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Can I exempt my ownership of a partnership if you declare Chapter 7 Bankruptcy?
Wiki User
∙ 17y ago
Not legally. It's a resource that can be used to pay your creditors. If you hide or refuse to acknowledge it, you're cheating the creditors and in violation of bankruptcy law.
Wiki User
∙ 17y ago
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What is the process on how to declare bankruptcy?
First consult a lawyer for which bankruptcy chapter you qualify for and let him/her assist you with the bankruptcy procedures as bankruptcy procedures are not the same in every case. Chapter 7 and Chapter 13 bankruptcies are the most common. For more information, visit these websites: http://howtodeclarebankruptcy.net/ and filepersonalbankruptcy.org/how-to-declare-bankruptcy/.
What type of bankruptcy did General Motors declare?
Chapter 11.
Can you just declare bankruptcy on your home?
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
Did Lucent Technologies ever declare Chapter 11 bankruptcy?
no, they merged with a french company alcatel.
Can you declare bankruptcy now that your first bankruptcy is discharged?
It depends on the chapter you filed under. If you filed under Chapter 7, you have to wait 8 years before filing again. If you filed under Chapter 13, you only have to wait four years.
Can you work after you declare bankruptcy?
Yes, you are not required to be unemployed to declare bankruptcy.
Did the US declare bankruptcy?
No
Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
Why did the attorney tell us it would be seven years for a Chapter 7 bankruptcy?
By law, a person (or couple) can only declare bankruptcy every seven years. If you go through with a Chapter 7 bankrupcy, it will take 7 years for it to rotate off of your credit history.
When is it necessary to declare bankruptcy?
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
Can someone who earns 80000 per year declare bankruptcy?
Anyone can file for bankruptcy as long as they have debt that they cannot payoff. They may not be eligible for a Chapter 7 in the average income in their area is less than 80,000/yr however.
How long after the first bankruptcy you can declare a second bankruptcy?
It takes seven to ten years after you initially declare bankruptcy for it to drop off your credit report, and you really should wait at least 1-2 years after that to declare again I hope that helped.
