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.
A Wake North Carolina Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal directive issued by the Wake North Carolina court system that mandates an employer to withhold a portion of a debtor's paycheck and remit it directly to the court-appointed trustee responsible for overseeing the debtor's financial obligations. This order ensures that the debtor's creditors receive the funds they are owed in a timely manner. There are several types of Wake North Carolina Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee, each serving a specific purpose: 1. Wage garnishment order: This type of order is issued when a debtor has defaulted on a debt and creditors seek to collect payments directly from the debtor's wages. The employer is ordered to withhold a specific amount or percentage from the debtor's paycheck and send it to the court-appointed trustee who distributes the funds to creditors. 2. Child support order: In cases where a debtor is delinquent on child support payments, the court may issue an order requiring the employer to deduct a specific amount from the debtor's paycheck and remit it to the trustee responsible for disbursing child support payments to the custodial parent or guardian. 3. Tax levy order: If a debtor owes outstanding taxes to the local, state, or federal tax authorities, a tax levy order may be issued. This order compels the debtor's employer to withhold a certain amount from the debtor's wages and forward it to the trustee, who will use the funds to satisfy the tax debt owed. 4. Student loan garnishment order: When a debtor defaults on their student loan payments, a student loan garnishment order may be issued. The employer is directed to deduct a specified amount from the debtor's wages and transmit it to the trustee, who then allocates the funds toward repayments. 5. Medical debt garnishment order: In cases where a debtor has unpaid medical bills, a medical debt garnishment order can be issued. It requires the employer to withhold a portion of the debtor's wages and remit it to the trustee to settle the outstanding medical debt. These are just a few examples of the different types of Wake North Carolina Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee. Each order serves a distinct purpose and is designed to ensure that creditors, child support recipients, tax authorities, and other entities are provided the necessary funds owed to them while balancing the financial obligations of the debtor.A Wake North Carolina Order Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee is a legal directive issued by the Wake North Carolina court system that mandates an employer to withhold a portion of a debtor's paycheck and remit it directly to the court-appointed trustee responsible for overseeing the debtor's financial obligations. This order ensures that the debtor's creditors receive the funds they are owed in a timely manner. There are several types of Wake North Carolina Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee, each serving a specific purpose: 1. Wage garnishment order: This type of order is issued when a debtor has defaulted on a debt and creditors seek to collect payments directly from the debtor's wages. The employer is ordered to withhold a specific amount or percentage from the debtor's paycheck and send it to the court-appointed trustee who distributes the funds to creditors. 2. Child support order: In cases where a debtor is delinquent on child support payments, the court may issue an order requiring the employer to deduct a specific amount from the debtor's paycheck and remit it to the trustee responsible for disbursing child support payments to the custodial parent or guardian. 3. Tax levy order: If a debtor owes outstanding taxes to the local, state, or federal tax authorities, a tax levy order may be issued. This order compels the debtor's employer to withhold a certain amount from the debtor's wages and forward it to the trustee, who will use the funds to satisfy the tax debt owed. 4. Student loan garnishment order: When a debtor defaults on their student loan payments, a student loan garnishment order may be issued. The employer is directed to deduct a specified amount from the debtor's wages and transmit it to the trustee, who then allocates the funds toward repayments. 5. Medical debt garnishment order: In cases where a debtor has unpaid medical bills, a medical debt garnishment order can be issued. It requires the employer to withhold a portion of the debtor's wages and remit it to the trustee to settle the outstanding medical debt. These are just a few examples of the different types of Wake North Carolina Orders Requiring Debtor's Employer to Remit Deductions from a Debtor's Paycheck to Trustee. Each order serves a distinct purpose and is designed to ensure that creditors, child support recipients, tax authorities, and other entities are provided the necessary funds owed to them while balancing the financial obligations of the debtor.
