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Can you get in trouble if you listed your 401k as an asset in bankruptcy and cashed out to pay remaining debt after the fact?
Jheiber
Generally you cannot get in trouble for cashing in a 401(k) that was listed as an asset in your bankruptcy case to pay off non-discharged debts after the case is over. If the 401(k) was listed as an asset, the court most likely ignored it since 401(k)'s are virtually always exempt (safe) in a bankruptcy proceeding, and once the case is over you are free to liquidate (i.e. cash in) your exempt assets and do whatever you want with the money, such as pay off non-discharged debts. If for some reason the court found the 401(k) to be an unexempt asset, such as if it was completely funded right before the bankruptcy was filed and was really just an attempt to protect cash, then if it is liquidated by the debtor without court approval this could be a problem. But, assuming no fraudulent activity on the part of the debtor, there should not be any problems. 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!
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∙ 16y ago
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If an LLC declares bankruptcy how are owed employee wages handled?
If an LLC declares Chapter 11 bankruptcy the employees wages will continue to be paid as normal. However, under a Chapter 7 bankruptcy, the employees are listed as creditors, and wages are paid out with other creditors from any remaining assets, if any remain.
Can discharged items that were included in a bankruptcy be listed as discharged in bankruptcy on your credit report?
Yes, discharged debts are generally noted as "included in bankruptcy" on a CR.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Can one put car payments on their bankruptcy?
You not only can, you must. All creditors must be listed in any bankruptcy filing.
Will a bank hire you if you have a bankruptcy on your record?
no they will not Yes. Each bank has its own rules but most will, unless of course they were listed on the bankruptcy
If you are not listed as creditor on chapter 11 bankruptcy?
File a proof of claim
Where can one find information about bankruptcy filings?
One can find information about bankruptcy filings on government websites. It depends on where your country is and all the instructions of how to file bankruptcy will be listed in steps for you.
Is a debt discharged if it was not listed on the schedule F on a no asset chapter 7 bankruptcy?
No
Once Bankruptcy has discharged your creditors can they still be listed as adverse accounts?
Yes.
Can you have a catalog account after you are discharged from bankruptcy?
Yes, after bankruptcy your debt (that which was listed in the bankruptcy) is eliminated. It may, however, take some time to restore your credit rating to the point where creditors will take a risk on you.
Does filing bankruptcy remove bad marks from your credit report?
No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.
Does wage garnishment stop the day you file Bankruptcy?
It should, but only for as long as the bankruptcy is active, and only so long as the debt is listed after the bankruptcy is discharged. More accurately, the garnishment must stop when the plantiff in the judgment has received notice that there is a bankruptcy.
