When you file for chapter 13 bankruptcy in Chicago you are assigned a bankruptcy trustee. During the chapter 13 Chicago process your trustee will attend the creditors meeting with you and collect your payments and distribute the money to your creditors.

In order to be discharged of debt through chapter 13 Chicago you are required to make payments towards your debts for 3-5 years. These payments need to go directly to your trustee.

Missing payments will result in having your chapter 13 Chicago case dismissed. The payment process is there to prove that you are responsible for your debts and committed to getting back on your feet financially.

Your chapter 13 trustee will not accept a personal check for your payment. You will need to obtain a money order or cashiers check. At the time of getting this money order or cashiers check make sure you save the receipt. You also need to make sure you put your full name and court case information on the front of your check. Your chapter 13 trustee has a lot of cases that they're responsible for. Having your payments organized will help them do their job faster.

A bankruptcy trustee typically receives payments at a PO Box address. This is important to note because if you've waited until the last minute to send in your payment you will not be able to send it quickly with FedEx. Instead you can use Express Mail through the United States Postal Service. Even if you give yourself plenty of time, send your payment through certified mail. That way you can track the delivery.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.

The most important thing is to remember that payments should be early instead of on time. You don't want to risk discharge by being delinquent on a couple of chapter 13 Chicago payments.

Bankruptcy trustees are assigned to every bankruptcy case. The job that they perform is essentially to handle the financial analysis and distribution of funds.

Due to the vast differences between chapter 7 bankruptcy and chapter 13 bankruptcy the role that the trustee takes on is very different.

People often wonder how the trustee is paid, especially in chapter 7 bankruptcy which involves liquidation of all assets.

The trustee in chapter 7 bankruptcy reviews all the assets that are owned by the debtor and then liquidates them. The cash from the liquidation is used to make partial payments to their creditors and also goes to the debtor to help them maintain their monthly bills. Another portion of the money from the liquidation goes to pay the trustee.

When someone files for chapter 13 bankruptcy they have a sizeable income and usually either did not qualify for chapter 7 because they make too much money or wanted to keep whatever assets they have. The trustee in a chapter 13 case reviews the debtors income and debt. They then organize a payment plan which has to be approved by the bankruptcy court. Once they plan is approved and the debtor begins making payments the trustee receives a payment/commission from these payments. The payments are made for a few years and once the plan is completed the debtor is discharged of remaining debt.

When people file for bankruptcy money is obviously very tight. Despite this there are some fees that cannot be avoided. Paying the court fees, attorney fees and paying a trustee cannot be avoided.

DISCLAIMER: All information on this website are provided for informational purposes only and are not intended to be construed as legal advice. Chang & Carlin shall not be liable for any errors or inaccuracies contained herein, or any actions taken in reliance thereon.