I am living in Texas and just filed for Chapter 13 bankruptcy. I wanted to know can I keep my checking account or will they take my money? My pay check is direct deposited into the account every two weeks in which I pay bills, daycare, and food. I don't want to be stuck without out any money. My pay check is all I have and I can't afford to lose anymore than what I already have to pay the courts. Can someone tell me how this works?
2007-02-19 10:12:59 · 8 answers · asked by CWB 1 in Business & Finance ➔ Personal Finance
You really want to trust an answer from this group of idiots?
Ask your lawyer, don't be stupid!!!
2007-02-19 10:16:50 · answer #1 · answered by not4u2c_yet 4 · 0⤊ 0⤋
Chapter 13 is through the courts when it is approved you will have to pay a certain amount each month. They base this amount on how much you owe for how long the payments will be and the amount you make per month. They will not make you pay a high payment because of your hardship the way it works is they will send a notice to your employer and they will deduct the payment from your income and it goes right to the court they take 1/2 every 2 weeks that has been approved through the court, they won't take anything untill it has been heard in the federal court the amount will be deducted from your pay every 2 weeks according to your pay schedule.
You don't lose your checking account and i am no idiot been there done that..
you can read about it here;http://www.uscourts.gov/bankruptcycourts/bankruptcybasics/chapter13.html
2007-02-19 18:19:11 · answer #2 · answered by Mary O 6 · 1⤊ 0⤋
Here is a nice brochure written by attorneys in San Antonio, Texas that is all about how bankruptcy works. Pages 6-10 of the PDF file (which are marked pages 2-7 in the brochure) will tell you about Chapter 13--how it works and what your obligations are. Hope this helps!
http://www.rosenbaum-law.com/ResponsibleDebtControl.pdf
2007-02-19 18:24:54 · answer #3 · answered by Latrice T 5 · 0⤊ 0⤋
read your paper work, or call them to ask... but you should only have to pay the amount discussed with the bankruptcy place.
usually it is a monthly fee... once the fee is paid in full you get discharged from the bankruptcy.
You are allowed to have so much money, and so much house hold items.. this should have been discussed when you filed.. if your not sure again call them and find out..
2007-02-19 18:20:50 · answer #4 · answered by geraldsgirl295 1 · 0⤊ 0⤋
In chapter 13, you keep all your assets. You agree to pay your disposable income for the applicable commitment period (3 to 5 years in general depending on your income and circumstances) and the trustee uses this to pay as much of your debt as possible.
2007-02-20 07:33:47 · answer #5 · answered by DLeibowitz 5 · 0⤊ 0⤋
You should be able to keep your account, however they will begin taking money from you to pay your debts off. Depending on how much you owe will determine how much they take from you. Usually this is done directly from your employer but speaking from experience once its gone you learn to deal with what you have. Good luck!
2007-02-19 18:19:16 · answer #6 · answered by izaak21x 1 · 0⤊ 0⤋
No they shouldn't take anything out of your checking account unless you have an exorbitant amount of money in there.
2007-02-19 18:18:45 · answer #7 · answered by Your Mom 6 · 0⤊ 0⤋
They didn't with me.... The way mine was filled I got to keep my car and just make monthly payments on what the car was worth (no interest).
2007-02-19 18:17:57 · answer #8 · answered by Deb 3 · 0⤊ 0⤋