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...
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 mustfile the 1099 to show the amount of debt that was forgiven.
To get cheats for swords and sandals, go to *1. Download the newest engine, and after you download and install it, click yes on the first box, no on the second. Now as for the cheating, here's what you do. Say you have 1,000 gold and want more. Multiply it by 8, get your answer, click first search....
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 atbecause if you have bankruptcy you can ether bee a employee or workyour 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 IRSmoney witch could cause a conflict between you and the BankingAgency, Other words know what's up before you do it.
No, a check can't be garnished without a garnishment. Only a judgecan 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...
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 discharge under Chapter 7...
The answer to this really depends on the nature of the property and how it is held (i.e. tenants in common, joint tenancy). You can file for bankruptcy for your personal debts. If the ownership debt is easily severable then it is likely that you would be able to file for bankruptcy and include the...
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
I am not sure what you are asking, but here goes. If you file bankruptcy for yourself, it only applies to you. The debtors can, and probably will go after your ex. It happened to me already. Your ex can file bankruptcy on his own behalf, and be protected also. If you have a judgment against your ex,...
It's usually sold or auctioned off by the lienholder.
It is *possible* that the Bankruptcy Trustee may accept a motion, made by your attorney. But, there are many considerations including is it a Federal tax debt or state? What is the amount, was there fraud involved and so on;
"How is a claim filed as an unsecured creditor to the US bankruptcy court case 07-23686-RG?"
Yes. Only child support and alimony are not dischargeable. That does not mean you cannot hold your ex in contempt for doing so, however. State laws differ, so consult a knowledgeable lawyer.
A chapter 13 involves a plan you and your attorney have proposed to the creditors for them to object or not and the court to allow if no objections are filed. The C. 13 trustee does not "force" you to do anything, other than propose a fair plan according to your income and expenses
ALL money you receive in a month. This includes: Paycheck Self-Employment Under the table Pensions Social Security Child Support pet sitting for the neighbor on a regular basis Speak with an attorney about your specific situation. If you can not find an attorney, contact your...
If you are in a chapter 7, you cannot sell any property without permission from the court and the knowledge of the trustee. Get a lawyer if you do not have one.
It will leave you responsible for any joint debts you had with your ex. That includes any arrears prior to the ex filing, attorney's fees, penalties, etc. That will in turn affect your credit score and your credit report. If there are no joint debts, it should have little effect, but you may want...
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.
A black mark on your credit report. This and most emplyorers ask you if you have ever filed for bankrupcy. This is one of those questions durning an interview that is best answered with a no so staying away from it best you can is probably in your best interest... however I think I heard Donald...
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...
Not without a Court Order
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' obligations...
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 . \nAll 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, contempt of court and a...
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 debtor...
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.
When you file bankruptcy, you must include ALL assets that you own. You can't pick and choose. This is considered fraud upon the court. So, absolutely not.
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...
What do you mean by "safe"? The rental agreement or lease will not be affected by the Chapter 13, but you as a prospective landlord should make sure the rent amount is in the plan or is supported by the debtor's current income, which would have to be more than the original income. Many Chapter 13s...
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 debtor...
The answer depends upon what you are seeking. The term "relief"could refer to alimony, child support the payment of bills by yourspouse--just about anything. A motion is a request to the court totake some type of action.
There are 100 cents in a Euro..
You should check with a Lawyer concerning transfer of property and Chapter 13 bankruptcy. Some things are legal and some things could bring a conviction of fraud and prison time. Sometimes there is an extremely thin line between the two! I assume that whoever is filing Chapter 13 has a lawyer. That...
Yes, you do. And any tax refund may have to be given to the trustee.
You don't file bankruptcy "on" anything. You file for bankruptcy for all debts, including a mortgage or mortgages. If the other party has been paying the mortgage and has possession of the premises, there may not be a problem for that person. If there is a divorce order requiring the absent party...
If the foreclosure sale has not happened (the auctioneer has not said "sold" or in some cases, the foreclosure deed has not been recorded), the foreclosure stops until the mortgagee (lender) obtains relief from stay from the bankruptcy court. Your plan may provide for the payment of the mortgage...
If it was an unsecured debt, and you did not intend to omit it for some reason that would constitute fraud, it was discharged. If a debt collector is trying to collect it, see a bankruptcy lawyer or a lawyer who handles debt collection defense. You can file for contempt in the bankruptcy court. ...
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.
AIG did NOT file bankruptcy. It was bailed out by the Federal government, who now owns 79.9% of the company (just shy of the 80% needed to formally put it on Uncle Sam's books). Past stockholders--or whoever bought shares from them--still own the rest, unlike a true bankruptcy such as GM or Chrysler...
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.
No. The plan may provide for the sale of the home and using any net proceeds to fund the plan. If the house is under water (worth less than what is owed on mortgages and lines of credit), it may be better to just let it go through foreclosure. The mortgagee will have to file a motion for relief from...
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 insurance...
this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secured debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5...
Pl somebody answer!By filing bankruptcy immigrant petitions for family members are not affected. If the owner files for bankruptcy immigration petitions by employers may be affected. Your petition for immigrant visa for your spouse and minor children will not be affected in your case. Whether you...
Not usually, you will have to file exempt on items that are owned.
Yes, but you'll have to come back to go to court.
If the LLc is basically your interest in a professional partnership type arrangment...say a consulting firm....try to show that their is no market for your interest..the value is really only comes from the involvement of those working in the business....hope none of your partners offers to buy out...
I filed chapter 7 yesterday and my attorney charged $800 plus the $300 filing fee so it was a total of $1,100.
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 yearsforever. The judge can refuse to grant a dismissal and acceptanceof your bankruptcy if there is a repeated pattern of deliberatelyincurring 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 alternative because the...
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 (not...
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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The basic rule is as follows: if your landlord files bankruptcy that is a matter between your landlord and his creditors, not you, the tenant. You are still required to pay rent or be evicted, as long as your landlord has control over the property. This applies to whether the landlord has filed for...
Yes, but the court usually appoints one for you. In Chapter 7, the trustee's job is to gather your non-exempt assets (if any) and sell them to pay the creditors, or to verify (as in most cases) that there's no non-exempt assets.
In other word the Probate Process of a deceased. Upon death thelegal documentation and will is read, examined to determine validor 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.
The main causes of terrorism in Pakistan or religious zealotry andextreme poverty. Most of the terrorist live in difficult to accessareas of the nation.
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...
Anything involving the law is complicated. I will not advise you. This is not for legal advise. This service suggests. How much do you owe? To whom? Has it been adjudicated? What is going on? If you owe thousands and the bill collectors are hounding you, it might be worth it to get them off your...
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.
Statute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system . It does not apply to all debts! . Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through...
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 distinctions...
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 even...
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 a bad...
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 out...