What would you like to do?
Can you take on a second job after filing for chapter thirteen bankruptcy?
Answer Yes, there are no time limits for filing a Chapter 13 bankruptcy.
Prior to actually filing for bankruptcy, the amount of time to prepare the paperwork will vary dependingg on the complexity of your case. Once you have filed a Chapter …7, you will probably receive your discharge in about 3.5 to 4 months. After you file, you will attend a meeting of creditors in about 4-6 weeks where you will answer questions by the bankruptcy trustee and possibly creditors. You are eligible to receive a dishcharge 60 days after the conclusion of the meeting of creditors unless one of your creditors files legal action to try to prevent you from receiving a discharge. By day 62 or 63, the bankrupty court should mail you a copy of the discharge order in the mail Usually when filing bankruptcy takes time to process. It is long proces when filign bankruptcy. Once you filed bankruptcy already then you should wait normally 8 to 10 years before you can file again.
How could you improve your credit score after filing Chapter thirteen and converting to Chapter seven once the Chapter seven bankruptcy has been discharged?
Answer On my website, I have an article on 10 tips to rebuilding your credit after bankruptch: http://www.chs-law.com/2005/05/rebuilding-credit-after-…bankruptcy.html
Removing a Second Mortgage . Chapter 13 Bankruptcy also offers an important, and often unknown, option to consumers who have a residential real estate mortgage, namely, remov…ing a junior lien holder or "2nd" mortgage from your home.. If you purchased a home with 80/20 mortgages or if you took out a second mortgage in the past few years, you may be able to remove the second mortgage. If the fair market value of your home is below what is owed on the first mortgage, the second mortgage can be removed and the debt associated with it becomes unsecured debt (treated like your credit card debt). In a Chapter 13 Bankruptcy, usually only a small, if any, portion of this type of debt is paid.. We will need to obtain an appraisal and comps to establish your home's fair market value. We will also need to obtain approval of the court. The mortgage company may oppose this motion. If they do, there may be further court proceedings. At this time, the mortgage companies are not typically opposing our motions to remove the second mortgages.. You will need to make all plan payments to obtain your discharge. Once you have the discharge, the second mortgage is gone.
First you should answer some hard questions Is the car worth what you owe on it? Maybe just let it go and start over.....If you let the cars go can you deal with having only o…ne car for a short time? Many dealers will finance bankruptcy customers and charge only higher interest rates.....Will bankruptcy help your family to accept their concequences and be financially responsible from this day forward? The statistics say most familys who declare bankruptcy will be in the same financial way in less than one year....
No...your retirement in a qualified plan (like a 401k), is exempt from seizure up to any amount!
What if you get a job before you file for bankruptcy but need to take it to pay your reaffirmed debt Can you still file for Chapter 7?
Everyones discharge time may be different. Simply because each plan is prepared based on specific personal information such as debtors particular amount of debt, debtors… income, and length of time plan is set up for repayment.All of these factors are taken into consideration to prepare a plan that is manageable payment wise. Five years is the maximum time allowed to schedule repayments for so depending on the amount of debt it could be the full five or much less.
Well, not for absolute...but likely. C-7 is a dissolution BK...meaning the company and it's operations cease. Of course the assets and things of vaue are sold off to rea…lize as much as can be to pay the creditors...so if your division (or whatever) is wanted by a buyer...and they want the workforce...you can come out OK..even better if it is a strong buyer.
You re free to do so at any time...in fact it is encouraged...the idea of BK for you to get a fresh start and put your life - and finances - in order.
I've been involved with several. Most simply, there is no hard and fast rule. C-11 evolve many ways. Some are simply financial re-organizations, but more and more they be…gin to look like C-7 with dissolution of the Company by the end. And of course, anything in the middle too. Even when the corporation dissolves, that does NOT mean the end of your job...likely large job losses along the way, sure...but if a division or operation gets sold off, depending on to whom and what it does, it may actually be very good for some and very bad or loss of job for others. For example, accounting and management become redundant with the new owner...but the guy running the equipment...he may well find he now works for a much more stable employer that is able to expand the product lines he works on. It simply depends. Your payroll (but not all your benefits, which may go through changes), are pretty well secure through the BK process.
Ummm i think so!!
Well absolutely certainly.....you can't/don't better not, do anything until after your case has been fully discharged and resolved, without getting consent and agreement from …the administrator....which, depending on many things, may not be that easy. HAVE YOU READ WHAT IT IS YOU SWORE TO AND AGREED TO WITH THE COURT FOR THEM PROVIDING PROTECTION TO YOU FROM YOUR CREDITORS? (I think not). If you had, you would have understood that one part of their protection, one of many things you swore and agreed under the law and to society you would do (for them granting you a second start and take the pain of your failure), is not make any new debts or loans, any real changes in your financial situation, WITHOUT THEIR APPROVAL. Have you completed the mandatory financial cousneling course? Or maybe you don't think you need that either? Lieing to the court is a crime...it is punishable many ways (contempt?)....for certain, your case is dropped absolutely immeadiately to start and your debts and creditors will be coming at you full speed...so you won't be buying anything soon anyway. It's just a crying shame too that you don't understand the severity of your actions on others, or the importance of your sworn promise to creditors and now the Court/society.... NO...DON'T BUY ANTYHIGN OR GET NEW DEBT, UNTIL YOU APPRECIATE IT IS THE MAINTAINING THE PROMISE OTHERS ARE RELIEING ON...THE PAYING IT BACK...THAT IS THE HARD THING.
If you are keeping your house and you have a first and a second, your second will not go away. If you are letting your house go, then the first and second will go. If your hou…se is more than or equal to your first mortgage and you file a chapter 13, then your second will be "gone" in the end.
When you either voluntarily give up the house or you stop making payments (foreclosure).