By Veronica D. Brown-Moseley, Boleman Law Firm, P.C. (Virginia Beach, VA) Many things can, and often do, change between the time debtors file a Chapter 13 bankruptcy petition and the end of their case. A variety of circumstances impact a debtor’s ability to afford their Chapter 13 plan payments, including but not limited to: medical problems, disability, loss of employment,...
Critical Case Comment:In re Seafort
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By Kevin R. Anderson, Chapter 13 Trustee District of Utah
In re Seafort, 2012 WL 469723 (6th Cir, Feb. 15, 2012) (Suhrheinrich)
Once a Chapter 13 debtor repays a 401(k) loan, such payments must be contributed to the plan for distribution to unsecured creditors and may not be used to make voluntary retirement contributions.
Case Summary
On the petition date, the Chapter 13 debtors were making 401(k) loan repayments but not 401(k) contributions. When the 401(k) loans were repaid, the debtors proposed to continue making such payments as contributions to their 401 . . .
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