Legal Question in Bankruptcy in New Mexico
Chapter 13 & Payment to 1 creditor
I am paying on a Chapter 13. In a settlement case I have won, part of the money is to be paid to 1 creditor named in my banruptcy. They will send him a check for $1500. Can the court take any additional amount of money? Can the 1 creditor be taken off once he is paid. In total I will receive about 10,000.
1 Answer from Attorneys
Re: Chapter 13 & Payment to 1 creditor
The Chapter 13 Plan, as confirmed, would govern this case. Also, the extent to which unsecured creditors are entitled to the proceeds of the settlement will depend upon the extent to which you have managed to exempt the proceeds. I cannot answer the question of what the one creditor is entitled to receive unless I were able to review the Plan and see how that creditor's claim is being handled by the Plan.
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