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What else can I help you with?
What happens if a piece of property you purchased by quit claim deed has a mortgage against it?
You must pay the mortgage or the lender will take possession of the property by foreclosure.
Can a secured debt be taken from you after it was discarged in a chapter 7?
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
Whats the definition of a business asset?
Business asset is a piece of property or equipment purchased for business use. It is also a personal property that has value which can be used for the payment of its owner's debt.
Thomas Jefferson purchased what piece of property for America?
The Louisiana Purchase, which included portions of 14 current U.S. states and 2 Canadian Provinces.
How do you use an exemption in a bankruptcy?
Each State determines how much property a person who files bankruptcy in that State may keep. So, if the person filing bankruptcy has more property than the State says they can keep, the property over and above the maximum may be sold by the bankruptcy court and the money is given to creditors. This is for the sake of fairness: It is unfair to the credit card companies for someone to file bankruptcy with $10,000 in cash in the bank and get rid of $10,000 of credit cards when they could have just paid the cards off. Or, it is unfair for someone to get to keep a $30,000 RV and get rid of $10,000 in credit cards when they could have sold the RV and paid the credit cards off. So, generally you list all real estate you own on Schedule A of your bankruptcy petition, and you list all personal property you own on Schedule B of your petition. Then, on Schedule C you re-list those pieces of property and list the State exemption (or Federal exemption if applicable) which protects each piece of property. If a piece of property is not exempted on Schedule C, it may sold by the bankruptcy court in Chapter 7, or used to increase the amount of money that has to be paid into a Chapter 13 Plan. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
What is A written claim to some piece of a property?
A written claim to some piece of property
Can a piece of land you are buying from an individual in a foreign country prevent you from filing Chapter 7?
Possibly. The trustee will take into consideration that the filer has assets to purchase property. It is possible that the bankruptcy can be dismissed, due to lack of good faith on the part of the debtor.
What it would cost to replace a piece of property?
This question is too vague, and needs more information! What the piece of property is needs to be stated.
Can a chemical property of carbon be a large piece or fine powder?
No, that is not a chemical property.
What is the parcel of land?
parcel no pacel. It is an open piece of property.
The owning of a person as a piece of property?
slavery
A Glossary of Legal Terms Associated With Consumer Bankruptcy & Debt?
Here is a brief glossary of legal terms associated with bankruptcy and debts which can help readers understand some of the common legal terms associated with the bankruptcy process. A: Automatic Stay: An automatic stay is the court order issued by a bankruptcy court that stops debt collection attempts which are made against someone who files for bankruptcy protection. Avoidance: Avoidance is a legal term that describes the ability of debtors to avoid certain types of liens that make it difficult for the debtor to claim an exemption used in the bankruptcy process. B: Bankruptcy Code: The Bankruptcy Code is the set of state and federal laws which govern the bankruptcy process. Debtors use certain chapters, or sections, of the Bankruptcy Code to petition for bankruptcy relief. C: Chapter 7: Chapter 7 is the section of the Bankruptcy Code which allows consumers to sell everything that is legally allowed to be sold to satisfy creditors’ claims. Chapter 13: Chapter 13 is the section of the Bankruptcy Code which allows individuals to set up payment plans to pay back at least a part of their debts back to their creditors over a 3 to 5 year period. Collateral: The property that is used to satisfy a lien is called collateral. Confirmation: The legal process by which debtors agree to repay a debt that is dischargeable in a bankruptcy is called confirmation. D: (To) Discharge: The discharge process is the legal process that is used to eliminate a debt during the bankruptcy process. E: Exemptions: Exemptions are special concessions that debtors can use to protect various personal items from their creditors. L: Lien: A lien is a legal interest in a piece of real estate or personal property that is used to secure a debt. M: Means Test: The means test is an initial process used to determine if a consumer qualifies for bankruptcy relief. Some debtors may be excused from taking the means test if they meet certain requirements. Meeting of Creditors: A meeting of creditors is a formal legal proceeding that is used to review the debtor’s petition for bankruptcy relief. P: Petition: A petition is the formal legal process by which debtors ask for bankruptcy relief. A petition is also the set of formal documents used to process a bankruptcy case. S: Schedules: Schedules are the formal documents that list all of the debtor’s assets and liabilities.
