How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask dylatess Your Own Question
dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5142
Experience:  37 plus years of experience specializing in bankruptcy law
Type Your Bankruptcy Law Question Here...
dylatess is online now
A new question is answered every 9 seconds

I filed ch.13 about a year and half ago. Making all my payments

Resolved Question:

I filed ch.13 about a year and half ago. Making all my payments via payroll deduct.Under this plan is a business and a couple vehicles and other stuff. If I sell the business and or a vehicle do I have to surrender the proceeds to the trustee?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 4 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. Yes you do regarding the business but not if you sell the car. Note, the car was listed as an exemption and you can do as you please. However, under all chapter 13 plans, there is a requirement that any proceeds from the sale of business assets must be turned over to the trustee who will use them to pay down your debt. Likewise, the proceeds will allow you to complete the plan sooner. Also, before the sale is completed, it requires court permission. So if you have an attorney, he will handle this for you. Best regards.
Customer: replied 4 years ago.
What if the business sells for less than is owed?
Expert:  dylatess replied 4 years ago.
ok so it sounds like your business is a secured debt. therefore, you cannot sell it for less than is owing unless the creditor agrees.
dylatess and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions