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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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โˆ™ 2006-11-16 03:36:15
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Q: If debts are paid after bankruptcy with a post bankruptcy inheritance does the bankruptcy go away?
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In a bankruptcy the priority debts -- the debts that the court feels should be paid first -- are paid then the unsecured debts are added up.?

true


What happens when a bankruptcy trustee uses an unexpected inheritance the petitioner receives to pay off debts a judge had ordered the ex-husband pay off at prior divorce proceedings?

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.


True or false In a bankruptcy the priority debt the debts that the court feels should be paid first are paid then the unsecured debts are added up?

true


Do you have to pay off debt with your inheritance?

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


Do adult children have to pay off deceased parents debts from their inheritance?

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.


Does bankruptcy cover all debt?

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


Does a will supersede bankruptcy?

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.


If you were left money by your mom and your sister has not paid her own debts will they be paid before she gets her money?

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.


Will the bankruptcy court take your severance pay?

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


Can you include IRS debts if you file bankruptcy?

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.


What type of bankruptcy can you file to not have to pay off your debt?

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.


In Illinois how do you obtain vehicle title after bankruptcy?

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.


Can you file for bankruptcy if the deceased parent's nursing home bills cannot be paid because there are no more funds in the estate?

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.


If you are trying to file bankruptcy and two accounts are paid off by cosigners can you still file bankruptcy on your remaining debts?

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.


What are some simple tips when dealing with debt recovery agencies?

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.


In chapter 11 bankruptcy are bonds paid off when due?

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.


What does complete bankruptcy mean?

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?


Can you file bankruptcy on a legal liability?

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


Can you receive a class action compenstation settlement for pain and suffering when declaring bankruptcy?

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.


Do you have to probate a will if everything is left to one person?

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.


How long does it take to get an inheritance with a will?

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.


How long to get inheritance?

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.


When there is a will can a company decide who the money goes to by ignoring the will in the State of California?

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.


Are recent debts accrued after filing a no asset bankruptcy case discharged along with listed debts?

If you are referring to a Chapter 7 bankruptcy, you are stuck with debts incurred after filing the bankruptcy unless your case is dismissed without a discharge and later refiled. In a Chapter 13 case, sometimes post petition debts can be paid through plan or the debts can be covered if you voluntarily dismiss the case and refile or convert it to a Chapter 7. In the case of a conversion to a Chapter 7, it would cover all debts up to the date of the conversion. The reform laws that went into effect in October 2005 contain much stricter rules on cases where a bankruptcy has been dismissed and refiled to prevent "serial" filers. Before making a decison, you must consult a local bankruptcy attorney to decide if dismiss your case and refiling is a valid option for your circumstance. Finally, Chapter 7 cases are very difficult to dismiss voluntarily.


What happens when you are left in bankruptcy?

You are not left in bankruptcy, you enter into it willingly. In chapter 13 you enter into a repayment plan and all your debts are paid in about 5 years. chapter 7 negates all debts that are unsecured like credit cards and leaves you with only your secured debt like home and cars. In both cases you keep your vehicle and home