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If a person that is unemployed and files chapter 13 bankruptcy and 3 to 6 months latter gets a job can the creditors and the bancruptcy court come back for more money?
Poppunt
That is an unswerable question. The creditor DOES have the privilege to file to have the case re-opened, but the reality is they probably won't unless you suddenly come into a large windfall.
Wiki User
∙ 14y ago
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How long do you have to be unemployed to file chapter 7?
You do not have to be unemployed to file bankruptcy.
What is Chapter 1 Bankruptcy?
It is a voluntary (creditors) chapter 11
If you voluntarily have a chapter 13 bankruptcy dismissed will your creditors be notified of the dismissal?
Yes. If you voluntarily have a chapter 13 bankruptcy dismissed, your creditors will be notified of the dismissal.
What protection does Chapter 11 Bankruptcy offer?
Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.
Can you negotiate with creditors if you cancel a chapter 13 bankruptcy?
Sure, you can always negotiate- but your creditors are not bound to deal with you.
What is chapter 7?
Chapter 7 bankruptcy protects you from creditors and sells your non secured assets to pay the creditors that you owe. If you do not own an assets, you will not have to pay the creditors and the debt will be forgiven.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
How does a person file for chapter 11 bankruptcy?
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
Can I exempt my ownership of a partnership if you declare Chapter 7 Bankruptcy?
Not legally. It's a resource that can be used to pay your creditors. If you hide or refuse to acknowledge it, you're cheating the creditors and in violation of bankruptcy law.
If an LLC declares bankruptcy how are owed employee wages handled?
If an LLC declares Chapter 11 bankruptcy the employees wages will continue to be paid as normal. However, under a Chapter 7 bankruptcy, the employees are listed as creditors, and wages are paid out with other creditors from any remaining assets, if any remain.
What chapter proceeding the debtor surrenders his nonexempt property for division among his creditors?
The chapter that typically follows a debtor's surrender of nonexempt property for division among creditors is Chapter 7 bankruptcy. In Chapter 7, a trustee is appointed to liquidate the debtor's nonexempt assets to pay off creditors.
What is your liability to harassing creditors if after six years your Chapter 13 bankruptcy was dismissed by the trustee?
If your Chapter 13 was dismissed, meaning you did not complete your Plan, then you are essentially right back where you started before you filed for bankruptcy. The creditors can pursue you for the debts without any legal ramifications.
