A trustee will be assigned to your case within a few days of filing Chapter 13 bankruptcy. The court will send a Notice of Appointment of Trustee, providing the name, address and phone number of the trustee assigned to your case. The notice may also list any financial documents the trustee wants copies of and the date they expect to receive them.
Your creditors will also receive a Notice of Chapter 13 Bankruptcy Case, this notice may contain:
∙ An explanation of automatic stay
∙ Date time and place of meeting of the creditors
∙ Date time and place of the confirmation hearing
∙ The date the creditors must file their claims
∙ A summary of your bankruptcy plan
Many trustees are active in the bankruptcy case they administer. You may receive a letter of introduction outlining:
∙ How your trustee accepts payments
∙ When the first payments are due
∙ They may give you additional assistance
∙ Help modify your plan at the meeting of the creditors
∙ Possibly hire an appraiser to value your secured property
Report any financial or property changes to your trustee. As soon as you file your bankruptcy paperwork the property you owned before filing will be under the supervision of the court. Unless the trustee gives approval, don’t dispose of any property in any way.
If you acquire money or property after your filing you will remain in control of it as long as you disclose the change in circumstances to the Trustee. You must also continue to make payments on the secured property if you wish to keep them.
If you receive certain property after filing you will need to report it to the trustee. If it is nonexempt property, you may have to modify your plan to include the value of the property.
∙ Inherited property
∙ Property from a marital settlement
∙ Death benefits or life insurance policy proceeds
If you would like more information on what happens to your property in a Chapter 13 bankruptcy case, contact an Elk Grove bankruptcy attorney.