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Bankruptcy Law

~4200 answered questions
Parent Category: Law & Legal Issues
The US Bankruptcy Code that determines which debts may be discharged and which obligations will remain after a person or organization is deemed insolvent
Laws vary from state to state. However, if you haven't made your mortgage payments for several months, the bank is likely to repossess your home. Generally the time period is up to the lender, but once the paperwork goes through--you will receive notices if your mailing address is up to date-- you s…
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It depends on the laws in the state where you live. You need to contact your lawyer. I suggest you file Chapter 13 if you are unable to pay off the outstanding balance due to your lender. This is what happened to me with Ford Credit. Call for a telephone interview with rep in Redemption Dept (15-20…
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What to do Call the bank and ask. They will not lie about it.   If your car has been repo'd, call your local law enforcement agency. Almost everywhere we has repo people have to notify law enforcement that we have taken the car, that is to prevent you from calling up and reporting it stolen.…
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%DETAILS% Answer it could go either way. It will say "included in BK" if you included it and repo if you did not.
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Quentyn, these questions are best asked of your B/K attorney. S/he will give you the legal advice you are PAYING for. Good Luck If your car is repoed and you've already filed for Bankruptcy (Chap 7) will you be able to ask for your car back if you still want to continue paying?
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NOT if it was repoed by a lender. You had NO standing in the contract between the lender and the B/K person. You should have watched the B/K person closer so you didnt get burnt. Next time buy from a car lot or bank.
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YES, unless you are in a state that doesnt allow garnishment.
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%REPLIES% Answer Karen, it is possible to do so legally. You should ask your B/K attorney if it was legal the way it was done. S/he is in a btter position to know ALL the facts. Answer Within days of filing the BK, your finance company should have received notice that you filed for BK prote…
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If filed in a timely manner. But have you considered the LASTING effects of filing?
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The lender has to get the STAY lifted before they can repo.
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Thats a decision YOU have to make. Please consider the effects on your credit for each choice. Having to make that decision is a result of not considering it b4 you cosigned. Good Luck
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Notify the LENDER by cert mail that they have 10 days to remove the car or you will have it towed by a wrecker company. IF they dont p/u the car, call a wrecker co. to come get it.
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B/k is a difficult choice to make, it has long range impact on your credit life. Discuss ALL your outstanding balances with your B/K attorney for legal advice.
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It depends of which B/K you file and whether you complete it.
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You heard 1/2 the truth. IF what you heard was completely true, EVERYONE would do the B/K deal and get FREE cars. One time at least. No candy for you.
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"How will filing for bankruptcy help before your car is repoed? As soon as the B/K is filed, an AUTOMATIC STAY is in force. lenders must stop ALL collection efforts. If your not able to file for bankruptcy before being repoed how long will it take for them to garnish your wages in Ohio. ": That will…
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general rule ,YES. Some states require them to and regulate how much they charge.
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You CAN go B/K anytime you pay the fees, some times are better than others.
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B/K depends on your situation and there is no standard advice. But that is likely the best thing to do. As you stated, you cant afford it.Ask your B/K attorney. S/he can advise you better. I agree with that answer. Talk to your attorney. Filing for bankruptcy is a legal process and can be compli…
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I believe there is a process called "RE-affirm" involving you and the LENDER that must be complated. You should ask your B/K attorney for case specific advice.
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If it meeets the conditions of the B/K, yes. Call a local B/K attorney.
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Thats a good question to ask your B/K attorney for state specific advice.
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IF the lender will accept it. they dont always pick them up, it depends on the condition of the car, VALUE of the car, amount owed, time of sunrise in New Zealand, ect.
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NO NO NO. You never HAVE to file B/K. Sometimes it may seem like it, but there is no law that's says you have to. Seek advice from some impartial neutral source. Maybe your church, state bar assoc., lots of places offer counseling on debt matters to try to avoid B/K for the debtor. If you cant find …
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Hi,yes every single debt will be erase,the only debts you can't erase with bankruptcy are past due taxes,everything else is wipe out,thats why is called "fresh start" .
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Ask your B/K attorney. That's what you are paying for. INFO.
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This is a good question to ask your B/K attorney whom you are PAYING to look out for your best interests.
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The "bankruptcy" of an insurance company is referred to as "insolvency". It is roughly defined as the financial inability to pay claims as they accrue. As a condition of becoming authorized (licensed) to transact insurance business in the company's state of domicile, it is required to pay a portion…
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%DETAILS% Answer Contact the Insurance Commissioner, they probably had the company taken over by another company.
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Debts cannot be "given" to anyone else. There are no events, contracts or agreements which supercede any other contract. If you and your ex opened accounts that you were jointly liable for, no divorce decree can remove that liability. The only way to do that is to pay off the loan in full, or refina…
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Yes. You can file BK even if you have been served. Although before taking action you might wish to determine if you have any non-exempt assets. In many cases a debtor is "judgment proof", meaning they have no assets that can be taken by creditors. The more precise definition is execution proof, a ju…
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Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. However, …
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Bankruptcy It has always been 10 years. Some CRAs will take it off after 7. Bankruptcy has its basis in the Bible. The Bible states 7 years so many places (including CRAs) ignore it after 7. More input from FAQ Farmers: I don't know for how long, but for at least the past 8 years the…
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I am also in the same situation you are in. According to my attorney, I don't have to move out until the mortgage company successfully forecloses on the property. I was already in foreclosure before I filed the bankruptcy but by doing so I bought more time with the "stay" and now the mortgage compan…
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Bankruptcy During a Lawsuit Here is advice: If I were you, I would get an attorneys advice. I do know that after your bankruptcy is discharged and final, if you receive a large amount of money within 6 months after, you must pay it on your debts. Although, Im not sure if this pertains to law sui…
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You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you …
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How to file for bankruptcy online The following paragraph sounds very intimidating to a bankruptcy consumer, but in reality, it is not. The stack of forms to file bankruptcy is about 1/4 inch thick, there are Mandatory Credit Counseling and Debtor Education courses to take, and a Meeting of Credito…
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Possibly. If there were no creditors complaining, (Motion for Relief from stay) then you should have no problems.Note though that you may have issues getting the first bankruptcy dismissed.Also, you may be better off letting the bankruptcy continue as a joint peition just to save the headache of ref…
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My best guess to that question is "it depends." You have to have resided or had your principal assets in a U.S. district for 91 days, basically, to file bankruptcy in that district. 11 U.S.C. 1408 requires that one live in a district for the greater part of the preceding 180 days in order to file a …
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%FOLLOWUPS% Items on your credit history remain only with you. They do not get copied to your wife's credit history after you get married. The only items that appear on both your credit histories is if you have a joint account with both your names on the account. I would get the advice of a law…
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In a Chapter 7 case, one can normally reopen a bankruptcy to add a creditor as long as the debt was incurred before the bankruptcy case was filed and the debtor simply forgot to list the creditor on his or her petition. The court charges a filing fee of $155 to reopen a case and a $26 amendment fee …
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Check your divorce paperwork. Usually, there's a provision within the decree stating that any financial obligations- such as alimony or child support- are still valid claims when a bankruptcy is declared. If your lawyer didn't do his/her homework and there is no such provision, you stand in line wit…
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Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for. Actually, you can under certain circumstances -- mainly if enough time…
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Yes. Married people can file individually. The marriage actually has nothing to do with it though.If you filed, no matter what, you can't file chapter 7 again for 8 years, provided you received a discharge. He can file anytime he wants.If you have any joint debt, you may want to consider Chapter 13.…
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Assuming that you are referring to Chapter 7 bankruptcy, 8 years. Usually 8 year to 10 years when filing like Chapter 7 bankrutpcy.
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Answer If you have no assets, then it's a great way to get rid of debt. Chapter 7 bankruptcy is FAST, and normally pretty cheap compared to what you get (all your debt gone). If you have assets, you may be forced into a Chapter 13 and have to pay back some debt. Answer I like Nate's answer. …
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Amend the petition. There is a charge for this $20-$40 range I believe. You need to file a "Motion to Amend" and add the new creditors. Be sure and check local rules to see how they want the amendments prepared. Also, make sure you note that YOU have to send out the notifications of filing to the n…
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It depends on what the civil judgment was for. For example, judgments for medical or credit card collections may normally be discharged by any chapter of bankruptcy. But, if for example the civil judgment was for damages caused from drinking and driving, or for an intentional tort, such as battery o…
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One can file a bankruptcy case at any time. The only issues upon filing will be:1. Under what Chapter will one be permitted to file;2. Whether one will get the benefit of the automatic stay while the case is pending; and3. Whether one will get a discharge at the end of the case.If a prior case was f…
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An automatic stay stops creditors from proceeding against you, either garnishing wages or siezing property. I think after the automatic stay is lifted, the creditor requesting that the stay is lifted, can proceed against you for the item they want back. Once the stay is lifted [granted] by the Bank…
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Actually, It never was 7 years. Chapter 13 is 7 years, and Chapter 7 is 10 years (sometimes longer). That regulation is at least 50 years old. Keep in mind however you may only be granted a Chapter 7 Discharge ONCE EVERY 8 YEARS FROM PREVIOUS BANKRUPTCY DISCHARGE DATE (law changed in 10/2005).
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It depends. If you have something to hide, then I would not file bankruptcy - it becomes a Federal Crime.Most of the time Trustees will ask to see any and all bank statements for a few months (normally 3) up to the date of filing. They may ask some questions related to how you spend you cash, and ma…
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The best approach would be to work with the Creditor's attorney to come up with some kind of agreement.You can also move to have the stay reimposed or ask the Judge to reconsider lifting the stay.   If the motion for relief from stay has been granted, you no longer have a defense. The time to…
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Removing Liens and Judgments You can't. By federal law bankruptcies can be reported up to 10 years after filing, assuming a discharge, of all discharged unsecured debts. Liens are secured debts and may or may not have been discharged. Undischarged debts may be reported up to 7 years after your last …
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I am not an attorney but.... Yes, you can keep any loans or credit cards as long as you reaffirm with that company.   When you file, you list all your creditors. If you do not owe money to a specific credit card, then they are not considered a creditor. So, when its all over with, you can use…
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It's according to how much you owe. If it's a large amount they may give you a hard time. You them need to go in front of the trustee and be able to prove why you needed to use the credit card. It may be do to a change in income, illness, high prescription cost, needing to buy food on it, etc.
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There's lots of details that can change how that situation comes out, such as the nature of the judgment and which chapter of bankruptcy was filed. But, generally speaking, the Bankruptcy Code says that the debt is discharged if it is properly listed OR if the creditor had notice or actual knowledge…
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That's a really complicated situation, and you will definitely want to see an attorney in your area about it since there are lots of little factors that can completely change the outcome.Generally speaking, one would probably have a tough time filing bankruptcy in that situation if one put the items…
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No. It is similar to your taxes, you have the option of filing jointly.However, if you have been married for awhile and have a lot of joint debt, you should file jointly.   No. It is similar to your taxes, you have the option of filing jointly.However, if you have been married for awhile and …
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Chapter 7 is total liquidation, so basically you present the court a total financial picture of yourself, assets and debts. The court will distribute what it can of your assets to your creditors. In my case, I had no assets but the court took my 2700 tax refund and distributed it. So my answer is ye…
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Answer Notify your attorney. If its a reasonable amount of money, get an attorney if you don't have one. Sometimes they can get you some wiggle room. If you don't want an attorney, contact your Trustee, who will most likely demand the (or most of the) money. Do not just ignore it. You can get …
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I heard a lawyer on Talk Radio say that chapter 7 bankruptcy can be filed again after a 6 year waiting period. It used to be that you could file chapter 7 once every 6 years. However, come October 17, 2005, the new law takes effect, and debtors can only file once every 8 years. Hope this helps, You…
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If the debts are joint, then yes, to get any benefit, you both have to file.If one partner filed and the other did not, and the debts are joint, you'll just shift the whole burdon to the other partner.Contrary to popular belief, bankruptcy does not "destroy" your credit. You will be charged higher i…
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Chapter 7 Roughly, it takes 5-6 months after filing of the petition to get a discharge if it is a no-asset case. If there are assets or questions about the value of assets, it may take longer. More information:There is no court hearing in a no-asset case, and the discharge in Massachusetts is usuall…
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Yes.When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate.Also, the debt in this case is post-peition.. as in it came about after the date of filing.
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No. You can only claim debts that are in your name.The other person took the responsibility to allow you to use his/her card and they are liable.This answer is wrong. You can and should list the debt. List both the creditor and the person who let you use the card. You must list all debts you owe und…
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Yes. Look under the Statement of Financial Affiars. There is a section for repos/foreclosure/garnishment.
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I don't really understand your term "frozen pension." Was it not exempt from the bankruptcy proceedings? Or was it held until a ruling was made and then released when the bankruptcy was discharged?
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I don't know anything about 529 plans, and I can't cite any law or cases, but it has been my experience - in Southern Indiana at least - that trustees don't usually pursue joint accounts with balances in excess of the exemption limit IF the accounts were not funded by the debtor. In other words, if …
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One could call their attorney and advise them of the correct address.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…
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This depends on two things. Are the debts joint and do you live in a community property state? If they are his debts alone and you do not live in a community property state you are not responsible. Therefore you do not need to be a part of bankruptcy proceedings. If however they are joint debts and/…
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11 U.S.C. 525 states in section (c)(1) and (2) that: "(1) A governmental unit that operates a student grant or loan program and a person engaged in a business that includes the making of loans guaranteed or insured under a student loan program may not deny a grant, loan, loan guarantee, or loan insu…
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This depends on the laws governing bankruptcy in your state. Whether or not you can use both state and federal exemptions and several other factors. Usually a trustee will only allow the home that is the primary residence of the filer to be used as an exemption and/or reaffirmed. This means the home…
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We are currently involved in a lawsuit against another person. This is what my attorney told me: the defendant can file bankrupcty against the judgement, BUT NOT against punitive damages awarded.   Not really. You could ask the court to dismiss the bankruptcy. You'd have to pay a fee. Conside…
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There are no time limits for filing a Chapter 13.
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That would be determined by state statutes. You need to consult with a your attorney ASAP. In some states the mortgage lender can foreclose within 30-60 days.
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BK proceedings will stop repo. action temporarily. A car is a secured debt, whether or not the lender will let you reaffirm your loan is entirely their decision. Most will if they feel you are going to be able to honor the contract. Repossesion is ususally more aggravation than profit for the lender…
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No. Nor can a person lose a job for BK or garnishment actions. There are probably ways for an employer to "get around" the law by using other reasons. Why is anyone's guess. If you suspect such an action has been taken against you, you can file a complaint with the EOEC.   I agree with Nikki.…
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Six years from the time your previous filing was discharged. However, BK courts are taking a closer look at those who have filed multiple times. A 13 can be filed (or amended) at anytime.   Not to split hairs, but you can actually file a Chapter 7 anytime after 6 years from the date on which …
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All creditors are given notice of whenever a BK is filed. They have the option of filing to block the Bk proceedure for any debt owed them if they believe the debtor is able to pay. Usually this is done by a secured creditor.
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No. BK will not discharge any judgment or stop any legal procedure pertaining to criminal charges or conviction. BK is a civil action and is governed by civil laws.
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A chapter 13 is debt consolidation. Any monies would be exempt, unless your filing (or state statutes) stipulates differently. There may be a disclosure clause in the documents. Check them carefully or better consult the attorney who did your filing. Better "safe than sorry".   Yes, the Court…
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If it is secured to real property, you can move to avoid the lien (makes it go away).When you file a Ch 7 bankruptcy, all your debt goes away, but any liens survive, unless you specifically ask The Court to remove them.You must not have any non-exempt equity for the lien to be removed.The answer is …
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All liens survive bankruptcy. You can get rid of the lien by "avoiding" it.Look up "Avoiding Liens" in google or findlaw.com for more info.
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Bankruptcies don't become public record until after they are discharged. Perhaps you could just ask him, or one of his family members. I see no reason why it would be a big secret. If you still have joint debts, you will be notified of the proceedings. Child support, spousal support is not discharge…
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Whether or not a house is forfeited in a BK, depends on several factors. How the property is titled, the property exemption allowed, if the mortgage is in default, etc. Regardless of where your spouse lives, you are still entitled to the exemption, which is usually what determines the "fate" of the …
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%DETAILS% Answer The best bet is to start by talking to your attorney. (S)he may have a valid reason. If the reason is useless, then I would start by finding another attorney. File a grievance w/ the local bar and possibly file suit against the first attorney. BEFORE you do any of th…
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Possibly. It would depend on several things. For one whether or not the state you reside in allows Federal and/or State BK filings. Some states opted out of Federal bankruptcy. Persons considering bankruptcy should refer to the laws of their residential state.
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All property in BK that is not exempted by state and/or Federal law has to be surrendered to the trustee. A vehicle is secured property and will be returned to the lender, or sold depending upon the circumstances. A car which is covered by exemptions, but is in default for payment, is usually return…
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%DETAILS% Answer NSF checks and fees can usually be discharged in BK. Refiling? or reopening? Once a BK has been filed,it can sometimes be amended. There will be an additional fees.
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That's the decision of the lender. The lender can take repossesion of the vehicle immediately. Sometimes a lender and borrower can come to an agreement to make up any missed payments and adjust payments so the car can be kept. The BK court does not usually take action involving secured debts. Unless…
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180 days from the date of the discharge. I believe it is 180 days from filing rather than from discharge. If you filed a chapter 7 and received the inheritance or the right to the inheritance within 180 days of filing, then the money should come into the bankruptcy estate. If you already receive…
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It probably means that the creditor is not willing to accept the terms of the 13 filing. Therefore the crediotr will seek to recover the property that is secured for the amount owed and any deficit, fees incurred. Such as repossesion and resale of a vehicle.
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You have a right to convert a case, so all you have to do is file a Notice of Conversion. If your district has no rules about the form of the Notice, then you can just create a document with the typical caption, title it "Notice of Conversion of Chapter 13 Case to Chapter 7 Case" like this: …
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No. A BK 7 can only be filed every six years. A BK 13 (debt repayment plan) has no time restrictions. It can be filed anytime or be modified with the approval of the trustee.
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Bankruptcy is filed through the federal Bankruptcy court.Contact your local courthouse or a local attorney to find out where to file in your area.   Yes it does.
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For another Chapter 7...6 years from the date of filing. The date of discharge does not matter.If you want to file a Chapter 13, you can do that immediately after the 7 discharge.
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No, just the opposite. Bankruptcy is the ultimate "train wreck" of a person's financial standing. Even after the ten year SOL there will be a public record, and the consumer will still be penalized for it. Bankruptcy, is not, as some are led to believe, the magic cure for debt problems.
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From a search asking this questionGenerally, you can sell it as soon as you receive your discharge. If you > sell it for significantly more than you scheduled it, though, there > could be > problems. > > -- > Brett > > *********************************************************…
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