That would not be an advisable action. Although bankruptcy codes define the definition of BK fraud as a filing made within 60 days of any luxury purchase totaling $1,000 or more, the amount and the specifics of the charges would definitely be a factor. Due to the "rush" of filings before bankruptcy reform goes into action in Oct. 17, 2005, courts are looking very closely at the possibility of any fraudulent intent. An alternative and safer option might be a Chapter 13, but be advised any bankruptcy filing will be quite difficult once new BK reform has become law. It would be a good idea to discuss your options with a qualified bankruptcy attorney, most offer free or minimal fee consultations.
If you are referring to a chapter 20 (chapter 7 + chapter 13), then yes it is possible. The BK court doesnt differentiate between the types of debts (i.e. taxes, mortgages, medical debt, or credit cards) so you cannot file a chapter 7 for personal debt, and then expect to be allowed to file a chapter 7 for medical debt soon after.
Divorce will not affect filing chapter 7. If the divorce is final, you will have to file separate chapter 7s. If the divorce is not final, or has not happened, you can file a joint chapter 7.
Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.
Then the co signer would no longer have any liability to pay any debt you defaulted on.
I wish if I knew the answer
Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.
It added a means test to determine the eligibility of debtors to file under chapter 7. For example, there are certain income restrictions that prevent people from filing chapter 7, if there income to debt ratio proves they could pay back some of their debt.
If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.
can I start a new business if I'm going to file chapter 7 on my personal debt?
The type of bankruptcy that you file all depends upon your personal case. If you have little in the way of assets and a lot of unsecured debt, then Chapter 7 is likely going to be the Chapter to file. If you are trying to save a home from foreclosure or reorganize other types of debt, then Chapter 13 would be your best choice. Consult with an attorney to make certain you are filing the proper Chapter for your particular case.
You can file for Chapter 13 bankruptcy, however your debt reorganization plan/ timeline must be formally approved by the court. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels. When Should I File under Chapter 13?Chapter 13 is recommended if: * You have debts that are not dischargeable in Chapter 7 * You are in default on mortgages or car payments * You have more property than can be exempted under Chapter 7 * You owe taxes or other debts that are not dischargeable in Chapter 7
It would depends entirely on your financial situation, there is not enough information to determine. If you were to file chapter 7, the that credit card would be forgiven.
As an unknown individual at the Doney & Associates law firm surmised, "there is no real Chapter 20, but we bankruptcy attorneys amuse ourselves by proving that we can add." A Chapter 20 is when you file a Chapter 13 right after a Chapter 7. One reason some people do this is because you cannot stop a home foreclosure with a Chapter 7, but you cannot file a Chapter 13 if your unsecured debt exceeds a certain dollar amount. So, if someone's home is being foreclosed but their unsecured debt amount exceeds the limit for a Chapter 13, those persons may file a Chapter 7 and wipe out the unsecured debt, then file a Chapter 13 and stop the home foreclosure. Some Courts frown on Chapter 20's since they see it as an unfair manipulation of the bankruptcy code.
If it has value above its debt, probably not.
Chapter 11 is for corporations or other legal entities, or individuals with more debt than qualifies for a Chapter 13. Otherwise businesses file Chapter 7 the same as individuals.
There is no minimum debt you must have to file for bankruptcy. However, if your debt is too low in relation to your income or assets, you will either have to repay the debt in full (if you file a Chapter 13 bankruptcy) or the case trustee may ask the court to dismiss your case for bad faith (if you file a Chapter 7 bankruptcy). For more information on the bankruptcy process, please click the link below. The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.
File Chapter 7-Offer is Zero!
Generally speaking, there is not a minimum debt that qualifies you to file for bankruptcy but rather the court evaluates your income versus your debt to determine whether bankruptcy is appropriate. Known as a "means test", it is a complicated calculation that determines your ability to pay your creditors and also compares your financial status with that of the average person in your area. You have to pass this test in order to file for Chapter 7. Also, prior to being able to file you will undergo credit counseling.
You don't file BK on a specific debt. All your assets and all your debts must be included.
yes. A joint account simply allows the creditor to collect from either party. If you file a chapter 7 without the other other person, your liability on the debt will be discharged. Your discharge has no effect on the other person's liability for the debt.
There is not a minimal amount of debt needed to file BK. However, the new BK laws make it difficult for any debtor who has a source of income to file any type of BK other than a Chapter 13.
That depends on your situation. If you have filed but not received discharge of debt, then you may refile immediately. If you filed for chapter 7 and received discharge of debt, then you can file eight years after discharge date for chapter 7. If filed under chapter 13 and received discharge of debt, can refile after two years for same chapter 13. http://www.jacksonwhitelaw.com/what-we-do/get-help-filing-for-bankruptcy/ If the first bankruptcy, C. 7, was dismissed for cause, you have to wait 180 days before refiling. If you file a C. 7 and get a discharge, you can file a C, 13 immediately after the 7 is closed, called a "Chapter 20" by bankruptcy lawyers who know what they are talking about.
You have to file all the required documents. In those documents, you have to disclose all your assets and their values and all your debts, as well as your income and expenses. You have to file the means test. You have to file the certificate of debt counseling from a debt counseling entity approved by the U. S. Trustee. You have to file a Statement of Intention regarding any asset that is subject to a purchase-money or security agreement. If you are thinking you can just file bankruptcy for one debt, that is illegal unless it is the only debt you have.