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If debts are paid after bankruptcy with a post bankruptcy inheritance does the bankruptcy go away?
Wiki User
∙ 17y ago
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.
Wiki User
∙ 17y ago
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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.
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.
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 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.
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.
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.
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.
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
