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You can up and until you do it, most people say why it doesn't matter? I found that it did matter, because the late payments also show for 7 years.
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∙ 12y ago
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What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
What do you call a legal process to pay the creditors of a corporation declared to be insolvent?
insolvency Bankruptcy
Which of these can occur when a person owes more money than he or she can earn or pay to creditors?
Bankruptcy.
Which can occur when a person owes more money than he or she can earn or pay to creditors?
bankruptcy
What is a legal proceeding for distributing to creditors the assets of those unable to pay their debts?
Bankruptcy
Which of these can occur when a person owes more money than he or she earn or pay to creditors?
bankruptcy
Can I exempt my ownership of a partnership if you declare Chapter 7 Bankruptcy?
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.
Can you sell your home while under bankruptcy?
Yes..However, an attorney should answer this question..I do believe the bankruptcy court must approve of the sale..Any proceeds from the sale that you may pocket, could be used to to pay creditors, if the bankruptcy court orders it.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
Can you withdraw from a 401K without consequence while in chapter 7 bankruptcy in Washington State?
NO, and you shouldnt. Pension and 401 accounts are out of reach of creditors. If you are to withdraw from your 401, that money would be subject to seizure by the trustee to pay off your creditors.
Why would your bankruptcy trustee object to your stopping your bankruptcy?
You might have had assets in excess of your statutory exemptions that the trustee is legally obligated to collect and pay your creditors.
