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Can someone add a debt onto their bankruptcy even though the debt occurred after they had filed for Chapter 7?
Jahayes1
No, this is considered a post-petition debt. It would not be covered by the bankruptcy, you would legally owe this debt. Bankruptcy only covers charges up to the filing date. Not the meeting date,not the discharge date and not the closing date.
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∙ 18y ago
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Can someone add a debt onto their bankruptcy even though the debt occurred before they filed for chapter 7?
You are supposed to list all of your debts. Have your attorney add it.
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
How do you stop a civil suit that was left out of my chapter 7 bankruptcy?
You can re-open your chapter 7 and amend the relevant documents. Some bankruptcy districts still maintain that unsecured debts not omitted for fraud or other illegal purpose are discharged even though not listed. Check with a local bankruptcy lawyer for your court's practice.
Can a person file for ch 7 bankruptcy even though he is still in ch 13 bankruptcy?
Yes and no. No you cannot file for two types of bankruptcy at the SAME time. But yes you can file for chapter 7 bankruptcy if you were unable to complete chapter 13, which is very common. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. Note that in switching from Chapter 13 to Chapter 7, much of the debtor's property is now up for grabs to be sold off to pay his or her debts. However, if the debtor cannot make the payments under a Chapter 13 bankruptcy, switching to Chapter 7 may be his or her only option.
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.
Will filing for bankruptcy reduce the principles on student loans and mortgages?
No, filing for bankruptcy does not discharge or reduce the principle on student loans, though the bankruptcy process may put 'recovery attempts' on temporary hold. Regarding mortgages, filing bankruptcy will potentially discharge your debt, though you may lose your home unless you choose to file a Chapter 13, which will allow you to consolidate debts and retain your home if you so choose.
Can anyone file for Chapter 11 bankruptcy or just businesses?
Chapter 11 bankcrupty protection can be initiated by anyone: any business (corporation, partnerships, sole proprietorship) or individuals; though it is primarily used by corporate entities.
Chapter Seven Bankruptcy - Liquidation and Exemptions?
Bankruptcy is a legal procedure which allows someone to either reduce or eliminate their worrisome debts. The U.S. Bankruptcy Code in Title 11 outlines and details requirements, statutes and courts that make a bankruptcy case operate smoothly.The main difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy is the latter's agreement of reorganizing debt instead of eliminating it. In Chapter 7 bankruptcy, all debts must be cleared. Creditors allow a Chapter 7 bankruptcy to be a volunteered procedure, but it's usually forced. Chapter 13 bankruptcy is always voluntary. Every eight years, a Chapter 7 bankruptcy can be filed, contrasting Chapter 13's two-year wait.Chapter 7 bankruptcy obliges creditors to seek liquidation of non-exempt assets. A regent of the bankruptcy court takes possession of these assets and sells them; the money gained from the assets sold is used to help free the debtor from his or her debt. After this, the debtor is free of obligations to the creditor.Not all debts are discharged in Chapter 7 bankruptcy, however. Financial obligations such as alimony, child support, taxation and student loans cannot be discharged. Likewise, any debts that were deliberately not mentioned will refrain from being exempt of dismissal.For Chapter 7 bankruptcy, liquid assets are targeted instead of other things of material value. Liquid assets are what someone would survive on if they lost employment suddenly. The usual list of liquid assets include cash money, funds in a bank account (checking or savings), mutual funds, stocks and bonds. Illiquid assets take a great length of time to be converted into money, which is why creditors shy away from claiming these in a Chapter 7 bankruptcy. Electronics, furniture, jewelry, pricey clothes and real estate are all examples of illiquid assets.The consequences for filing bankruptcy is steep, starting with the length of time it lasts on a person's credit report: 10 years. That's an entire decade of a person's credit looking risky and intimidating to potential lenders. Investing will also be a lot tougher after a Chapter 7 bankruptcy, but it's not an impossible goal. As with all bankruptcies, credit score is severely reduced.Bankruptcy is not all doom and gloom, though. As stated previously, some assets (liquid or illiquid) are exempt from being taken into custody. The most commonly exempt assets are:Health insurance plans. An IRA account with less than one million dollars. Motored vehicles up to a certain value. Household appliances. Rewards from personal injury lawsuits. Necessary clothes, footwear and home furnishings. Inexpensive trade tools.Further inquiry on exemptions can be determined by what state the debtor lives in. Not all states have the exact same laws on Chapter 7 bankruptcy exemptions.
What effect will a five year old bankruptcy have on getting a job that requires a background check?
It all depends on the employer, usually after seven years a bankruptcy is clear from your record, even though someone has a bankruptcy in their record they can try to get credit to begin to improve their credit.
Does bankruptcy apply to a person and liquidation to a company?
That may be true in the UK (though companies are more likely to go into "administration" there) and in some other countries. However, in the U.S. virtually all types of insolvency are now called "bankruptcy", whether for a person or a company; "liquidation" is just the traditional description of Chapter 7 bankruptcy.
Can you file for a voluntary dismissal of a chapter 7 bankruptcy in Arizona?
You can dismiss a bankruptcy anywhere (at least in the U.S.) Check with an attorney to see how this will effect you though. You will still have a bankruptcy on your record and will still owe everything. Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
If your ex has filed for bankruptcy and has informed that he is not allowed to make over a certain amount he is now He make a good wage will his wages change?
There's a test you have to pass to qualify for a Chapter 7 bankruptcy. If you don't meet the criteria, then you can't file Chapter 7, though you can still file Chapter 13. As best I can tell, that's what you're talking about, but the wording is too confusing to know what you're actually asking.
