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Chapter 7 bankruptcy, Oh Nothing Once the debt is

Customer Question
Chapter 7 bankruptcy Lawyer's...

Chapter 7 bankruptcy

Lawyer's Assistant: What state are you in? And has anything been officially filed?

Oh Nothing Once the debt is discharged. If I have excess income above expenses, do I have to pay this to the bankruptcy court?

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No Nothing I'm trying to figure out why there is a payment plan with Chapter 7 That doesn't make sense to me

Submitted: 9 months ago.Category: Bankruptcy Law
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Customer reply replied 9 months ago
I was told that after all of my expenses for living-rent, food, clothing, car payment, insurance, ect. The excess money would be continued to be paid to the court for 3-4 years. Is this true for Chapter 7 Bankruptcy? I thought the payment plan to the courts was strictly for chapter 13, not chapter 7. If this is the case for Chapter 7, are you not able to save any monthly income to build a savings?
Answered in 3 hours by:
9/13/2017
Bankruptcy Lawyer: KLAW, Lawyer replied 9 months ago
KLAW
KLAW, Lawyer
Category: Bankruptcy Law
Satisfied Customers: 2,289
Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
Verified
If you had excess income, then what probably happened was that you were forced into a Chapter 13 case by a calculation called the “means test” which is required under the new bankruptcy law.The means test is a projection of your future income, but it is not based upon your real income. It is based upon your income in the six calendar months before the month in which you file your case.One of the documents you have to file with your bankruptcy is a budget which demonstrates to the court how much income you have each month and how much you need to pay your taxes and living expenses. If your budget shows that you have income you do not need to pay taxes and live on, the court will require that you pay that excess income over to a trustee for a three to five year period in partial payment of the creditors.That is what probably happened in your case. I hope this clarifies. Please don't forget to rate the question with stars so that I will receive credit and payment for assisting you with your question.
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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).

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