Should you file bankruptcy when there is a foreclosure and pending divorce situation and you do not want to keep the house and can not repay any money still owed to the lender?
If the mortgage is in both names, or if there is significant joint debt, you are better off filing bankruptcy jointly before the divorce is final. If the mortgage company forgives the balance, it will count as income to you and you will have to pay taxes on it in the following year, unless you file bankruptcy. Or the mortgage company can sue on the deficiency and get a judgment good for 10 or 20 years. Unless you file bankruptcy. ...
Asked in Credit and Debit Cards, Credit Reports
Will you not pass a credit check for employment with a pending bankruptcy discharge?
Speaking from experience, if the discharge of bankruptcy is pending, a credit check may not pass, however, having discharged voluntarily from bankruptcy may have the same result depending on the policy of the employer or financial institution. ...
Asked in Debt and Bankruptcy, Bankruptcy Law
In chapter 13 bankruptcy what does pending mean in case status?
In Chapter 13 bankruptcy a pending status means the case is still open for evaluation and no decision has been made. The pending status may last for awhile depending on how involved the case is until it is final. ...
Asked in Debt Collection, Small Claims
Does pending bankruptcy have the same effect as bankruptcy?
No. Some things may go into effect, but things are not totally ironed out with creditors. ...
Asked in Loans, Mortgages, Home Equity and Refinancing
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13...
Asked in Repossession, Verbs, Past Tenses, Present Tenses
Do you have to speak with collectors?
if you have legal actions pending like bankruptcy or consolidations pending you only have to tell the collector these actions are invoked and they are suppose to stop harrassing you. If you pick up the phone and you do not have legal actions pending just with whatever measure the give out you return it and then hang up ...
Asked in Loans, Mortgages, Foreclosure
Is there legal notification of foreclosure from mortgage company or bank?
Yes. The lender must notify the borrower of the pending foreclosure. Yes. The lender must notify the borrower of the pending foreclosure. Yes. The lender must notify the borrower of the pending foreclosure. Yes. The lender must notify the borrower of the pending foreclosure. ...
Do you have to notify your mortgage lender if you want to sell your property on a contract for deed?
The bank must be notified when there is a sale pending. The buyer's attorney will arrange to have the title examined and the mortgage will be disclosed. The mortgage will be paid from the proceeds of the sale and a discharge of the mortgage must be obtained from the bank. The discharge must be recorded in the land records. ...
Can you get Severance pay after bankruptcy?
Yes, you can get severance pay after bankruptcy, but if you knew you were getting or were entitled to get severance pay before you filed or while your bankruptcy was pending and you did not disclose this in your financial statement or Schedule B, with whatever exemption you were entitled to claim in Schedule C, you committed perjury and could have your bankruptcy voided as well as facing federal criminal charges. ...
Can a debt collector demand payment for an amount that has been included in a chapter thirteen bankruptcy?
If bankruptcy is over and the debt was discharged, they creditor is forever barred from taking any action to collect the debt. If the bankruptcy is still pending, the debtor cannot contact you without permission from the bankruptcy court. In either case, you may have a claim for damages against the debt collector. ...
Asked in Debt and Bankruptcy
Can you file ch.7 bankruptcy after you have filed ch.11 bankruptcy?
Not unless the c. 11 has been dismissed or closed. You cannot have two bankruptcy proceedings pending at the same time. If the c. 11 was dismissed for cause, you may have to wait 180 days to file the c. 7. ...
Asked in Bankruptcy Law, Foreclosure, Tax Refunds
Can you file both a chapter 7 and a chapter 13?
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three...
Asked in Bankruptcy Law
After filing bankruptcy is 2000 too much to receive from a relative?
Why is the relative "giving" you this money? If it is NOT to repay a loan you made to the relative, but a gift, it may depend on whether the bankruptcy was a c. 7 or c. 13, and whether the case is still pending or a plan has been approved by the court. Consult an experienced bankruptcy lawyer in your area. ...
What is meant by the term closing of the bankruptcy?
It just basically means the case is over. There are no more pending proceedings. The discharge has been entered or the case is otherwise dismissed or complete. ...
When filing bankruptcy do you include pending law suits?
Yes, if the lawsuit has been filed it should be included - or if you know its going to be filed you should include as a possible debt. ...
Can you include bounced checks in a bankruptcy with criminal charges pending on the checks?
You can and should include the bounced checks, but that will only take care of any civil liability. If the criminal case results in a fine or jail sentence, the bankruptcy will have no effect on that. If the criminal court orders restitution, chances are the bankruptcy will not affect that either, but some states have different rules. ...
Asked in Mortgage Insurance
Does mortgage insurance pay off mortgage for inheritors?
Mostly, mortgage insurance plans are made to protect the home of the insured, if they fall ill, meet an accident or discontinue their job due to some reasons. Even if they pass away while the mortgage insurance is active, the inheritors don't have to pay for anything and the insurance provider takes care of the pending mortgage debt as that family members can live in their home happily. Hence, the short answer is Yes, they do. If you are willing to know...
When can you sell the house after filing for bankruptcy?
Answer If your bankruptcy is still pending (i.e. - NOT CLOSED BY THE COURT) you will need to get the Trustee's permission to do this. If your case is closed, you can sell your house at anytime. Contact your attorney for more information. Answer If you are not sure, get professional help before you make any decisions because there are legal implications that you need to observe. This independent website has a lot of useful information. http://freshstartsolutions.com.au/bankruptcy/ ...
Asked in Debt and Bankruptcy, Bankruptcy Law
When filing for bankruptcy chapter 7 can one include a creditor one has not paid yet?
The question is a bit confusing, as the reason for bankruptcy is the debtor is not able to pay his or her debts in the first place. If what is meant is a new debt where no repayment is yet pending, that may create a serious problem for the BK filer. ...
Asked in Bankruptcy Law, Workers Compensation
Is a workmen's compensation settlement exempt in Chapter 7 bankruptcy in the state of PA?
How much, if any, needs to be claimed in the State of PA when filing for Chapter 7 if you have a pending WC claim in another state. ...