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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5145
Experience:  37 plus years of experience specializing in bankruptcy law
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I filed ch.13 about a year and half ago. Making all my payments

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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: 5 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 5 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 5 years ago.
What if the business sells for less than is owed?
Expert:  dylatess replied 5 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.
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