What would you like to do?
Does filing Ch 13 then converting to Ch 7 cause any repercussions on your income tax filing this year?
I don't know what other tax ramifications might result from the conversion, but if one converts their case from 13 to 7 prior to receiving their tax refund that year, the Chapter 7 trustee normally takes the tax refund check and distributes it to creditors if the amount of the refund is over $1,000.00 or so.
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.
74 people found this useful
Was this answer useful?
Thanks for the feedback!
If you filed Ch 7 last year and have a car you didn't re-affirm and just kept making payments can you just give it up and not owe any money on it?
Better ask your B/K attorney on that. OR the LENDER. IN FILING CHAPTER 7, YOU CAN KEEP THE VEHICLE AS LONG AS YOU CAN MAKE THE PAYMENTS. HOWEVER, IF YOU DID NOT RE-AFFIRM THAT… LOAN AGREEMENT, YOU MAY SURRENDER THE VEHICLE TO THE LENDER. SINCE IT WAS INCLUDED IN THE BANKRUPCTY, YOU WILL NOT BE RESPONSIBLE FOR ANY FURTHER MONEY OWED TO THE LENDER. IF THAT LOAN WAS RE-AFFIRMED, YOU CAN STILL SURRENDER THE VEHICLE, BUT WILL HAVE TO PAY THE BALANCE THAT REMAINS ON THE LOAN PLUS ANY FEES, TOW, ETC.
Should you tell the credit agencies it is not yours or say that you filed a Ch 13 instead of a Ch 7 to remove a bankruptcy from your reports?
Answer . If they have you reported as having a chapter 7 discharge when it should be a 13 you should clear it up. It won't do anything to raise your score, but it does look… a little better, that you are paying off your debts. You will need to send documentation and probably "pitch a fit" to get their attention..
Answer . If the Chapter 13 has been discharged for 2 years, then one normally doesn't have to do anything since 11 U.S.C. Â§ 541 (a)(5) states that "(a) The commencement …of a case under section 301, 302, or 303 of this title creates an estate. Such estate is comprised of all the following property, wherever located and by whomever held: \n(5) Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such dateâ \n(A) by bequest, devise, or inheritance; \n(B) as a result of a property settlement agreement with the debtorâs spouse, or of an interlocutory or final divorce decree; or \n(C) as a beneficiary of a life insurance policy or of a death benefit plan."\nThis Code section implies that only inheritance received within 180 days after Discharge has to be brought to the attention of the trustee.\nHowever, if the Chapter 13 is still active, then one should bring the inheritance to the attention of their attorney since the Chapter 13 trustee normally pursues all or a portion of the inheritance to distribute to creditors through the Plan. Failure to report the asset could mean big trouble for the debtor.\nPlease 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..
If you filed a ch 13 three yrs ago and now no longer work can you now file a ch 7 in Louisiana and be discharged What happens to the 2 cars that were included?
Answer . \nThe Chapt. 13 can more than likely be converted to a 7. What happens to property depends upon the exemptions that are allowed under the law, and how the trustee …interprets them. Generally the person is allowed keep one vehicle that falls into the exemption guidelines. Exceptions can sometimes be made, for example if the person or a person(s) in the household are handicapped. Please see link to this answer for further information on LA. bankrutpcy.
If your mortgage company is trying to have the automatic stay lifted for non-payment can you dismiss the ch 13 and go into ch 7 but still keep the house by then filing ch 13 again?
Answer . \nA chapter 13 can be converted to a chapter 7. The house would be included in the 7. Even if the homestead exemption protected it, it is apparent the lender does… not want to reaffirm the loan. So trying to file a 13 again would be pointless. Bankruptcy will only protect a house if the payments are kept up as agreed. Lenders will often try to work out a plan for the borrower to catch up on missed payments while keeping scheduled payments current. There is however no law that requires them to so, a house is a secured debt, the lender can foreclose when the contract is defaulted on, if they so choose.
Answer . Please understand, your car does not go bankrupt...you do. Not just any specific one of your debts or assets are involved....all of your debts and assets are.
While the c. 13 is still going, you will need to get the court's approval. You will need to have a definite house and a detailed mortgage approval. Buying the house will at le…ast have to not adversely affect the c, 13 plan, preferably benefit the plan (lower mortgage than rent). Once the c. 13 is over and closed, it will depend on your credit-worthiness.
Your husband and you had a ch 13 in 1999 and converted into ch 7 in 2002 discharged in 2003 you need to file ch 7 again in Ca when can you refile Help?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight y…ears ago.. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
No. You have to convert your c. 13 to a c. 7 or move to dismiss the c. 13 and then file a c. 7. You are not allowed to have two bankruptcies open at the same time. You should …discuss this with your attorney or, if you are pro se (representing yourself), you should at least find out the problems and benefits of each choice.
If you file bankruptcy Ch 7 in December 2008 in the state of Florida middle district will your income tax refund for 2008 be taken away?
Very likely...the refund is because you had more money than needed withheld from your paycheck and pu in (essentially) a savings account at the IRS to pay your eventual liabil…ity. This money, earned and saved pre-filing, had you not had it put aside (or had you correctly estimated and completed the W-4 so the right amount was withheld), would have been available to pay the creditors. You know, you could literally have had 100% of your pay withheld....think it makes sense youc could get and keep it after filing BK?
If it was secured by the loan you didn't have title to sell. If you did sell it, better be prepared for a heap of legal problems from the buyer, because he didn't get clear ti…tle....and finally if you got the money...where is it?
Yes, you can covert a chapter 13 to a chapter 7 and vice versa.
Generally, you cannot be discharged of debt under Chapter 7 if you received a Chapter 7 or Chapter 11 discharge within the six years before the filing of this petition or if y…ou received a Chapter 12 or Chapter 13 discharge in a case that paid less than 70% to the unsecured creditors and was filed in the six years before the filing of this petition. These restrictions do not apply to a previous Chapter 13 bankruptcy. If you wish to file for chapter 13 bankruptcy however, the court lets you do that one time automatically after already filing for chapter 7 bankruptcy.
Yes and no. No you cannot file for two types of bankruptcy at the SAME time. But yes you can file for chapter 7 bankruptcy if you were unable to complete chapter 13, which is …very common. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. Note that in switching from Chapter 13 to Chapter 7, much of the debtor's property is now up for grabs to be sold off to pay his or her debts. However, if the debtor cannot make the payments under a Chapter 13 bankruptcy, switching to Chapter 7 may be his or her only option.
"They" will not take your house. If there is a mortgage holder, that entity will foreclose and sell the property. In some areas, there are so many houses in foreclosure, the m…ortgagee will not take the house right away. It may be a year or more. Check with a bankruptcy lawyer in your area.
It takes most folks about a month to file and a total of about fivemonths from intake to discharge. Of course, much depends on howresponsive you are to your bankruptcy attorne…y's requests fordocuments and other information.
If the chapter 7 is still open, you cannot buy a house. If you have received your discharge and the case is closed (usually 6 months from the filing date), you should not have… the cash to buy a house unless you lied on your bankruptcy documents about your assets. That can lead you to prison. If you win a lottery or get a big inheritance within 6 months after the case is closed, you have to report it to the trustee. Your case will be reopened and the money will have to go to the bankruptcy estate to be distributed by the trustee. If you have been able to pay all your new bills as they come due and put some money into a savings account for three or four years, you can start looking for a house and a mortgage lender, but if you do not have enough savings to make a substantial down payment, you will not find a lender willing to lend you money for a mortgage. You may find a better reception if you have your accounts in a local credit union and ask them about qualifying for a mortgage.