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Bankruptcy Law

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
Yes. It will get them to stop calling. Otherwise, the court will let them know when you file. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one. Answer:Part of the bankruptcy process is for you...
  Well, you can't sell it if you can't pay off the loan against it. (You can't provide clear title to the buyer unless the liens are paid off at the closing and no new mortgage he needs can be put in first place of the existing one). Yes your responsible to pay off the loan in full. However,...
Yes. The IRS considers any forgiven debt as income, so you must  file the 1099 to show the amount of debt that was forgiven.
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Bankruptcy only impacts your credit for 7 years. Contact Experian,  Transunion, Equifax to get it removed from your credit report.  Addresses and phone numbers to all 3 are avail. on internet,
yes and no because it depends on the person and were there at  because if you have bankruptcy you can ether bee a employee or work  your way to your goal as a manger
It depends on local legislation A basic, rough primer: In the US, BK is always done under FEDERAL Laws, in a Federal Bankruptcy Court. Basically State makes little difference. (Yes the BK Courts operating in certain areas have certain special exemptions and such, minor in the overall, generally...
No you cant as far as know because you are still owing the IRS  money witch could cause a conflict between you and the Banking  Agency, Other words know what's up before you do it.
No, a check can't be garnished without a garnishment. Only a judge  can give permission for a persons check to be garnished.
Generally, Yes, of course. that's exactly what garnishments are used for. The judgment you know is a court order saying you do owe and must pay. Your in direct defiance of the law by not doing so. It would seem you really have no right to even suggest you shouldn't be forced to pay all that is due,...
  == Answer ==   Under the new bankruptcy law taking effect on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago.   The debtor cannot file a Chapter 13 unless: (1) the debtor received a...
  If the business is independent....a corporation...of you (both)...the BK won't effect your personal credit. If it isn't it's own legal entity...then you are the ones going bankrupt...not the business. Whether your married or not doesn't change that they would be each of your debts (probably...
  Yes. Its even unofficially called a Chapter 20
  == "How is a claim filed as an unsecured creditor to the US bankruptcy court case 07-23686-RG?" ==
Whilst bankruptcy, in se, does not disqualify, a credit check is part of the background check, and any serious issues would be part of the qualification interviews after the IRL. Certainly, personal finances are enquired and consitute part of the evaluation process.
Everybody borrows money from everybody. bank loans. you wanna borrow money from me? >) dont worry. i would charge you to little tax! maby 100%? yeah. that's not bad >)
While there may be some limits or restraints on seizing a tax refund or pension (and probably not as much as you may want to think), once any of these items are deposited into a bank account they lose their identity and are like any other funds. It is only while the tax is with the IRS, or while the...
And what do you mean go to court or....do you have any reason to think it isn't your debt and obligation to pay? Court would only confirm what you know.   And BK is very much a court procedure too...many times over.
  The penalties by paying on time. The interest by paying it off.
  You don't really know what your saying. You may have them in a defined contribution plan, but NOT a defined benefit plan. There is no account with a specific value of yours in a DBP. You are promised a specific benefit from the program, the program must have enough to cover all of its'...
Yes. I filed for that reason alone. I signed a lease for a business. I was told I had to sign a personal guarantee. I had to file a personal BK because of it. When I left the lease they tried to sue the business....but the business had nothing, so they came after me because I signed a personal...
  Chapter13 is not available to corporations Chapt. 11 is. And yes, you can buy the stock of a corporation in BK...in fact it almost always is transferred...to creditors or 3rd party financiers. If it isn't a corporation...it like the assets of anyone, may be sold in BK, probably requiring...
  Modifying. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
  == Answer ==     All possessions should be valued at 'yard/garage sale' prices. When filing bankruptcy schedules all the information they contain is presumed to be given under oath. If any information is found to be false or misleading, the person(s) can be charged with perjury,...
Answer . There are too many factors which could change the outcome of this situation, so you should really see a lawyer. Generally speaking, if both spouses are willing to file BK, it's best to file together before the divorce is final (its okay to file a BK together once the divorce has been...
  Bankruptcy is not part of financial planning.   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 years ago.   The debtor cannot file a Chapter 13 unless: (1) the...
  Yes. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
No. This is because it is a big problem in Nevada, too big and out of control, particularly in the city of Las Vegas. Therefore, instead, Nevada offers easier divorces.
The proper venue is the state you have lived in for 91 out of the past 180 days, so Florida is where you will file. If there is real estate or other assets in GA, or real estate in FL, that you want to exempt, the applicable exemptions may be complicated. Your FL bankruptcy lawyer should be able to...
  Bankruptcy is not part of financial planning.   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 years ago.   The debtor cannot file a Chapter 13 unless: (1) the...
The answer depends upon what you are seeking. The term "relief"  could refer to alimony, child support the payment of bills by your  spouse--just about anything. A motion is a request to the court to  take some type of action.
Virtually all student loans are not dischargeable, unless you can show a hardship - something more than the inability to pay. Disability, new child with severe medical problems, something on that line. If the loan was for a school that turns out to be a scam, it may be dischargeable.
  According to the Central District US Bankruptcy Court clerk in Santa Ana, Ca., an Employee Income Record is nothing more than a pay stub from your place of employment.
  ABSOLUTELY. Your still bound by the terms of the loan, which include maintaining insurance. If you don't, the loan Co will buy it and charge you. For many reasons, (especially since owners that need this to happen seem to have a much greater risk of experiencing a fire or loss), that...
  Depending on some things, like when the tax was paid and when the BK was filed, the refund is like any other asset and available to creditors. The trustee or court would take it and pay it to creditors according to their standing in the case.
You can file for chapter 7 bankruptcy once every eight years  forever. The judge can refuse to grant a dismissal and acceptance  of your bankruptcy if there is a repeated pattern of deliberately  incurring debt then seeking to have it forgiven.
  == Answer ==   Sure.    But understand, that regardless of those maybe saying otherwise, who generally have an interest in your doing so, bankruptcy does not automatically make your life better...or simply eliminate all your debts....it is an action to be taken when there is no...
  First, you never file BK on an item...BK is on everything you owe and everything you won...you do not pick and chose what is involved...with a few exceptions, all of your assets can be (and are) taken and used to pay off all of your debts. With debts given certain levels of priority by law ...
Answer . \nA Chapter 7 bankruptcy cases can be reopened after discharge and case closure under certain circumstances. \n. \nMany bankruptcy courts routinely grant debtors' motions to amend schedules to list previously omitted creditors. \n. \nBut reopening a closed, no-asset case to add a creditor...
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In other word the Probate Process of a deceased. Upon death the  legal documentation and will is read, examined to determine valid  or invalid. Then all belongs are appropriately distribution.
  The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
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Yes, but judgments based on assault, batterry, fraud, drunk driving (basically bad acts on your part) are NOT dischargeable. If you have judgments based on money owed for example, then yes it WOULD be dischargeable.
  A discharge is normally the final step saying "All your debts are discharged" ie: no one can collect on those debts anymore. It is what you were waiting for if you filed. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association...
No...they have no liquadation value.   Actually, it's not an asset...but rather an expense or liability (for the amount of the contract payment).
Answer . \nMotions to reopen bankruptcy cases shall be accompanied with the payment of any prescribed filing fees. \n. \nPayment of the filing fee to reopen a bankruptcy case filed by the trustee due to the discovery of additional assets in the estate shall be payable at the time the motion to...
  A personal Chapter 7 bankruptcy is what you mean. Some debts cannot be cleared (child support, judgements, certain student loans, most notably). But you should also note that it doesn't just eliminate debts...or debts of your choice. It involves all of your assets and all of your debts. In...
Yes, but this is very rare. A Chapter 7 bankruptcy trustee will generally not seek to sell real property if the mortgage and other liens exceed the value. The Trustee's job is to liquidate assets for the benefit of unsecured creditors. If a Chapter 7 trustee were to sell a house that is upside-down,...
  Generally not directly from the IRS (unless they are collecting a tax debt)...but that doesn't mean that once you receive it they can't.
  There seems to be some discretion on this applied by the Trustee. along with when you filed being relevant (if you filed in January, virtually none of the EIC was yet earned so it is all post potition and exempt, however in Dec., it virtually all was earned prepetition). There are...
And? If your not in bankruptcy where the excess may be discharged (only after using your other assets to satisfy this and other debts), you will still be liable for the deficit. You borrowed the money using the house as collateral...you agreed to pay back all of what you owed...if you sold the...
  By filing a proof of Claim, or by addressing questions/arguments to the court
  Exemptions under Federal law, which may cahnge a littel 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,...
Presumably your meaning under Chap 13 a wage earners plan: It depends on many factors...your income mainly...but basically how much of the income can be reasonably budgeted to pay off the debts, above your needed life expenses.   Please consider the 8500 isn't very much money really...it isn't...
  Creditor don't apply for bankruptcy...debtors do. Bankruptcy is not for any particular item...it must be for everything you owe and everything you owe. All of the last is used to pay all of the first, and then any excess MAY be reduced or dissmissed.
Classically, the main thing blamed for personal bankruptcy has been incurring large uninsured medical expenses. This seems reasonable considering it frequently is accompanied by a loss (or at least major curtailment) of earning capability of either a single or couple, which makes paying impossible. ...
  At least to the degree that under the plan your essentially trying to make amends for past failures and get a handle on things, it shouldn't continue to decline. And things can't get too much worse than being a bankrupt. no matter what, with the history you now have, even better is going to be...
  This may come as a shock...but one doesn't just have a right to have things they want...and they should expect major disappointments if they think others should give it to them. But it's a rhetorical, self answering question. You can't afford to have what you can't afford. So, when you find...
I guess not but if you do a loan modification that would be great atleast your payment for the house will be hold until the loan is will be finalized and you still have enough time to save up some money to pay for some remaining loans you have. as long as you can dont file for bankruptcy.
  == Answer ==     In some cases the trustee will allow a thirty day grace period for the missed payment. Pertaining to a first installment immediate action to dismiss the 13 might be taken. It is for the most part at the discretion of the bankruptcy trustee, missing any payment is...
  Maybe you can and maybe you can't. Your a creditor like everyone else, (in fact, in a fairly low priority of payment position). You have no particular right to a refund (in fact, you are not allowed one unless everyone of you class of creditor get the same thing, as approved by the court, too...
The debt should be identified as being in bankruptcy or discharged in bankruptcy. It will remain on the list for 7 years. The bankruptcy will remain on the report for 10 years.
Even if you didn't have to pretty much do whatever the trustee deems, you know...I'd almost want to know why you wouldn't WANT to? Its used to PAY YOUR DEBTS...that's what these monies need to be used for. That's what you should want to do. (What else do you think you should be allowed to do with...
  Upon filing, all bank accounts are frozen. Hence the return of the check. Normally, (virtually always), one of the first actions, very soon, (days) after filing the court and creditors will approve for all prepetition payroll to be paid in full (maybe up to an individual high limit). Payroll...
  Presuming you have the ability to do so, (without borrowing....you can't borrow your way out of debt)...tell the trustee. Your never barred from paying your debts....everyone wants you to...you just didn't!
  You have to tell the trustee about your windfall. Your never barred from paying your debts....everyone wants you to...you just didn't!
  The BK from 5 years ago is basically irrelevant....it covered things from before, not after. Garnishment is NOT automatic, the creditor takes actions, that they would prefer ot to, to establish it. You don't have a right to change the terms of the loan agreement and make lower payments...but...
  Responsibly pay your debt, or arrange repayment terms and hold to them.
One can call the Bankruptcy Clerk for the Division in which a bankruptcy case is filed to get case information such as filing date. The filing date of a case is also normally listed on the Notice of Bankruptcy also. Please note that nothing in this posting or in any other posting constitutes legal...
  == Answer ==   File for bankruptsy or see a credit  help agency.
Secured means that there is some specific item pledged as collateral for that debt...frequently this is represented by some type of recoding of the pledge on official records. A car loan, with the car as collateral and the lender named as a lienholder on the title a good example. A mortgage on a...
7 Years, and then they are removed. Under your adverse account, there should be a removal date for each account.
You have to pay and file taxes when due under the US tax laws, which even has it's own Federal Court System (The US Tax Court)   Bankruptcy which is done under the US Bankruptcy Laws, which have their own Federal Court System (The Federal Bankruptcy Court) doesn't change any of the requirements....
  All U.S. Citizens are protected by the Constitution which includes Bankruptcy no matter where they live. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Consumer bankruptcy is bankruptcy that is filed by the individual who is in debt mostly due to consumer good. This is opposed to a business or corporation filing for bankruptcy. There are two types of bankruptcy which an individual/consumer can file under: Chapter 7 and Chapter 13.
I would assume that a sole proprieter can file bankruptcy ,because they own there business. It's not like a partnership where two people have decided to go into business together and then then one decides to go file bankruptcy. It doesn't work that way! If a partnership files for bankruptcy then...
Your bankruptcy was not discharged, unless it was thrown out of court. Your debts were discharged. You can keep making the payments, find somebody who will take the car and make the payments, or call the lender to make a "voluntary repossession." You will then learn what a dumb move it was to buy...
I need this answer too.The title company filed bankruptcy after we put an offer one a house and they took our earnest money.It's been over one year. what shall we do?
  Yes, although, from your question, depending on the sale, it may be the collection agency that is actually suing you. If they just hired the collection agency 9didn't actually sell the debt), then the credit card co is actually suing...but they hirted the process out to someone else. When the...
Answer . Best chance: Make sure your 401k plan administrator files a claim as a secured creditor, which you of course won't protest.
A reverse mortgage is typically unaffected by bankruptcy. Only in a case where you want to surrender the home would the bankruptcy court be involved on any mortgage product other than to dictate terms of repayment of defaulted payments. with a reverse mortgage there are no payments so that would not...
  No such thing as a blacklist.   Your credit report reflects it for at least 10 years...what that means depends.
i think it is a good idea to have puppies when your a person
  The debtors is th one who files BK.   Basically, it's pretty simple: all of their assets are used to pay off all of their debts.   If they don't have enough assets to pay all the debts, the excess debt may be dismissed by the court.   Some debts (which are whata debtors owes creditors...
  Sure. In or out of bankruptcy, you are an employee at will. The employers will. And your own.
== ans ==   Only the people who SIGN the agreement with the credit company can be held responsible for the debts incurred on that agreement. If that isn't your signature on the agreement....you have no obligation and they can not pursue it in any way, shape or form!   == ans ==   Not as...
  i had been hearing this rumor: a person inside has indicated they also have been questioned on this for a few weeks. there response is things are well, so just a rumor