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I am in a chap 13 bky can you come out of the bankruptcy and then file again and if so how much time must pass before filing again?
Eyesid
Currently, once you pay off one chapter 13, in a year, you would be able to refile. But with the new bankruptcy law, in place 10-17-2005, you can only file once every two years. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
The bankruptcy will stay on your credit report for between 7-10 years..it never "clears", as in majically just disappears and never happened. like anything you do, it can always be a consideration to anyone extending credit....doing so being entirely their own decision.
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Once a person has been approved for chap 7 bankruptcy should the names of all the creditors that the person owes still appear on the credit report or should there just be one listing of the bankrupt?
The BK filing and status are listed under the "public record" section and each creditor remains on the report. Each trade line affected by the bk will have a note that states it's status and will remain on the report. BK filing manages or absolves legal obligations to debts, but it does not help your credit.
I filed chap 13 bankruptcy which did not include your home or car only credit cards and the both your mortgage co and your home equity line of credit were frozen can they do this?
You're really supposed to include ALL your debt in a bankruptcy, especially Chapter 13; you can get by with current month-to-month bills (utilities, etc.), but not mortgages. Most mortgages (including HELOCs) consider bankruptcy itself to be a default, so generally the answer is yes. You need to have your attorney bring the mortgage and HELOC into your plan.
How long does chap 7 bankruptcy last?
A Chapter 7 bankruptcy case typically lasts between three and four months. Once the case is filed, there is a meeting of creditors (known as the 341 meeting) approximately 30-40 days after the case is filed. After the meeting, creditors have approximately 60 days to file objections or adversarial complaints to the debtor's discharge. Once that time frame has expired, the Clerk of the US Bankruptcy Court will send the Discharge Order to all creditors, to the debtor and to the debtor's attorney.
Can you keep one credit card that is still in debt but surrender your other cards?
When filing a Chap. 7, all debts and assets must be listed. All credit cards must be relinquished. Sometimes a consumer is allowed to keep a CC for "emergencies" depending upon the creditor and BK trustee.
How do you get an old bankruptcy removed from your credit report?
Under the Fair Credit Reporting Act negative information can be included in your credit reports for seven years.However, there are exceptions to this rule. Bankruptcy is one of those exceptions. Bankruptcy information may be reported for 10 years. Sorry.Once the ten years are up, there's nothing you should need to do. If for some reason a credit reporting agency keeps reporting the outdated information, click here for more information about fixing errors in your credit report.On the other hand:Actually there is a legal way to get it removed approximately two years after filing! I did this and it works and I will be willing to prove it to any doubters!. All you have to do is file a dispute with the credit bureaus. In my case I simply said it should have been listed as Chap 13 and not Chap 7. This is the trick though, so please read on carefully. YOU MUST WAIT A MINIMUM OF TWO YEARS AND A FEW EXTRA MONTHS BEFORE DISPUTING WITH THE CREDIT BUREAUS. Why is this you ask, well the answer lies within the bankruptcy courts. All cases are active for two years after which time they go onto microfiche. When they get a dispute letter from the credit bureaus and the case is on microfiche then they don't bother to respond. The credit bureaus then must legally delete the info from your reports. The trick is to follow up with the bureaus also and make sure they delete it. More information:If you filed Chapter 13, it should have fallen off already since those come off your report in 7 years. Many people in that situation have the credit reporting agencies do an "investigation" of their report to remove it.If you filed Chapter 7, then you have two years to wait since those come off your report in 10 years (see Section 605(1) of the Fair Credit Reporting Act).Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.According to Golden Financial Services, after two years a bankruptcy can be removed off a credit report.
Can I get a student loan after filing chap.7 bankruptcy?
yes, you are eligible, but be careful not to get back into debt.
If you are a joint mortgage holder and the other person on the mortgage files bankruptcy how does that impact the mortgage?
The house won't be affected at all UNLESS... The person filing BK is filing it on the house as well whether it be a 13 (repayment) or a chap 7
Does VA disability compensation count towards means test as income when filing ch 7 bankruptcy?
I filed chap 13 Aug of 08 and they did include my VA disability as income.
CAN you keep casino winnings if you have already filed chap 7 but not yet discharged?
Yes.The success of completing a chapter 7 bankruptcy only depends on your financial situation at the time of filing. Any unforeseen money gained after filing is yours to keep.
You are currently in a chap 13 bankruptcy can I change to a chap 7 bankruptcy?
You cannot change my bankruptcy, but you can convert your Chapter 13 to a Chapter 7. It happens frequently. You may want to check with your lawyer or an experienced lawyer since it can have unintended consequences.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
You have two cars that have an excess of 100K miles on them you recent obtained two loans to purchase two 2004 cars Can you do this prior to filing a Chap 13 or Chap 7 and what are the implications?
It is never a good idea to make any major financial transaction if one is considering bankruptcy. U.S. Bankruptcy Code Title 18 section 152 in essence states, bankruptcy fraud is presumed by law if the person filing has made any luxury purchase or cash advances totaling $1,000 60 days before filing. BK fraud is a federal felony and carries a 5-year federal sentence on each count. Even if the debtor avoids a fraudulent filing charge, they will have to relinquish one of the vehicles and apply the exemption amount to the other, hoping it will be protected. The most likely scenario is both a Chapter 7 and 13 will be denied under the assumption that if one could afford two reasonably new vehicles, one would have been able to pay previous debts. Unfortunately the BK court has no interest in how old a car might be nor how many miles it has, only if it is exempt from or subject to sale to pay creditors.
Filed for bankruptcy in aug of 07 and found out you might have an inheritance now what could happen?
The type (Chap 7 or 13) could have a factor, and I'm not certain all trustees consider it from the date of filing or the date of dismissal, especially depending on how co-operative/fast things have moved along, but...It is my understanding that if you receive (and I suspect that means "have a right to receive", not just you didn't pick up the check) an inheritance within 180 days (6 mos.) after filing for bankruptcy, that money/property may have to be paid to your creditors if not exempt. It looks like you are past the 180 day rule.
You have lived in sc for 4 years will have 2 condos foreclosured on soon am returning to ca-will probably need to file chap 7 there 1 will ca bankruptcy include hoa assessments in arrears?
Your bankruptcy attorney can help you answer your question.
I am filing Chap 7 can a trustee take your income tax refund if you applied it to next years estimated tax payment liability?
Your question rightly presumes they can, normally, take the refund. How you were going to spend it doesn't make any difference. And in the method your suggesting, you would be taking a pre-petition asset (the amount set aside before bankruptcy - now available to be used to pay any of those debts), and applying it to a post petition liability. That is a no-no.
Here is your dilemma you abused your credit cards and found yourself using one card to pay another Now you are over 65000 in debt you want to repay the cards but no one is willing to help you?
Its great you want to stand up for your obligations. Speak with a Bankruptcy attorney about a Chap 13 filing...a process that is set to do exactly what you want. Comments moved to discussion page
Once a person has been approved for chap 7 bankruptcy should the names of all the creditors that the person owes still appear on the credit report or should there just be one listing of the bankrupt?
The BK filing and status are listed under the "public record" section and each creditor remains on the report. Each trade line affected by the bk will have a note that states it's status and will remain on the report. BK filing manages or absolves legal obligations to debts, but it does not help your credit.
