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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39137
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I am in the process of filing Chapter 13 and cant get a straight

Resolved Question:

I am in the process of filing Chapter 13 and can't get a straight answer from my attorney on whether my Chase bank accounts will be frozen/seized. I have an auto loan through Chase, as well as a credit card. Will they freeze, close, or seize funds from my bank account? Is that even legal? I would also like to know if I will be allowed to keep my timeshare if I am current on it. If so, is it paid separate or included in the plan?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 8 years ago.

A Chapter 13 plan prevents creditors from doing anything concerning your accounts. The debtor (you) must also not do anything after filing Chapter 13 that would be viewed as bad faith by the court -- so, until the plan is confirmed, you will need to leave your accounts alone, except to pay expenses for the necessities of life or in the ordinary course of business.

 

Once the plan is confirmed by the court, you will be instructed to may payments to the bankruptcy trustee each month, and after that you can do whatever you want, as long as you make the required payments.

 

Hope this helps.

 

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Customer: replied 8 years ago.
That didn't answer my question about whether they could legally freeze my accounts or seize funds, nor did it address the timeshare. Sorry, but this information is very generic.
Expert:  socrateaser replied 8 years ago.

Your creditors can't freeze your accounts or seize funds, and you can keep your timeshare -- as long as you can make payments according to the plan.

 

The minimum requirement is that the creditors must receive at least as much in a Chapter 13 as they would receive in a Chapter 7. If they do, you have a chance of getting the plan confirmed. Otherwise, you don't.

 

That covers all of your questions. Please advise as to how I may further assist.

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