0
In a Chapter 7 bankruptcy a person filing for relief is called a?
Wiki User
∙ 10y ago
In a Chapter 7 bankruptcy, a person filing for relief is called a
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is chapter 13?
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
What are the types of bankruptcy?
Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code. Bankruptcy is a court proceeding under a federal statute called the "Bankruptcy Code". The Bankruptcy Code allows persons or other entities in financial distress relief from some or all of that person's debt. Bankruptcies are administered through a separate federal court called the United States Bankruptcy Court. There are several types of bankruptcies. For individuals, the two main types of bankruptcy filings are cases under Chapter 7 or Chapter 13 of the Bankruptcy Code. Chapter 7 cases are also referred to as "liquidation" cases. Chapter 13 cases are commonly referred to as "debt adjustment" or "wage earner" cases. Individuals can also be eligible for Chapter 11 reorganization, but Chapter 11 is normally used by debtors in business or debtors with extremely high amounts of debt. Farmers can also file a separate type of bankruptcy available only to farmers under Chapter 12 of the Bankruptcy Code. The word "Chapter" is simply a reference to a chapter number in the Bankruptcy Code.
How much would your payments be on chapter 13 bankruptcy on 100 000?
A chapter 13 bankruptcy on 100,000 dollars would cost around 500 dollars a month. This estimated on how much stuff a person has.
Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Can you file chapter 7 bankruptcy now after filing in July 2004?
A person can file chapter 7 after 8 years from a previous chapter 7. So the answer is NO.
What specifically does a chapter 7 lawyer provide services in?
Chapter 7 in terms of law refers to when a person or person is filing for a certain and specific type of bankruptcy that is then referred to and known as Chapter 7.
What is chapter 13?
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
How do you find if you are listed as a creditor in chapter 7 filling?
You will receive, directly from the bankruptcy court, a notice of filing and information on filing your claim with the court. If you believe a person has filed bankruptcy, and you know the person' s address, you can check with the clerk of the bankruptcy court. The bankruptcy court one files in is determined by the county within which the debtor resides.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
Are you a bankruptcy?
Bankruptcy is when a person or a firm thinks that they are in financial crisis, they go out for filing bankruptcy in related court.
What do you need to know about filing your tax return if you have filed bankruptcy during that year.?
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
Can someone transfer a house into your name while filing chapter 13 bankruptcy?
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 would be the person to check with.
Bankruptcy and Debt?
If you have a mountain of debt that will force you to file for bankruptcy, there are two types of protection that you can file for with the bankruptcy courts. The first kind of bankruptcy protection is called chapter 7 bankruptcy. Under chapter 7 bankruptcy, your assets will be liquidated and the proceeds from the sales will go towards paying off your debts. Most remaining debts will then be discharged by the courts. The second kind of bankruptcy that you can file for is called chapter 13 bankruptcy. Chapter 13 bankruptcy is more closely related to debt consolidation in that your debts are reorganized and a payment plan is set up between you and your creditors. Chapter 13 bankruptcy is sometimes called a working man's bankruptcy because one of the requirements of filing for the protection is having a job with a steady income. In a chapter 13 bankruptcy filing, you and your lawyer will devise a payment repayment plan that explains to the courts how you will handle your creditors. Most payment plans allow you to make payments for a period between 30 and 60 months after the initial filing. According to current bankruptcy laws, the debtor must prove to the courts that he will be able to carry out the plan for the duration of the time period. Current chapter 13 bankruptcy laws give judges the ability to factor in your living expenses while repaying your debt. However, federal standards are in place that makes it difficult for judges to customize expenditures on a case to case basis. Chapter 13 bankruptcy can also be a punishment for those that have file for chapter 7 bankruptcy fraudulently. Many people prefer to file for chapter 7 bankruptcy because they will not have to repay most of their debts. However, not everyone qualifies for this kind of protection. In order to qualify for chapter 7 bankruptcy, a person must make no more than $167 over the median income of the state. If the courts find out that a person does violate this requirement, the chapter 7 protection can be revoked and changed to chapter 13. Most people that file for chapter 13 bankruptcy will also be required to attend classes that will teach them about money management and personal finance. If you fail to attend the classes or do not pass, your bankruptcy may be revoked, which will erase any protection that you were granted from your creditors. The laws surrounding chapter 13 bankruptcy are quite complex. Should you ever have to file for bankruptcy, hire a bankruptcy attorney who can guide you through the process. Even though your finances may be tight, hiring a bankruptcy lawyer can save you time and make sure that your interests are protected in the wake of your looming bankruptcy.
Do you need to include all credit cards when filing a chapter 7 bankruptcy?
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 should 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.
