What would you like to do?
No, it does not discharge legal fines and/or penalties.
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Answer In a chapter 7 it is a total liquidation BK, that has been found valid and has been approved. Therefore the debtor(s) are discharged from the debt(s)… that were included in the BK. A discharged BK is not the same as a closed BK. If it is a chapter 13, it indicates that the debtor(s) have fulfilled their obligation of repaying the amount to creditors that was ordered in the BK. After the trustee's audit a chapter 13 is considered closed
Answer Not after the bankruptcy has been discharged. If the person is participating in a chapter 13 bankruptcy they must have the permission of …the trustee/court to engage in any major financial transactions.
After a bankruptcy order is made the official receiver becomes the receiver and manager of the bankrupt's estate. The estate is administered by a trustee in bankruptcy who may… be either a qualified insolvency practitioner or the official receiver. On his appointment the debtor's estate vests automatically in the trustee who is then responsible for the administration of the estate. The estate is made up of all of the bankrupt's assets and the bankrupt is usually automatically discharged after three years except in certain circumstances.\n. \n Answer \n. \n Exemptions under Federal law, which may change a little in State applications by the Federal BK Court you file in: Personal and Real Property: . (1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, musical instruments). (2) Jewelry: Up to $1,075.00. (3) Vehicles: Up to $2,575.00. (4) Work tools (implements, books and tools of trade): Up to $1,625.00. (5) Health aides (wheelchair, etc.): Unlimited. (6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption). (7) Real estate (house, co-op or mobile home): Up to $16,150.00. (8) Any property: Up to $8,075.00 of unused portion of real estate exemption. Wages, Pensions, Recoveries and Benefits: . (1) Wages: None. (2) Wrongful death funds: Amount needed for support. (3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss). (4) Lost earnings payments: Unlimited amount. (5) Retirement benefits: Amount needed for support. (6) Alimony / child support: Amount needed for support. (7) Unemployment compensation: Unlimited amount. (8) Veterans benefits: Unlimited amount. (9) Social security benefits: Unlimited amount. (10) Public assistance: Unlimited amount. (11) Crime victims compensation: Unlimited amount. Insurance: . (1) Disability: Unlimited amount. (2) Unemployment benefits: Unlimited amount. (3) Unmatured life insurance: Unlimited amount. (4) Life insurance policy loan value, dividends or interest: Up to $8,625. \n. \n(5) Life insurance proceeds: Amount needed for support \n. \nIf you're doing a Chapter 7 bankruptcy, you can't discharge:\n. \n . Taxes and tax liens\n . Student loans\n . Domestic support obligations (child support and alimony)\n . Luxury goods over $500 purchased within 90 days of filing\n . Fines or penalties of government agencies\n . Cash advances of more than $750 taken within 70 days of filing\n . Fraudulent debts\n . Willful or malicious injury to another\n . Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated\n . Condominium or cooperative association fees\n . Debts not listed on your schedules\n . \nDebts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged.
Under the Bankrputcy Abuse and Consumer Protection Act of 1995, an eight year period must go by before a person is allowed to file for chapter 7 bankruptcy again.
Probably...understanding that many imposed are written so they become part of the penalty legally.
It's probably easier to list what can't be discharged. In the two types of personal bankruptcy here is a list of what cannot be discharged: In a Chapter 7 case, the most comm…on types of debts that can't be discharged are:Taxes and tax liensStudent loansAlimony and child support (domestic support obligations)Debts obtained through fraud, false pretenses or false representationDebts you failed to schedule in time to allow creditors to file proofs of claim (unscheduled debts)Debts for fraud while you were acting in a fiduciary capacity, or for embezzlement or larcenyDebts for willful and malicious injuryDebts for fines or penalties to governmental unitsDebts for judgments in wrongful death or personal injury lawsuits resulting from motor vehicle, vessel or aircraft accidents while you were intoxicatedCondominium or cooperative association fees or assessments If your bankruptcy case is under Chapter 13, you won't be discharged from the following types of debts:Child support and alimony (domestic support obligations)Student loansFines and restitutionCertain taxes, such as withholding taxes if you had employees, or taxes connected to fraudulent tax returns or tax evasionDebts incurred through fraudDebts for fraud while you were acting in a fiduciary capacity, or for embezzlement or larcenyDebts for willful and malicious injuryJudgments in wrongful death or personal injury cases arising from your intoxicationUnscheduled debtsDebts incurred after filing your case, which weren't included in your Chapter 13 planDebts that are nondischargeable under other laws, for example amounts owed for certain health education programsInterest owed on nondischargeable debts
yes you can but DO NOT SHARE CREDIT WITH THAT PERSON UNTIL THE BANKRUPTCY IS LEAST 4 YEARS OLD. IT WILL ATTACH TO YOU IF YOU GO JOINT INTO A CREDIT CARD OR LOAN. IT BRINGS YOU…R RATING DOWN.
Chapter 13 bankruptcy involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a p…ercentage or nothing at all. Debtors are subject to a very strict budget and repayment plan and when you are done paying all the debts the court determined you owed, then you are discharged. This information should be in your court papers.
You can't discharge a car or any other asset. You can only discharge a debt (money owed).
The creditor reports to the credit reporting bureau(s) they belong to that the debt has been listed in a bankruptcy in which a discharge has been granted. Strictly speaking,… any debt that a creditor does not challenge in timely fashion is probably discharged, unless the debtor has committed fraud during the bankruptcy. The court does not specifically determine that a debt is discharged unless an adversarial action involving the discharge of that debt has been heard and a decision by the court has been made.
After discharge is too late. The good news is you are exempted for 1 car as long as it's not outrageously valuable. If you can no longer afford do a voluntary repo. the car is… the loans security & once they have they cannot do much. They will auction & try to recover anything they were unable to recoup with the sale. It will still drop off your report before the bankruptcy & I don't think they can get a judgment if you surrendered the car. If you had a preparer for filing, seek advice as far as your best way to go, since states not all the same.
Either call the court and ask, use the Voice Case Information System on the telephone, or sign up for PACER and get the information off of the web.
Yes, but it is one of the absolute stupidest things financially you can do. By the end of th BK you will lose the 401k money, which is only protected while it is IN the 401k,… and be left with the debt to the plan, which won't be discharged and will seize the money in the plan to be paid.
it all depends... what type of bankruptcy and whether you've been to court already, and what youre debtors are thinking... file to hearing 3 months, and then a waiting period,… so to get the papers after that, atleast another 6/8 wks.
Bankruptcy laws are complex. You will need to get correct answers from a competent attorney.
No. The lawyer does.
no where that i can find