What would you like to do?
If you file chapter 7 bankruptcy what happens with your state pension plan?
If you exempted it in full, yes. If you did not exempt it, and you knew before you filed that you would be getting it, you have committed a fraud on the court and perjury. If …you were entitled to receive it before or within 180 days after the bankruptcy (chapter 7) was closed or you got your discharge, it goes to the trustee. If you did not know you were entitled to or going to receive this money before or during or within 180 days after the discharge, and you got it more than 180 days after discharge, yes, you can. Some pensions are exempt under state or federal law, so consult a local attorney if you are not sure.
Answer Eight years after the discharge of a previous chapter 7, four years after the completion of a chapter 13.
Almost any individual, partnership, or corporation may file a chapter 7 bankruptcy petition if he or she live in, has a domicile, a location of business, or property in the Un…ited States. If you filed a prior bankruptcy petition and the prior proceeding was dismissed within the last 180 days, you may not be able to file a second petition. If you pass the "means test" and complete the required credit counseling within six months prior, most people can file a Chapter 7.
I believe the correct procedural step to withdraw a Chapter 7, or at least the most common, is to file a Motion to Dismiss with the Bankruptcy Court. However, this act should …be discussed with an attorney who practices locally since dismissing a case is not always as simple as it seems. Once a case is filed it will stay on your credit report for 10 years regardless of whether it is withdrawn prior to Discharge. Also, the trustee or creditors can object to dismissal if they think their interest will be compromised due to the dismissal. For example, if a debtor inherits $10,000.00 the day after a bankruptcy case is filed, the trustee (or a creditor) may object to the debtor's attempting to dismiss the case since they would be afraid the debtor would dismiss the case, then go spend all the money, and then come back and try to re-file a new case later. 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. Skip your 341 meeting.
You can: 1) Hire a lawyer 2) File without any assistance by finding the right forms and regulations for your state and district you live in...or 3) Hire a bankruptcy petition …preparer to simply prepare your petition for you! Bankruptcy, in fact any legal process, any expert process..is not something one should do for themselves...even experts and well experienced or skilled people don't...and as you can ask a question like this...it just goes to show your likely entirely incompetent to do so even if there was an answer for "how" (that obviously doesn't involve virtually all the 10,000s of pages of legal writings and court operations that may or may not be needed, and change, for each case! There are going to be many, many, many more complicated questions to be answered, actions that must be done to get the best result, specific requirements. documents, etc....to answer fully and accurately...all much more difficult than figuring out a logical place to start a "how to...do a legal thing"...is the legal courthouse...in this case one of those in the entire court system that deals only with this type of case...The US Federal Bankruptcy Court for your District. Addressing the underlying part of your question - it is realistic to think everyone filing BK is in a dire financial position already without easy ways to pay for things, especially attorneys. That said, many lawyers keep their fees very reasonable for this, and there are provisions to assure administrative costs involved, like attorneys, are able to be paid as part of the process. Before you go any further, you should consult at least 2 attornies who practice in this field to get more info. These initial consults are almost always available for free. You can always file and administer it yourself, with only modest filing & court fee's, that are even sometimes able to be waived if you can meet certain qualifications, and again, file everything properly, etc. However, any court process is complex and can have any number of special issues and possible results. To someone who is unfamilar with it, and especially someone who may not be very financially conversant and able to easily understand the things being asked and where/how to get required documentation, etc. To expect to get the best result or even hoped for one, (in fact as seen from many of the Qs and beliefs expressed in Qs here, to not make matters even worse...even criminally so, or find that something was missed that becomes a problem years later), is simply unrealistic. I am not one, and may not particularly like them, but something as important as this to your future (not some purchase just because you want it), is exactly why and when an attorney (or expertise) is needed. As you look to get a fresh start and handle financial things differently, the purchase of expertise to accomplish it is not the time or place to DIY. == The Steps For Filing A Chapter 7 Bankruptcy: 1) You meet with an attorney (or can self file, which probably isn't recommended, especially if your starting with having to ask here. However, perhaps any of the "do it yourself" legal kits would be a viable alternative if you really want to go it alone.) 2) You submit a list of creditors, with addresses, types of debt and amounts owed. You'll also answer questions and provide information about your income and assets. 3) If after review you decide to go ahead and file, and determine which Chapter is best, prepare and sign all of the paperwork. 4) The attorney's office, or you, files the case. (Legal cases and procedures are exacting and frequently require lots of specific info., especially for someone not experineced in it). 5) You will attend a First Meeting of Creditors (341 meeting) where you will be asked questions about your case. 6) You will start to receive correspondence about the progress and may need to respond or instructions in case you have to reappear. Sometimes if you are reaffirming on a debt (for instance, keeping your car in a Chapter 7 and continuing to pay on it) you will be required to attend a Reaffirmation hearing. 7) If all is well, the debt will be discharged and the case will be closed. Many attorneys will give you a free consultation, but it is advisable to call and ask them instead of assuming that you won't be charged for the first meeting. The most important thing to keep in mind if you do file bankruptcy is that it is vital to keep your credit clean and your bills paid on time once the case has been closed and the debts discharged. I'd suggest that you consult with a local attorney for all the facts, because only an attorney can advise you on all of the details of the bankruptcy process and whether it is a viable option for you. You get the forms and instructions and read them carefully and understand everything. All the forms are available free from the bankruptcy court website for your jurisdiction. Some states have only one bankruptcy court for the state, some have two or three. Google your state and US Bankruptcy court. Read the rules, which you will also find on the website. Complete the forms. Most people do not understand exemptions and do not claim them, or do not claim them properly. The second biggest mistake self-filers make is to not complete the Statement of Intention, which only matters if you have a motor vehicle loan or a mortgage or home equity loan. The third mistake is not listing all - ALL - creditors and preparing a creditor mailing list in proper form. Forms and instructions are also available at several websites, usually belonging to lawyers but may not be free.
You have to wait 2 years, in Tennessee anyway, between filings. = Ans == Bankruptcy is ALWAYS in a Federal Court and under Federal Laws. (Yes, some Federal D…istricts use the prevailing rules regarding some things in their area...like what may be personal property compared to real property, but the overall rules are universal). YOUR STATE GENERALLY MAKES NO DIFFERENCE. Bankruptcy laws were reformed in 2005 making the time limit between chapter 7 filings 8 years from the time of discharge and the time for filing a chapter 13 after a chapter 7 discharge 4 years.
Any person of legal age or legal entity (corporation, partnership, LLC, etc.) can file for c. 7. Whether there is any need or point in filing depends on other facts.
There are both advantages and disadvantages to filing for bankruptcy. Chapter 7 is often known as debt liquidation bankruptcy and is a good options for many individuals are co…uples that are in dire financial straits. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over. It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.
Those in retirement accounts are protected from use, but oterwise a stock, like any item of value (that you invested your cash in it doesn't change wha it is), can and would b…e used to pay your creditors...just like any other savings.
You cannot discharge secured debt. You either have to reaffirm the debt / keep paying. Companies like Aarons will come to repossess their property.
Items obtained through fraud, child support, court ordered restituion and federal/state taxes (off the top of my head). ALL debts must be listed because you are swearing that …you have listed all debts. If there are assets in the case, some of your debts will be paid, therefore, the Courts need to know of ALL of your debts, so you list EVERYTHING. However, some debts are non-dischargable such as: Items obtained through fraud; Domestic Support Obligations; Taxes that are less than 3 years old; Student Loans; Debts incurred in the process of a crime (such as a DUI accident). It should also be noted that there is a 90 day presumptive period. Any debt incurred within 90 days prior to filing a Bankruptcy is presumptively fraudelent. Any debt incurred with the intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.
As asked and answered at least a thousand times here before....and because of the system provided to you already.....I gather you want to ignore it as you want to… ignore the need to do things differently, if you don't want to be considered bankruptt in more than just smarts and financial matters....... 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 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.
The answer to this depends on what state you are in but typically pensions and ERISA benefits are on the list of exemptions from bankruptcy.
not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.
Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and… the distribution of the proceeds to creditors.
The U.S. Bankruptcy Code allows debtors to file for bankruptcy multiple times, but has changed the number of years you must wait between filings. Previously, a debtor could fi…le under either Chapter 7 or 13 after a six-year waiting period. In 2005, this changed to coincide with the new rules for bankruptcy filings under Chapter 13. Chapter 13 After Chapter 7 Section 1328(f) of the U.S. Bankruptcy code restricts debtors who previously filed for bankruptcy under Chapter 7 from filing under Chapter 13 for four years from the date of the Order for Relief. Chapter 13 After Chapter 13 Under the same section, debtors who previously filed under Chapter 13 can again file under Chapter 13 after a mere two years from the date of the Order for Relief, although you may be required to finish payments under your reorganization plan before the judge will accept your filing. After a Dismissed Bankruptcy Filing If you filed for bankruptcy, but the judge rejected or dismissed your filing, or you voluntarily or involuntarily withdrew from the proceedings, you may file under either chapter 180 days after the dismissal/withdrawal date. Rules for Filing Bankruptcy Multiple Times While the U.S. Bankruptcy Code does not restrict the number of times a debtor may file bankruptcy, bankruptcy judges can--and do. Many judges routinely reject additional bankruptcy filings when they feel a debtor is abusing the protection or failing to honor his financial obligations to his creditors. Conversions If you wish to file bankruptcy under Chapter 13 because the provisions seem more appealing, you should consider converting your open Chapter 7 bankruptcy to a Chapter 13, instead.
Many possibilities...C-11 themseleves have many outcomes. Basically your funds are safe. The funds generally are with a separate administrator (bank/financial institution), an…d then invested per your instructions. If you have funds invested in your Cos stock or such....that will likely become worthless like investing in any failing Co. The plan itself, at least the employer matching part, will probably be stopped - as the Co looks to save costs. If the Co does fail, you will be able to convert the vested portion of your unds into an IRA, probably with the same institution... and it will seem the same to you.