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A short, rough primer: BK is always done under Federal Laws, in a Federal Bankrutpcy 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 intended to make things adhere to the local laws and customs better). ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilities/debts must be too. No exceptions, no picking and choosing. The court will then order each of them in priority according to the laws, some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder becomes a general or unsecured claim against the BK. The end amount that can't be satisfied is discharged by the court...meaning you no longer owe it. You get a fresh basically debt free start....many of those you owe don't get paid what they had expected, if anything. There are many other considerations too. BK will severly hurt your ability to get credit for a very long time for example. It is on your credit report for at least 10 years...and employers refer to that too. Many more things. Not disclosing all items is frequently and easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well). Many seem to fall into the trap thinking that they can trick or change the system. It simply ain't going to happen. The courts, Judges, laws, bankers, all those zillions of attornies, etc, have been through this thousands of times for many, many years. The processes are fairly well worked through and prepared for tricks and games. It is unlikely you would discover one that hasn't been tried a zillion times before! The Cos that claim they can change your record, or make magic happen (either before or after BK), are scams.
Wiki User
∙ 15y ago
Wiki User
∙ 13y agoYou can still file BK if you dont have assets. Most chapter 7 BKs filed are considered "non-asset" cases
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What happens if you dont pay after filing bankruptcy?
Assuming its a chapter 13 bk, if you dont make your plan payments the court will dismiss your bk- allowing creditors to resume collection efforts
What happens to the deficiency of a repossession after chapter 7 bankruptcy is discharged?
IF you list it on the B/K. it goes away, you dont owe it anymore.
Is inheritance exempt in Bankruptcy?
No, the BK Trustee is to be notified of any inheritance received within 6 months of filing BK (even if you have already had your BK case discharged and closed). Short answer- no, you dont get to keep it unless you receive it more than 6 months from filing BK.
What happens if they file legal action againist someone if they dont have car?
you must be more specific, who is filing legal action and who are they filing it against? what does this have to do with a car? my answer to your question would have be that it is not a strong case, since not having a car is not illegal.
If you keep a car after filing bankruptcy can you turn the auto in later?
IF the lender will accept it. they dont always pick them up, it depends on the condition of the car, VALUE of the car, amount owed, time of sunrise in New Zealand, ect.
If you are filing bankruptcy and your car is damaged and the lender will not repossess it what should you do with it?
Notify the LENDER by cert mail that they have 10 days to remove the car or you will have it towed by a wrecker company. IF they dont p/u the car, call a wrecker co. to come get it.
What is the objectives of filing system?
The objectives in filing are, 1Efficiency 2Economy 3Simplicity
What can happen if people dont budget?
loss of assets like a house or car. not enough money to pay bills like electricity and water or even food. bankruptcy. oh, and the emotional distress you get from worrying about all this if it starts to happen.
Can you keep your cash when filing for bankruptcy?
An inheritance is an asset. When you file for bankruptcy, you will need to list your assets & liabilities. It will be subject to deep scrutiny, because you cannot have your cake and eat it too.
You owe a lot in cretit debt you dont own any vehicles if you declare bankruptcy will they take your wife s cars?
Not if you have no ownership interest in the vehicles. That is, your name is not on the title and you are not in a community property state. You cannot give your wife your car before filing, either.
Can store reclaim merchandise after I file bankruptcy?
Chapter 7 yes your are allocated a threshold for personal items cash jewelry,furs,stocks,bonds, etc... After the personal allowance they may reclaim your items if they are hard assets i.e. Car,ATV,boat etc... you would lose them. Chapter 13 since your paying the debts back with the protection of the bankruptcy code. As long as you remain current after the automatic stay is put in place, you keep your assets. If you cant afford it, dont buy it.
If you dont pay your property tax will that affect you in filing bankruptcy?
Well they just don't go away if you ignore them if that's what you mean. The taxes will be a claim, a secured claim, in your BK. It will affect what is availabel to pay others and may well affect your chances to save the property they are on.
