Channelview, TX asked in Bankruptcy for Texas

Q: After filing chapter 13 we have a balance on hand. what is a balance on hand mean?

Related Topics:
1 Lawyer Answer
Mr. J. Thomas Black
Mr. J. Thomas Black
Answered
  • Bankruptcy Lawyer
  • Licensed in Texas

A: I'm not 100% what you are referring to, but if you are referring to your chapter 13 trustee having a balance on hand, that is not unusual.

Your chapter 13 trustee cannot make distributions to your creditors, unless and until the Bankruptcy Court approves the plan, or the Trustee is required by local rule to make "adequate protection" payments.

If you complete your plan, and the trustee has additional funds on hand that are not necessary to fund the plan, that money will be refunded to you. That is one reason why it is very important for you to keep your correct address on file with your trustee's office.

2 users found this answer helpful

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.