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If someone filed Chapter 7 Bankruptcy and wanted to repay some of the debts listed in full would that bring their credit with those creditors into good standing on their credit report?
Wiki User
∙ 19y ago
No-the accounts have been discharged in bankruptcy.
Wiki User
∙ 19y ago
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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.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
What does bankruptcy do to you?
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
Are you safe from creditors if you buy the assets of someone in bankruptcy without knowing they are bankrupt?
No, you are not. When someone files bankruptcy the title to their property is held by the trustee in bankruptcy. The bankrupt cannot sell any property therefore, if they do, the title is not clear. You may lose the property to the creditors if someone tracks it down. You would then be out of the property and any money you paid for it.
CAN I QUALIFAY FOR A HOUSE LOAN IF I HAD CHAPTER 13?
Yes it is possible to qualify for a mortgage despite a Chapter 13 bankruptcy filing. In a Chapter 13 filing the debtor agrees to a court structured debt repayment schedule. Typically, after making payments on time to creditors as required by the bankruptcy agreement an individual can be discharged by the Court from the Chapter 13 proceeding. Once discharged from bankruptcy an individual can apply for a mortgage. Each bank has different rules about how soon someone can apply for a mortgage after a bankruptcy. Most people coming out of bankruptcy apply for an FHA mortgage loan since this program has the most lenient underwriting standards.
What is the meaning of debtor's petition for bankruptcy?
It is the term for the formal documents and justification given for someone asking the Court to provide protection from creditors under the bankruptcy laws.
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Can someone have more than one property in chapter 7 bankruptcy?
Yes.
Can a landlord sue for damages and back rent after you filed for chapter 7 bankrupcty?
There is nothing procedurally that prohibits the filing of a suit against someone who has delared bankruptcy. The bankruptcy trustee will put that landlord on a waiting list with other creditors. Of course, the practical upshot is that the bankruptcy court may find that the debtor is unable to pay any debt - then, the LL is wasting time.
Can you discharge Ohio bureau of workers compensation premiums in a chapter 7 bankruptcy?
I am hoping someone has an answer to this
Is it recorded in the local paper when someone files bankruptcy?
Many local papers run Bankruptcy sections in their Sunday editions. This is a service they offer to prospective creditors of those filing BK. As bankruptcy is a matter of public record, it is perfectly legal.
Can someone put a lien on your paid off boat before you file chapter 7 bankruptcy?
Sure
