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If you filed Chapter 7 bankruptcy last year how it will look on your credit if you surrender your leased car?
NO worse than the B/K and you get to pay any balance owed. What great service from your friendly B/K attorney did you get for the money you payed? good Luck
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Answer Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer sh…ould contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
Answer Does it have to be 8 yrs. before what. have you filed before? Or do you mean 8 yrs. for selling a home? If it is the home yes in some states you can't sel…l a home 8 yrs. before you file. But in some states the home it 100% exempt.
You can get a car lease immediately after filing for Chapter 7 bankruptcy. Since it would be a post-petition debt, there is no waiting period provided that you qualify income …wise. Some lenders may require you to have a discharge, however, it is not required under the law to lease post-filing.
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 e…ight 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.
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.
The law actually limits it to 1 car of $500 or less...however, virtually all Judges (realizing that old amount gets a car with more troubles than solutions) simply make it a r…easonable car....you know - 3 year old Toyota OK, New Mercedes..not gonna be. If the vehicle is really a work one...like a truck for a mover...it is almost always exempted no matter what. The above is wrong. First, it's not the value of the car, it's the debtor's equity, if the debtor has a $80,000 car with a $90,000 loan, he gets to keep it because it's not an asset, it's a debt. (whether it's a good idea to keep it is another issue). Second, the exemption is different in each state, for example in Ohio you get a auto exemption of $3,225. Work vehicles are NOT almost always exempted - there is a separate "tools of trade" exemption but it's not enough to cover a truck (Ohio $2,025).
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.
Bankruptcy will include all your assets and all your debts. You do not pick and chose what you want out of. No one will is expected to accept less, until you have surrender…ed and given up the value of all of what you have. (Minus minor exclusions). The people who have their debt secured get paid by the sale of secured asset, (the house) and if that doesn't generate enough money, than they become an unsecured creditor and collect from the sale of other things. So while some debts may be released, if you have enough assets to pay them, once liqaudated/re-arranged, then they will get paid instead. And certainly, the costs of having all this done will be on you.
No you can not do it, as you have already filed under chapter 7 once before you have to clear up first. ans 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.
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.
Most clients are happy to find that Chapter 7 bankruptcy does not result in them losing their car or home. The answer to your question depends on a variety of factors. First, …under the bankruptcy code, each state is given authority to choose exemptions for Chapter 7 debtors. You can view California exemptions by going to http://www.firstsourcelaw.com/chapter7bankruptcy/chapter7bankruptcy_exemptions.html These exemptions list the type and value of personal property you may keep. Depending on the state of your filing, there is likely an exemption for a car. However, the exemption may have a monetary limit. If you car is worth more than the exemption, you may not be able to keep the car. Start by searching for the relevant exemptions in your state and the amount exempted. Cross-reference that information with the value of your automobile as pulled from the Kelley Blue Book website. Once you are armed with that information, you should have a pretty good idea of whether or not you can hold on to your car. Most of my clients find that they keep all their personal property, including their car, despite filing Chapter 7.
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.
Yes. You are allowed to switch from chapter 13 (which is often a very hard plan to meet and maintain) to chapter 7 one time without questions.
Can bankruptcy be removed from your credit report if you filed for Chapter 7 but did not complete the proceedings?
No. A bankruptcy becomes a public record as soon as it is filed. Its the same as any other type of lawsuit. Even if they are dismissed, they will still show up when searching… for your name. The fact that a bankruptcy was not completed does not negate the fact that it was filed.
If you filed for Chapter 7 bankruptcy on ten years ago what is the date that this should be removed from your credit report?
If you filed on May 20, 1994, then the statute of limitations for that will be up on May 20, 2004, and should then be deleted from your credit history. The rule is 10 years f…rom the date filed. Hope this has been a help!
You can make steps to help your credit even before you file! And certainly, each and every action afterward is vital. How long it will take to get to where you have some level… of actually functional credit depends...along with, credit depends not only on your history of paying exactly as agreed, of soing so showing some financial and business wisdom (meaning not even getting involved with very expensive and dumb credit provided to fools and the otherwise NOT credit worthy), but also your current financial status - your income level, expenses (not just credit expenses), etc., etc.