New York Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Income to Trustee

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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.

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FAQ

Your check or money order should be made payable to: Chapter 13 Trustee. In order for us to properly identify the payments as YOURS, please include on the face of your payment: your full name, address and case number.

Incomplete or Inaccurate Documentation: Filing for Chapter 13 bankruptcy requires comprehensive documentation, including income records, tax returns, and a complete list of debts and assets. Failure to provide accurate or complete information may result in disqualification or case dismissal.

Also do not not incur debt, use credit, credit cards, or enter into leases while in Chapter 13 without Bankruptcy Court approval, except in the case of an emergency for the protection and preservation of life, health or property. Contact your attorney if you need to sell property or incur debt.

The correct order of payment of claims froth debtor's estate would be: secured claims, priority claims, unsecured claims.

Surviving Chapter 13 Bankruptcy: Helpful Tips Stay in Touch With Your Attorney and Creditors. ... Keep Up With All Payments. ... Keep Track Of Financial Documents. ... Take a Credit Counseling Course. ... Stay on Top of Notifications.

It's a Long Term Commitment ? Filing Chapter 13 bankruptcy requires you to make a long-term commitment to the process. Tough To Get Credit or a Mortgage for 7 Years ? Other impacts include the inability to get credit cards at a good rate, and filing Chapter 13 makes it tough to get a mortgage.

The number one reason that bankruptcies fail for Chapter 13 is because people don't make their plan payments.

Most bankruptcy filers in Chapter 13 work out a five-year payment plan, and in five years a lot can happen. The unexpected could range from medical bills to funeral costs to a car accident to children needing money for college to losing your job or having your salary cut.

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New York Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Income to Trustee