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Answered 2006-07-31 13:51:32

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.


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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.

can you change your filing from chapter 7 to chapter 13 ?

The most significant change to the 1978 statute concerns consumer bankruptcy under the Chapter 7 liquidation provisions.

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 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.

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.

You can convert from Chapter 13 to chapter 7 by having your attorney file the proper paper work within the courts, but you must sign them additionally approving this change.

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).

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.

No....BK is a financial action and will not change any legal or civil thing like that

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.

The length of time a discharged 7 or 13 bankruptcy can remain on a credit report has always been 10 years. A dismissed chapter 13 remains for 7 years a dismissed chapter 7 remains for 10 years. Therefore, no type of clause applies because the requirement has never changed. Bankruptcy laws and credit reporting laws are two entirely different issues.

When a business does a re-organization" type bankruptcy. Similar to an individuals Chapter 13. It is presumed the company, although changed in more ways than just financial, will continue after. Basically, it allows a business that is experiencing the "cash flow" problems, or a failure of a portion of its' operations, or such, to get protection and re-organize, refinance, frequently change around debt holders to stock holders (avoiding interest but giving them ownership), etc.

Bankruptcy is Federal, not state. While your state of residence changes which federal district you are in, it does not change your eligibility to file.

Yes, if there is a significant change in circumstances.Yes, if there is a significant change in circumstances.Yes, if there is a significant change in circumstances.Yes, if there is a significant change in circumstances.

This means that a company is on the verge of bankruptcy and if something in the company doesn't change, that there is a definite chance of going bankrupt.

Bankruptcy is a large financial change that will affect people for years after it has been declared. Due to dramatic changes in the financial market, the laws and statutes of bankruptcy have changed in the last few years. While it used to be a much more streamlined process, there are now quite a few rules and obligations necessary throughout. Here are a few key points when considering bankruptcy as an option. The United States is one of the few countries in which bankruptcy is a federal mandated law. It is a means in which debt is removed or a payment process is developed for overwhelming credit. Federal law also mandates that certain forms of financial counseling must be undertaken before the process is even started. This is a relatively new law which accompanied the extended periods that bankruptcy will show up on credit scores. It is a necessary step as it allows those considering bankruptcy to understand the severity of the option and the nuances of the entire process. In terms of personal bankruptcy, there are currently two options. Before either of these options can be carried out, mandatory credit counseling must take place. The United States government maintains a list of approved credit counselors, credit agencies, and financial counselors that may be consulted before filing bankruptcy. This must be done within six months before declaration. Chapter 7 is the more severe form of bankruptcy in which one could lose all valuable possessions, outside of a handful of exempt accounts, and the slate is then wiped clean. Chapter 13 is the shorter form of personal bankruptcy in which debts are consolidated and sometimes lowered and a repayment plan is developed. In order to exit bankruptcy, another personal financial management course must be taken online, on the phone, or in person. Chapter 11 bankruptcy is an option for companies that have collected an overwhelming amount of debt and need to setup a court approved repayment plan. A trustee may be appointed with Chapter 11 to take control of the failing business' assets and properties. With the increasing complexity and seriousness of bankruptcy, utilizing a financial professional or bankruptcy lawyer will almost always be necessary before considering this process. While this is a federal law, it is important to identify state specific rules on bankruptcy before the process is undertaken.

File a change of address with the clerk of the court where you originally filed the petition

Talk to your Lawyer and tell him your concerns, but If your Lawyer said "Not Yet", then wait for a go signal.

The new bankruptcy reform legislation will dramatically change how long someone must wait to file bankruptcy if they have previously received a discharge. Under the current law, a debtro can file Chapter 7 again if it has been more than 6 years since he or she was discharged from the previous Chapter 7 bankruptcy. Under the new bankruptcy law taking effect 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.

There is no set time table to reviewing your will. If your financial circumstances change then review it. If you acquire new relatives through birth or lose any through death then review it. If you change your mind or if the circumstances of your beneficiaries change then review it. Just keep it in mind and if something changes then you can change or update your will.

No, it does not. But there may be a change in the law allowing a "cram down" of mortgages, as there used to be in bankruptcy.

Yes. It would be considered a financial hardship and you could refile to be heard in court based on a change in circumstances.

Actually, It never was 7 years. Chapter 13 is 7 years, and Chapter 7 is 10 years (sometimes longer). That regulation is at least 50 years old. Keep in mind however you may only be granted a Chapter 7 Discharge ONCE EVERY 8 YEARS FROM PREVIOUS BANKRUPTCY DISCHARGE DATE (law changed in 10/2005).

Converting a 13 to a Chapter 7 is not uncommon and is usually allowed. The first step in the procedure should be contacting the Chapter 13 BK trustee. The trustee will be able to inform the involved parties if they qualify for the conversion.

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