car was totaled. The insurance company paid off ,000 of the ,000 back then. She then filed a chapter 13 bankruptcy against the car, but it was discharged, and never paid them for the car. The loan company never contacted her about the car. 10 years later, it’s not even on her credit report. It’s just sitting there, can’t sell it or junk it with no title. Any ideas what she can do about the car? If she calls the original loan company, will they come after her? Thanks.

I am looking at getting a job about 3 hours from my current house. I am currently in a chapter 13 bankruptcy and if I let my house go they can not come after me for the difference. I purchased this house at the high end and have no equity in it. This job will triple my income. I could afford to pay the payment but would be throwing away 00 a month til it sold, and I don’t think it will sell for what I owe.

So… Should I let the house go or keep making payments?

P.S. Due to the bankruptcy I am not worried about the credit hit.