Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Can you pay a lump sum in Chapter 13 to reduce your monthly…

Customer Question
Can you pay a lump...
Can you pay a lump sum in Chapter 13 to reduce your monthly payments. For example, If I had 25,000 in the bank, can I give the trustee 10,000 to reduce my monthly payments.
Submitted: 3 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 2 hours by:
6/4/2015
Bankruptcy Lawyer: CalAttorney2, Attorney replied 3 years ago
CalAttorney2
CalAttorney2, Attorney
Category: Bankruptcy Law
Satisfied Customers: 10,244
Experience: Civil litigation attorney for individuals and businesses.
Verified
No, but it may be possible for you to negotiate an early termination of your Chapt. 13.If you are in this type of financial position, talk with your bankruptcy attorney (if you don't have one, retain one - you need a lawyer to negotiate this type of deal for you). See: http://www.nolo.com/legal-encyclopedia/can-i-pay-off-my-chapter-13-bankruptcy-plan-early.htmlMost debtors find it much better to simply start rebuilding their financial portfolio with a savings account or investment account.
Ask Your Own Bankruptcy Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a bankruptcy lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask CalAttorney2 Your Own Question
CalAttorney2
CalAttorney2
CalAttorney2, Attorney
Category: Bankruptcy Law
Satisfied Customers: 10,244
10,244 Satisfied Customers
Experience: Civil litigation attorney for individuals and businesses.

CalAttorney2 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,720 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

513 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I'm currently on Chapter 13. I have been on Chapter 13 since
HelloI'm currently on Chapter 13. I have been on Chapter 13 since late 2014 to early 2015. 5 year plan.When I applied for Chapter 13, the only reason why I applied was because of late mortgage payment… read more
DrakeLAW
DrakeLAW
Juris Doctorate
1,038 satisfied customers
My husband is filing a chapter 7 bankruptcy. I cannot as I
My husband is filing a chapter 7 bankruptcy. I cannot as I did a few years ago. We have not filed yet. Today he just received a 30,000 back pay payment from the VA for a 70% disability. With our IRS t… read more
KUMI95
KUMI95
Attorney
Doctoral Degree
17 satisfied customers
My wife and I are in Chapter 13 bankruptcy for the last two
My wife and I are in Chapter 13 bankruptcy for the last two years and are making the monthly payments back at 10% on time. Just recently my wife's father passed away and she received an Inheritance of… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
When I filed for a Michigan Chapter 13 almost three years ago,
When I filed for a Michigan Chapter 13 almost three years ago, the lawyer's assistant was apparently inexperienced and came up with a monthly payment schedule of $1695. After 33 months of payments the… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I am on chapter 13 its for 60 months and we are on the 3rd
I am on chapter 13 it's for 60 months and we are on the 3rd year now. My question is I have a retirement in my old workplace way back 20 years ago and they are offering lump sum disbursement on my ret… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I am in a Chpt 13 plan in Ohio....started in Oct 2009...just
I am in a Chpt 13 plan in Ohio....started in Oct 2009...just sold my house in preparation to retire and reduce my expenses. Trustee granted permission to sell house. My plan amt has been reduced. I am… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I am presently in the third year of chapter 13...when I retire
I am presently in the third year of chapter 13...when I retire I will get a monthly pension of $500 per month and a lump sum of approximately 17,000. If i retire now, will the court in Pennsylvania re… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I just filed for Chapter 13 bankruptcy. I will be inheriting
I just filed for Chapter 13 bankruptcy. I will be inheriting some money. Can I save the money I will inherit and use my own income to make my monthly Chapter 13 payments?… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
I will be receiving a one time severance payment of $10,000
I will be receiving a one time severance payment of $10,000 from my former employer. I am currently unemployed with no savings and monthly unemployment is enough to pay rent and utility bils but there… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
My case was a Chp 13. I paid $5500 to the trustee. I converted
My case was a Chp 13. I paid $5500 to the trustee. I converted to Chp 7. I think my lawyer made many mistakes. Between filing the petition and converting, I received a disability lump sum benefit. She… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
Currently in Chapter 13 and employed. Have a chance to take
Currently in Chapter 13 and employed. Have a chance to take a voluntary lay-off with 1 year of severance pay. Also eligible for Modest Pension checks. Eligible for Social Security in 6 months. How muc… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
I am in Florida I have just received a Notice of Default
I am in Florida I have just received a Notice of Default on the Ch 13, as my income has been lowered by 1200 a month and I can no longer afford the 13 repayment plan. I have till June 24th to send in … read more
socrateaser
socrateaser
1,031 satisfied customers
I am in a Chapter 13 BK. I have the IRS taxes owed for 2008
I am in a Chapter 13 BK. I have the IRS taxes owed for 2008 and 2009 in the BK and I am to pay the IRS via the 13. I have now had a major loss of income and I am on disability now. I am in need of dis… read more
socrateaser
socrateaser
1,031 satisfied customers
I loaned $15,000 to an individual in an unsecured loan. He
I loaned $15,000 to an individual in an unsecured loan. He signed papers indicating he borrowed the money and agreed to repay the loan. He has since filed for chapter 13 bankruptcy. Am I going to lose… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
Will a creditor which has a garnishment judgment against me
Will a creditor which has a garnishment judgment against me accept a reduced lump sum to stop the garnishment? I already called the lawyer for the creditor and the would not budge.… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,720 satisfied customers
I filed Chapter 13 1n April of 2009. The proper papers were
I filed Chapter 13 1n April of 2009. The proper papers were signed in front of the trustee. I had a leased vehicle included in the debt, with the payoff from GMAC. I received a letter from the trustee… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I filed a Ch. 7 BK and I receive annuity payments from a structured
I filed a Ch. 7 BK and I receive annuity payments from a structured settlement established from a lawsuit from the medical malpractice death of my mother when I was 10. I have since learned this is no… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I am in the middle of a Chapter 13, in good standing. I am
I am in the middle of a Chapter 13, in good standing. I am retired, drawing Social Security. My wife is employed full time, and I have a part-time job and my part-time employer is making the Chapter 1… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x