There will be many changes in Illinois law in 2018, from eviction to custody of pets in dissolution cases.
There will also be some changes in federal Chapter 13 cases filed or converted after the new year, too.
In all chapter 13 cases filed on or after January 1, 2018 (and in any case that converts to chapter 13 on or after January 1, 2018), the following additional language will be added to the confirmation order:
“Interests in property acquired or received after the commencement of the case: Should the debtor(s) acquire or receive any interest in property of more than nominal value, even if such value is unknown/undetermined/unliquidated (for example, lawsuit settlement, class action settlement, worker’s compensation claim, inheritance, life insurance proceeds, etc.), debtor(s) shall immediately file the appropriate amended schedule(s) to disclose the acquisition or receipt of the same. Absent further Order of this Court, such property, whether or not disclosed on amended schedules or otherwise, shall constitute disposable income, the value of which must be paid into the debtor(s)’ plan as a payment under the plan for the benefit of allowed general unsecured claims.”
Also, within four months of the completion of a Chapter 13, a debtor is required to sign a sworn affidavit stating he or she has not “acquired nor received, prior to or since the filing of this case, any right and/or interest in property of more than nominal value, other than that which was previously disclosed on any applicable Schedule A/B (formerly Schedules A & B). This includes, but is not limited to, any right or interest in a claim or cause of action in any civil proceeding, regardless of whether or not such civil action has been commenced or settled.”
Note that any such after-acquired property in a Chapter 13 has been considered property of the estate and must be submitted to the Trustee as income for some years now, it will now be more formalized.
At Curry Law Office in Mount Vernon, IL, we are here to help you through your financial difficulties. Our down-to-earth bankruptcy attorney offers common sense advice and solutions for your bankruptcy filing.
Debt problems come in all shapes and sizes. For some of our clients, the issue that drives them to seek a lawyer’s advice is mounting credit card bills. For others, it may be an abusive creditor or a home foreclosure. At Curry Law Office in Mount Vernon, IL, we offer a free debt-relief planning session to discuss your financial problems and identify solutions. Call or text today (618) 246-0993 or email email@example.com. Finally Be Financially Free by calling now.