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Answered 2006-11-16 03:36:15

No once filed on file. * A dismissed or discharged chapter 7 will remain on a credit report for ten years. A dismissed or completed chapter 13 will remain on a credit report for 7 years.

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The debts are paid off and the bankruptcy is closed or any remaining debts are discharged. Assuming the petitioner was the ex-wife who received the inheritance, the divorce court order still stands, and the ex-wife may file a contempt action in divorce court to have the ex-husband pay the ex-wife the amount used to pay the debts. He may even be liable for some or all the costs of the bankruptcy if his failure to pay the debts led to the bankruptcy.


The debts of the estate must be paid before any inheritance is distributed to the heirs.


The debts of the decedent must be paid by the estate. In fact, the debts must be paid before any assets can be distributed to the heirs.


Yes, bankruptcy does cover all debts. If you declare bankruptcy, the other guy doesn't get paid, and you leave laughing.


Different things for different purposes. Death ends bankruptcy. Death does not end debts...debts will be paid before your will is acted on...even if it uses something your will wanted to go to someone else....your debts come first.


Your sister's debts are not part of the estate. The estate's responsibility is to pay the mother's debts and distribute the remainder. What your sister does with her share of the inheritance is up to her.


Shouldn't it be used to pay the debts you owe and swore would be paid?


What could you possibly be asking? If the asset was sold during bankruptcy to pay creditors and your debts, its gone. Owned by someone else. That's how your debts get paid. Your assets are used. If there aren't enough assets to liquidate and pay your debts, some of the debts may be forgiven. But not always. Under any circumstances, to get a title to something owned by someone else, you buy it from them. Bankruptcy does not get you things.


I believe you must list all debts, including these. Who gets paid what and how much is then determined by their debtor status. The IRS debts may or may not be entirely settled in the process.


In ANY bankruptcy, whether or how much of your debt gets paid is dependent on what type it is, and more importantly, what your assets are. Your assets are used to pay your debts...have enough and 100% gets paid.


bankruptcy means that you havent paid the morgadge and they take everything away, meaning you have to live on the streets did that answer ur question?


In most cases the answer is yes. Before the one person can get their inheritance all of the debts have to be resolved and the taxes paid.


No...basically no prepetition debts are paid...and bonds certainly may never be paid. It many cases, the bondholders get some stock in the newly reorganized company as payment.


Debt collectors are always bad news. A useful approach my be credit counseling. These services, paid for by banks, help consumers manage their debts. Never pay for credit counseling. If that is not an option, threaten bankruptcy as this wipes away all unsecured debts, but not student loans, IRS debts, or child support payments.


Most all debts are legal liabilities. If they aren't legal, it wasn't a good contract making it and they don't have to be paid


Yes. However due to the new bankruptcy reform the party involved may have to file whichever type of bankruptcy the trustee feels is applicable. The point of the reform is to prevent multiple BK filings. The premise is, if the debtor has even a small amount of nonexempt income it is to be used for repayment of debts.


You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.You don't need to file bankruptcy. Your parent's estate is responsible for their debts. The estate must be probated and their debts must be paid before any assets can be distributed to the heirs. If the debts are greater than the assets in the estate the estate will be declared insolvent, the court will order a scheme of payment from limited funds, if any, and if there is not enough money the creditors are out of luck.


Unfortunately each estate is unique and there is no specific time frame. The estate has to be inventoried and appraised, the debts collected, taxes paid and the terms of the will meet.


It can be as short as about 4 months to many years. The estate has to be valued, the debts paid and the distribution plan approved. Then the money and goods can be given out.


Any corporation can file for bankruptcy, whether or not it owes taxes. If the corporation is to be liquidated, any taxes it owes are the first priority to be paid, before the debts owed to others.


Any money you get from such a claim will most likely go to those which already have a judgment against you for not paying debts that you own. It depends on what types of debts and payments you have. I would suggest asking your bankruptcy attorney. He should do something for the money he was paid.


A company normally does not have a say in what happens to a will. It is possible for someone to decline an inheritance. And the debts have to be paid regardless of what the will says.


You claim bankruptcy on everything...it involves all your assets and all your debts. All are given classes or priorities. Some assets and some debts may be classed as exempt. Generally, court fines and legal penalties and such are going to need to be paid in full and cannot be discharged in BK.


Yes. The estate is responsible for the debts of the decedent. Those debts must be paid before any assets are distributed to the heirs.


Yes... sort of. The employees are considered creditors of the company, so getting them paid is part of the bankruptcy proceedings. The bankruptcy court will determine which debts get paid and at what percentage. The basic rules are that secured debts (mortgages, for example) get paid first, but back wages are in the second tier of priority, and each employee gets a priority amount of around $10000 (the amount changes periodically; I'm not sure what the current amount is). If they're owed more than the priority amount, then the excess gets put further back in line, and may be paid at a lower rate (or not at all).



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