How much do trustees make?
How are they paid?
How are they paid?
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Ch 13 trustees are paid a specific percentage of each filer's Ch 13 payment each month as an administrative fee - between 7-11% depending on the state's specified limit. Ch 7 trustees are paid a portion of every filer's Ch 7 filing fee - I believe it's $100, but don't hold me to that.Originally posted by storesstores View Post
I assume that since the majority of trustees are lawyers, they probably make at least the average lawyer's annual income or no one would take the job. In the US, the average lawyer's salary is $60-120,000/year depending on years of experience - http://www.payscale.com/research/US/..._Lawyer/SalaryLast edited by lrprn; 08-15-2007, 03:07 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
As Lrprn said, Ch 13 Trustees get a %'age for the duration of your Plan payments. Every month, they get a cut.
Ch 7 Trustees get paid on a per case basis. Something like $75/No Asset Case.
Ch 7 Trustees also get a "kick back" from the Ch 13 Trustee they refer a case to for Conversion. Because, Ch 7 Trustees are entitled to a percentage of the assets they seize on behalf of your Creditors.
And,........ I read at some website,.......... The percentage Ch 7 Trustees get from Assets recovered is sizeable. 25% of the first $5K recovered. And a sliding scale at varying dollar increments from there.
Trustees are not your friends!!
Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Don't forget that they also handle millions in big BK's. we pay the light and water.Kapila and Co. in SoFla. is very wealthy. his wife is also an esteemed Dr. here, very well known in her field. They get a sliding scale. Trustees are not employees, they take the pro-bonos to get at the big buck BK's. That's the deal. I thinkKapila is an accounting firm, a HUGE one with his own building.
If you track the cases your Trustee handles you'll see it. It is very interesting. The guy is no slouch and handles huge BK's involving major corporations. I doubt he even remembers the names or has much to do with the small fry that come through his office. having read up on him I may not like some things he does but I respect the man.Last edited by robivi3; 08-15-2007, 06:29 PM."You once asked me for advice. You want some now? Never pass up a good thing." Lieutenant Jean Rasczak, Starship Troopers
Join the Mobile Infantry and save the world. Service guarantees citizenship.Comment
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My trustee gets 4.5% of my payment every month, adds up to $52.96/mo for me.Originally posted by storesstores View Post
However I see from record of payment that her cut of all the 13s in my district was $184,608.42 this month. Individual amounts ranged from $1.44 to $324.00Chapter 13 filed -8/12/04
Plan approved- 7/11/05
Date discharged--10-12-2007
Date closed- 12/6/2007:yes2::yes2:Comment
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Originally posted by SinkingFast View PostTrustees are not your friends!!
That was the second thing I learned here and glad I did because I might have gone to the wrong guy.Comment
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