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MORE QUESTIONS
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DEBTOR QUESTIONS
What do I need to know
about my 341 Meeting of Creditors?
You recently filed a Chapter 13 Bankruptcy petition and received
notice of your 341 meeting. The following is a list of your
obligations for the meeting. Failure to comply with any of
these provisions may result in dismissal of your case, with
a 180 day bar against re-filing under any chapter of the Bankruptcy
Code. If you have any questions you should contact a qualified
attorney to assist you.
1. Photo Identification: You must present valid photographic
evidence of your identification. Acceptable forms include:
Wisconsin Driver's license or State Identification card, passport,
or military identification card. Expired cards are not acceptable.
2. Social Security Number: You must present valid
proof of your Social Security number. Acceptable forms of
proof are: Social Security card, original paystub (not a photocopy),
W-2 or 1099 forms from your employer or employer issued health
care card with number on it.
3. Tax Returns: You must file your tax returns each
year and tender a copy of your filed tax returns (both state
and federal) to the trustee in a timely manner. It is a requirement
of your bankruptcy that you submit a copy of your most recent
tax returns to the trustee at or before your 341 meeting of
creditors.
4. Plan Payments: Your first payment is due 30 days
from the date your petition was filed (prior to 10/17/05 the first payment was due 30 days from the date your plan was filed). Payments must be in the
form of a certified check or money order and they must include
your name and case number on them. All payments must be mailed
to the Trustee's mailing address of P O Box 1102 in Memphis
TN 38101-1102 and be made payable to Chapter 13 Trustee.
5. Post-Petition Mortgage Payments: All mortgage payments
that came due after the date the petition was filed are to
be paid directly to the mortgage company unless otherwise
specified in your plan.
6. Debtor Engaged in Business: If you are self-employed
or if you are an independent contractor you must submit business
reports to the trustee as well as copies of the last 2 years
of tax returns and six months of bank statements.
7. Your Spouse: If this is a joint filing both debtors
must appear and comply with the above requirements.
8. Translator: If you need a translator you must bring
one - this will not be supplied for you.
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Where do I send my Chapter 13 payments?
Your Chapter 13 payments should be made payable to Chapter
13 Trustee and you should include your name and case number
on your payment and mail it to:
Payment Address:
P.O. Box 1102
Memphis, TN 38101-1102
All payments should be in the form of a money order, cashier's
check, or bank check. No personal checks should be sent.
What if I get laid off from work or have some disability?
Unexpected situations such as loss of wages or disability
may affect your ability to comply with your plan. If you experience
a problem making your plan payments, you must contact your
attorney immediately. It may be possible for your attorney
to make adjustments to your plan. It also may be possible
for you to convert your case into a Chapter 7. It is important
to remember that the Trustee's office has no authority to
allow you to miss a payment or to let you pay less than what
your plan provides. An order approving confirmation of your
plan binds you to make all required payments. If you simply
stop making payments into your plan the Trustee will seek
dismissal of your case. You also have the right to ask the
Court, through your attorney, to dismiss your case if you
no longer want to remain in bankruptcy.
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Can I pay off my Chapter 13 bankruptcy early?
Chapter 13 plans must pay 100% or pay all disposable income
for at least three years after the date of the first payment
under the plan. If you want to pay your case off before the
three years then you need to pay 100%. If you want to pay
off in excess of the 3 years, then you can complete the plan
by paying disposable income for the period that you have been
in. For example, if a debtor has a 10% plan with a needed
to complete figure of $100.00, he has to pay the $100.00 plus
copies of tax returns and 1/2 of the net refund for the years
the plan has been in effect to complete his case. If a debtor
has a five year, 100% plan, the completion date is figured
from the date of confirmation. If a debtor has a five year,
less than 100% plan, the date of completion is figured from
the date of the first payment.
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I need to buy a different car - how can I do this?
The trustee will need a letter in writing from you including
the cost of the replacement vehicle, the down payment and
where that will come from, the monthly payments, the interest
rate, and a current budget showing your current income and
expenses (click here for budget forms). You should also be in compliance with all requirements
of your confirmed Chapter 13 plan including the receipt of
tax returns and ½ of the net refund received, if any
for each year the Chapter 13 bankruptcy has been in effect
as well as being current with your Chapter 13 payments to
the trustee. If there are any other additional requirements,
such as the filing of monthly business reports with the trustee,
you need to be in compliance with those as well. Once the
trustee has this information and can review it, he will make
a decision to you in writing or by way of telephone or fax
communication. If you are represented by counsel the trustee
needs a letter from counsel.
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I need to obtain a loan - how can I do this?
This type of call will be handled the same way as above.
You should contact your attorney if you are represented by
one and work with your attorney in submitting in writing your
current budget, the reason for the loan, what the interest
rate would be and how soon you would pay the loan off.
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What do I need to do if I move?
You need to fill out a change of address form (see our forms
links) and file it with the Bankruptcy Court (517 East Wisconsin
Avenue in Milwaukee, WI 53202). It is very important that
we have your current address at all times so that we can send
you forms and letters. The only way we will know what your
current address is will be if you fill out the change of address
form and send it to the Court.
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What if I want to sell my property?
If you wish to sell your home or any other property contact
your attorney. You likely will not be able to dispose of any
property without Court approval or approval of the Trustee.
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CREDITOR QUESTIONS
When will I receive payments?
You will only receive a payment if you file a proof of claim
(see form links). Our office makes disbursements on confirmed
cases on the last working day of each month and we mail those
disbursement checks out within 10 business days.
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How much money will I receive?
The funds on hand are disbursed on a pro rata basis based
on
the amount of your claim in connection with the other claims
in the specific class (secured, priority, unsecured) unless
an amount was set in the debtor's schedules filed by his attorney
with the Bankruptcy Court indicating a certain creditor should
receive a set payment each month. We disburse to the secured
and priority creditors first before any unsecured creditors.
After all secured and priority creditors are paid in full
then we start disbursements to the unsecured creditors on
a pro rata basis.
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Can I receive a set monthly figure?
A secured claimant can receive a set monthly payment if the
debtor or debtor's attorney and the creditor wishing the set
monthly figure is willing to sign a Stipulation agreeing to
that set monthly figure. All creditors must be notified of
this change and will have an opportunity to object to this
Stipulation. If an objection is filed, a hearing will be held
on the matter.
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What if I want the mailing address changed for my payment?
You must file a change of creditor address form (see form
links) and submit this to the Court for filing. We must have
something in writing from you before we can change the mailing
address of your payments.
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What if another company buys out the loan from us?
You must file a transfer of claim form which can be found
in the Bankruptcy Court web site. We must have a copy of this
transfer form before we can transfer your claim to another
party.
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