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Can a chapter 7 bankruptcy discharge a civil judgment on a credit card debt?
Yes, unless the debt was fraudulent incurred. If the debt was fraudulently incurred, the creditor could file an action objecting to the discharge of that debt. One important thing to remember is that judgment LIENS will survive the bankruptcy unless the debtor files a petition under Section 522 of the bankruptcy code to remove the lien. If you file for bankruptcy, make sure you tell your attorney about any judgments against you so the attorney can investigate whether or not any liens exist.
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Answer Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer sh…ould contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
Answer Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
Judgments are listed by creditor in Schedule D, E or F, depending on the nature of the debt and judgment, and in the Statement of Financial Affairs. question 4a (if within the… past year).
Answer . yes but you still need to talk to a Bankruptcy attorney
Yes, but judgment LIENS will remain in place unless you file the appropriate motion with the bankruptcy court. You definitely should see an attorney about this. Also, there ar…e new laws taking effect on 10/17/05 that will make it harder to file bankruptcy. You should file as soon as possible if you want to beat the deadline. Any debt that has a paper trail, including civil judgments can be included in a Bankruptcy. Broke means Broke, the courts don't care if its the oil company, or the landscaper, if they are included in the Bankrupcy filing, then they are in the dust for getting paid. You must submit this prior to the hearing in Federal court. Otherwise an amendment would have to be done and that's no easy task. Once the Bankrupcy is certified with the courts, nothing can be added or removed.
Filing bankruptcy can stop a garnishment immediately. If all funds that have been garnished have been properly exempted, the garnished funds can even be returned to the …debtor. When a bankruptcy is filed, a special provision of the bankruptcy code kicks in and stops all creditor action to collect a debt. The special provision of the bankruptcy code is Section 362 and is called "the Automatic Stay". The Automatic Stay is a court order to all creditors to stop collecting debts immediately. When a paycheck or bank account is garnished, money is taken from the paycheck or other account and held until a certain time when the money is supposed to be delivered to court and turned over to the creditor. The date that the creditor is supposed to pick up the garnished funds in court is often called "the return date". If a bankruptcy is filed before the return date set for the garnishment, the garnishment is immediately stopped and the creditor cannot continue to collect the debt through the garnishment method. However, understand that the debt the garnishment is paying isn't extinguished or reduced...it will be resolved in the BK. The above probably won't apply to child support or such...which rightfully gets no breaks.
Answer Most 7 to 10 yrs. 7 for chp.13 10 for chp.7
No. If you file bankruptcy, you are basically telling the creditors that you don't have any funds to pay them. Your finances are being held by the court and the lawyers will t…ell the creditors that you filed bankruptcy. You are still responsible for the debt. WRONG! If you file bankruptcy and file a chapter 7, if the judge approves your appeal all your credit card debts are erased, and creditors have to stop calling and harassing you. If you file a chapter 13, you are still responsible for a certain portion of your debt, to be paid over a 5 year period, and creditors have to stop calling and harassing you.
Chapter 7: This chapter of bankruptcy law provides for a full liquidation of an entity's non-exempt property to satisfy creditors, and discharges all dischargeable debts …This is a legal process under Federal statutes that provides for rehabilitation of a debtor through the discharge of certain debts or through a debt repayment plan over a certain period of time. Creditors cannot contact the debtor during the bankruptcy. They must wait until it is fully discharged. There are three chapters of bankruptcy Answer I can't give a definitive answer, but I can relate what I have seen. I suppose to get a definitive answer one would need to look at the Tax Code, and I stay as far away from that as possible. However, I have never had a client come back and say they had any negative tax implications as a result of discharged debt in bankruptcy. I know the IRS can normally pursue forgiven debt as income, but for some reason (either because the Tax Code doesn't permit them to or because they simply opt not to) the IRS has never pursued any of my clients for forgiven (discharged) debt in bankruptcy to my knowledge. I have had a couple of situations where mortgage companies sent tax statements to clients who surrendered real estate in bankruptcy, but so far we have managed to get those resolved without any negative tax consequences. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Answer While cancelled debt is typically includible under the Internal Revenue Code as gross income, there are certain exceptions: 1. Debt that is cancelled through a bankruptcy is NOT taxable as income, 2. Debt cancelled when you are insolvent is NOT taxable as income to the extent of your insolvency. Therefore, there are no tax implications and it does not have to be reported on the tax return. The creditors will send you a 1099-C for cancellation of debt, but they should also check the "bankruptcy" box. Make sure they do this. :)
Answer Yes, unless the judgment was a result of fraud. If the judgment creditor has filed a judgment lien against any of your property, you will need to take the… additional step of filing a petition under Section 522(f) of the Bankruptcy Code to remove the lien. Be sure to tell your attorney about any liens that you might have against you.
There is an excellent book that provides both a thorough perspective and key detail about chapter 7 and chapter 13 bankruptcy: "The New Bankruptcy, will it work for… You?" 3rd edition, by Stephen Elias (published in 2009 by Nolo). I found it in the public library for Colorado Springs at 346.078 E42N (Dewey decimal system).
How can you get a civil judgment from creditor either off your credit report or show it was included in chapter 7 bankruptcy filing?
You cannot get it off of your credit report. You can get the accurate information that the account has been handled in Bankruptcy court on __ date. You need a copy of your ban…kruptcy judgement. This shows how many and what accounts were written off or still need payment. You can send copies of this to the 3 credit bureaus. USUALLY, this will help you get the problem mitigated. Not always though as the credit companies only need to respond to material sent in by their contracting clients. If this is the case, when you get a copy of your credit report, sent in a 100 word or less letter to all 3 credit bureaus telling them what the situation is and they must print that out in all your credit records. This may or may not help, but it is better than nothing by far.
Discharged? Done, over, a fin compli....you can't nor would you ever want to in any possible way or circumstance Is that a shark fin? Until the case is closed you may be able …to convert it, although you will need a very good reason after discharge. Short of fraud by a creditor causing the debt to be excluded, it is unlikely. You may be able to file a chapter 13 after the 7 is closed, if you need to keep a house in foreclosure, for example. Consult an experienced bankruptcy in your area.
Answer You can apply for anything you want. You must disclose your status by answering the credit application fully. The choice to grant you credit is the one is…suing it, and theirs alone.
How do you get a judgment to say satisfied on your credit report when it was discharged in your bankruptcy?
If a judgment was included in, and discharged by, your bankruptcy; there is no need to obtain a separate disposition. Write the credit bureaus and send a copy of your bankrup…tcy papers which show this judgment included. That should suffice to have the judgment removed from your report and the original tradeline from the debt marked "included in BK". Talk with an attorney or go to a bank that has a notary service.
If you own a small business and you want to file personal chapter 7 on credit card debt do you have to file a business bankruptcy?
This is rather complicated. If your personal and business expenses were totally separate and there was no commingling of assets or debts, than probably not. Your business wil…l, obviously be included in the disclosure of your assets. You should explore this throughtly with legal counsel in order to protect all your property and be certain you claim all your exemptions.
Answer Generally you cannot have a judgment against you unless the plaintiff has given you proper legal notice of the lawsuit and you havehad an opporunity to def…end yourself. If you know you have been sued, you can review the court file to see if a judgment has been entered. Judgments sometimes end up on credit reported, so you can check you credit report. You can also pay for a search an any number of websites that collect and sell information like this from public records. Finally, you can got to the court house and review any cases that involve you to see if any of the cases has a judgment in the file. You will also receive legal notice of the judgment creditor garnishs your wages or puts a lien on your property.