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If a person has filed chapter 13 bankruptcy and their financial circumstances change what can they do?
Wiki User
∙ 17y ago
It is very important that the BK participants contact the bankruptcy trustee as soon as possible when they experience changes that directly affect the filing status.
Wiki User
∙ 17y ago
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What if your income increases after filing a chapter 13 bankruptcy?
Chapter 13 is more of a repayment plan than a debt wipeout. Because of that, if there is a change in your financial circumstances after filing for bankruptcy then the court needs to be aware of it.
Which bankruptcy chapter was most affected by the change in bankruptcy laws in 2005?
The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.
Can you change a joint bank account with a parent before chapter 7 bankruptcy in ny state?
Yes you can change a joint bank account before a Chapter 7 bankruptcy. You should have your finances in order before you file a bankruptcy.
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.
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Could you change your chapter 7 to chapter 13 after being discharged?
Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.
Can you discharge a jury verdict of conversion of property and conspiracy to convert property in a chapter 13 The verdict and order do not state it a fraud malicious or willful behavior?
The offenses themselves are always a type of fraud and a malicious and willful act. Bankruptcy does not and cannot change or effect criminal records, only financial obligations (and again it doesn't change financial history).
Can you file a chapter 7 after 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 years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
Can you file chapter 7 again if you filed bankruptcy in 2001?
Yes, but new bankruptcy reform will become effective on Oct 17, 2005. Some previous filings may or may not be deemed retroactive as to when they can be filed, as the new law will change the time frame to eight years. It will also become very difficult to file a Chapter 7 bankruptcy if the debtor has any disposable income. IRS guidelines will be used to determine the type of bankruptcy that will be allowed.
What year did the law change for bankruptcy on your credit report for 10 years?
The time limit for a discharged chapter 7 or 13 bankruptcy to remain on a credit report has always been 10 years. A dismissed chapter 7 wil remain 10 years, a dismissed chapter 13 will remain 7 years.
Can filing bankruptcy get a drivers license reinstated?
No....BK is a financial action and will not change any legal or civil thing like that
What if you dropped out of school and had financial aid Would you qualify later for financial aid if you choose to go back to school?
You would need to re-apply when ready to return to school. Your eligibility for financial aid is generally based on your circumstances the year you apply. Since your circumstances change from year to year, your eligibility can change as well.
