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.
Louisiana Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal term that refers to a specific court order in the state of Louisiana, United States. This order obligates an employer to withhold a portion of a debtor's paycheck, commonly known as wage garnishment, and send it directly to the assigned trustee. The trustee is responsible for distributing the deducted amount to the designated creditors in accordance with a court-approved repayment plan. There are two main types of Louisiana Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee: 1. Chapter 7 Bankruptcy Order: In a Chapter 7 bankruptcy case, the debtor's non-exempt assets are liquidated to repay the creditors. In some cases, if the debtor has a regular income, the court may grant a wage garnishment order to ensure the repayment of outstanding debts. This type of order aims to satisfy the creditors' claims and help the debtor achieve a fresh financial start. 2. Chapter 13 Bankruptcy Order: In a Chapter 13 bankruptcy case, the debtor proposes a repayment plan to repay their debts over a designated period, typically three to five years. The court-approved plan incorporates the debtor's regular income, and an order may be issued to garnish a portion of the debtor's wages, directing the employer to send the deducted amount to the trustee. The trustee then distributes the funds to the creditors as outlined in the repayment plan. Specific keywords related to a Louisiana Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee may include: — Louisiana wage garnishmenorderde— - Louisiana bankruptcy court order — Debtor's paycheck remittancorderde— - Louisiana Chapter 7 wage garnishment — Louisiana Chapter 13 waggarnishmenten— - Louisiana wage deduction order — Trustee-directed paycheck deduction— - Louisiana wage garnishment laws — Debt repayment ordeLouisiananan— - Louisiana court-ordered wage garnishment.
