answersLogoWhite

0


Best Answer
Copy

It would be extremely risky as the bankruptcy court could construe the act as an attempt to shield property or assets from creditors (fraudulent conveyance). The premise being that a new home would not have enough equity to exceed the homestead exemption thereby being exempt from BK action, and the money garnered from the sale of the previous home would become unattachable by creditors.

2006-08-04 21:49:49
This answer is:
πŸ€“
🀯
πŸ€”
User Avatar

Your Answer

Loading...

Related Questions

What can a trustee take during chapter 13 bankruptcy?

Money for your plan payment, tax refunds.


Does it cost a lot of money to file for bankruptcy?

chapter 7 $1800


I need to know how to file bankruptcy.?

You need to contact a bankruptcy lawyer since you need to have one to file. Which chapter depends on how much money you have, you may not qualify for chapter 7 if you have too much money.


You filed chapter 7 and they are still taking money from your check?

WHO is still taking money from your check? and, for WHAT purpose is the money being garnished? If it is for IRS liens, child support, or some other court ordered payment, those are not affected by bankruptcy filings.


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.


My fiance filed chapter 11 bankruptcy and now we want to get married can the court trustee demand more money?

Make sure that it was a chapter 11 and not a chapter 7 or a chapter 13. Many times there are no trustees in a chapter 11 and chapter 11 is almost always a larger business bankruptcy.


Can ex spouse sue for damages after divorce and chapter 7 bankruptcy in which she was listed along with the home in the bankruptcy but didn't declare being a lien holder and had not paid any money?

Yes the spouse who denies that she or he held a property at the time of divorce to avoid more payment is guilty of perjury.


How does a client get their money back if the business files for bankruptcy?

It depends on the chapter they filed and the financial state of the company, most likey not, that is why the filed for bankruptcy, they have no funds.


Chapter 7 discharged bankrupcya cousin is now trying to take you to court for money that you borrowed a year before you filed for bankruptcy are you protected under the bankruptcy?

If you included it in your bankruptcy, you're protected by the discharge. If you didn't and you're already discharged from Chapter 7, you may not be protected. I suggest you discuss this with your bankruptcy lawyer.


If your company is owed money from a company that goes into Chapter 11 what do you need to do?

If a company goes into a Chapter 11 owing your company money, you need to submit a claim to the bankruptcy court yesterday.


Being in a Chapter 13 bankruptcy and receiving money for a personal injury settlement two years after filing do you have to by law turn that money over to the Trustee or bankruptcy attorney?

Why aren't you asking your bankruptcy attorney? It depends on the amount and what the award is for. And the details may depend on what bankruptcy court your 13 is in. You may be able to use the money to prepay your 13 plan and get out of bankruptcy. The money would go to you, not the bankruptcy attorney (unless you owe the attorney money). What claim the trustee would have is the issue.


Can a creditor remove an amount owed them from under your chapter 13 bankruptcy and demand payment?

The creditor is bound by the terms of the Chapter 13 plan. If the creditor doesn't file a proof of claim, then they don't get anything. If they are demanding money, the creditor could be in violation of the automatic stay and you can bring a motion for sanctions.


How likely is it that the court will approve the purchase of a new home during a chapter 13 bankruptcy?

It depends on how the home purchase will impact your creditors. If you you payment will be doing up, then you will have less money paid to your creditors under the Chapter 13 plan. On the other hand, you might get approval if the purchase won't lower the amount of money creditors would receive under the plan.


If I have have won a money settlement can a 20 year old chapter 7 bankruptcy make a claim against the funds?

No


Being in a chapter 13 bankruptcy do you have to turn over money from an inheritance?

Should money from an inheritance be turned over in a chapter 13 case? the case was filed at least 12 months before the inheritance


If you have a promissory note from a person who filed for bankruptcy in Texas can you still recover the money you were owed?

No. In fact, if the debt is paid after a bankruptcy has been filed the entire bankruptcy can be considered invalid and all other debtors will be able to demand payment.


What happens when a Chapter 13 bankruptcy is voluntarily dismissed in Georgia?

The same thing that happens when a Chapter 13 is dismissed in any other state. It is as if the bankruptcy was never filed. The automatic stay is lifted and the trustee returns any money left on hand to you.


Paying back a discharged loan after chapter 7 bankruptcy?

There is no reason to repay a loan after a discharged bankruptcy, if you have done so, you can reclaim all your money from the creditor (you'll have to go through court).


Can you still get your money owed you if someone files bankruptcy?

First, it depends on what chapter bankruptcy they are filing. If they are filing Chapter 7, which is a complete disolvement of the debts, and your debt is placed within the filing as a debt, you have the opportunity to file an objection to the release or discharge of your debt. If it is NOT placed within this filing, they are not protected from your debt and you can still collect on it. Personally, if it was me, if my debt was NOT listed on the bankruptcy petition, I would remain quiet about it and let the bankrtupcy go through to discharge and then begin collection. Because if you continue to collect this debt that is not on the bankruptcy petition, all they have to do is ammend this petition to include your debt and then they would have protection from your debt and it has been my experience, personal debts are usually discharged, despite objections from the one that is owed. And once the bankruptcy filing is complete, they cannot file again for another 7 years, so when you begin your collection, they have no other recourse but pay you. If it is Chapter 13, a reorganization of debts, and your debt is not included, I would make sure it was included by pressuring him for payment and hopefully, they will ammend their petition to include your debt. By doing this, they are put on the payment list and you should receive some sort of payment through the courts, as they make payments to the court and the court distributes monies to the debts.


Can you file chapter 7 bankruptcy on payday advance?

I am not sure about chapter 7, but I did it in chapter 13. However, they tried to cash the check like 2 years later. So you have to be careful, because if they get lucky, they could get there money, and your in the hole.


If in a chapter 13 bankruptcy and money is owed on taxes can that debt be added to the bankruptcy?

Yes. In fact, if they're preexisting the taxes should be there already; they're usually considered a "priority" claim. (You can add later taxes, such as property taxes billed after filing, to a Chapter 13 case as well.)


I voluntarily dismissed my chapter 13 bankruptcy when will they stop taking the money out of my paycheck and will I get any money back?

You wont get any money back, garnishment should stop the next pay period after dismissal.


How much money can you have when filing bankruptcy?

There is not a set figure that bankruptcy courts are looking for when reviewing bankruptcy applications. Rather, they employ what is known as a "means test" in which is the first step in the application process. This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim.


What are some of the biggest differences between Chapter 11 and Chapter 13 bankruptcy?

There are many stages to the bankruptcy process, each with differing conditionsa and consequences. Chapter 11 is very similar to chapter 13 however there are a few differences, the main one is that there is no limit to the amount of money owed by the debtor. This was a condition mainly concerning large companies however the limits have been extended to individuals as well.


Can you get finance loan on an inherited home with o balance while in chapter 13 bankruptcy?

Yes, if the money is going to pay the balance of the plan, or pay 100% of all claims in the plan. Consult your bankruptcy attorney.