The U.S. Bankruptcy Code also allows individual debtors who meet certain financial criteria to adopt extended time payment plans for the payment of debts. An individual debtor on a regular income may submit a plan for installment payment of outstanding debts. This is called a Chapter 13 Plan. This plan must be confirmed by the court. Once it is confirmed, debts are paid in the manner specified in the plan. After all payments called for by the plan are made, the debtor is given a discharge. The plan is, in effect, a budget of the debtor's future income with respect to outstanding debts. The plan must provide for the eventual payment in full of all claims entitled to priority under the Bankruptcy Code. The plan will be confirmed if it is submitted in good faith and is in the best interest of the creditors.
A Chapter 13 plan must provide for the submission of all or such portion of future earnings or other future income of the debtor to the supervision and control of the trustee as is necessary for the execution of the plan. After the confirmation of a Chapter 13 plan, the court may exercise its discretion and order any entity from whom the debtor receives income to pay all or part of such income to the trustee.
Description: An Illinois Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal document issued by a court in the state of Illinois. This order mandates the debtor's employer to divert a portion of the debtor's paycheck to a designated trustee. This type of order is typically issued in cases where the debtor has an outstanding debt that needs to be repaid. The trustee, appointed by the court, acts as a third-party intermediary responsible for receiving and distributing the deducted funds to the appropriate creditors or entities. Keywords: Illinois, order, debtor, employer, remit, deductions, paycheck, trustee, legal document, court, outstanding debt, repayment, third-party, intermediary, creditors. Types of Illinois Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee: 1. Wage Garnishment Order: One common type of order is a wage garnishment order. This order allows the court to collect a portion of the debtor's wages directly from their employer until the debt is satisfied. 2. Child Support Order: In cases where the debtor owes child support, an Illinois Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee can also be issued. This ensures that the necessary child support payments are withheld from the debtor's paycheck and sent to the trustee for disbursement to the custodial parent or state agency. 3. Tax Levy Order: Tax authorities at the state or federal level may obtain an order requiring the debtor's employer to remit deductions from the debtor's paycheck to the trustee in order to satisfy outstanding tax obligations. It is important to note that the specific type of order may vary depending on the nature of the debt and the circumstances of the debtor's financial situation.Description: An Illinois Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal document issued by a court in the state of Illinois. This order mandates the debtor's employer to divert a portion of the debtor's paycheck to a designated trustee. This type of order is typically issued in cases where the debtor has an outstanding debt that needs to be repaid. The trustee, appointed by the court, acts as a third-party intermediary responsible for receiving and distributing the deducted funds to the appropriate creditors or entities. Keywords: Illinois, order, debtor, employer, remit, deductions, paycheck, trustee, legal document, court, outstanding debt, repayment, third-party, intermediary, creditors. Types of Illinois Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee: 1. Wage Garnishment Order: One common type of order is a wage garnishment order. This order allows the court to collect a portion of the debtor's wages directly from their employer until the debt is satisfied. 2. Child Support Order: In cases where the debtor owes child support, an Illinois Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee can also be issued. This ensures that the necessary child support payments are withheld from the debtor's paycheck and sent to the trustee for disbursement to the custodial parent or state agency. 3. Tax Levy Order: Tax authorities at the state or federal level may obtain an order requiring the debtor's employer to remit deductions from the debtor's paycheck to the trustee in order to satisfy outstanding tax obligations. It is important to note that the specific type of order may vary depending on the nature of the debt and the circumstances of the debtor's financial situation.
