I filed chapter 13 and I went to the meeting
with the trustee and it went really bad. Should I be worried? My name is Ron Drescher, I’m an attorney,
practicing bankruptcy and creditor’s rights. Maryland, Delaware, Pennsylvania and Virginia,
and you know, you probably don’t need to be that worried in a Chapter 13 case. I tell my client’s when we’re getting ready
to move forward in a Chapter 13 case that at that trustee meeting, three bad things
are going to happen. Trustee wants more information on your bankruptcy
schedules. So, the trustee wants you to amend the schedules. Bankruptcy trustee wants more documents. You know, maybe bank statements going back
a year. Maybe if you had a business, a profit and
loss statement on the business. Maybe they want better information about the
value of the car. The value of your home, or it could be many,
many, many things. And the trustee’s entitled to get that documentation
before the trustee makes a recommendation on whether or not to approve your plan. The third bad thing that happens, is that
the trustee doesn’t like your plan. They say it’s underfunded, which means that
the amount you’re purposing to pay is not going to be enough to actually pay the debts
that have to be paid as part of your Chapter 13 case, like taxes, or like to cure the arrears
on your home. Or if you want to restructure a car, enough
to actually pay the car through the life of the plan. So, the trustee may tell you, you know, I
need you to go back and take another shot at that plan. So those are the three bad things that happen
in almost every Chapter 13 case. So, if it happened in your case, I wouldn’t
be too worried and I would do what the trustee wants and move forward in the case. My name is Ron Drescher, I’m an attorney practicing
bankruptcy and creditor’s rights and if you’re a little nervous about your Chapter 13 case,
especially if you filed it on your own, please pick up the phone and call me. I would love to hear from you.