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If you are a young person in Credit card debt and have no assets like a house or car can you still file for chapter 13 bankruptcy?
Wiki User
∙ 16y ago
Yes. Chp. 13 restructures your debt to your situation. Check with a lawyer most offer a free counsultation.
Wiki User
∙ 16y ago
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Will a cosigner's credit be affected if they cosign for someone who has a bad credit score because of a Chapter 7 bankruptcy?
The cosigner's credit will only be affected if the person that they cosign for defaults on the loan. The bankruptcy will not affect the cosigners credit.
Do you need to include all credit cards when filing a chapter 7 bankruptcy?
Yes, all debts and assets must be included in the bankruptcy filing. If a mistake is made and some debts and/or assets are not reported, the filer should contact the BK attorney or the trustee immediately. Deliberately ommitting information on a bankruptcy filing are grounds for dismissal. In addition when information especially assets is deliberately withheld the person(s) can be charged with bankruptcy fraud which is a federal crime and if convicted can be fined and/or imprisoned.
Chapter Seven Bankruptcy - Liquidation and Exemptions?
Bankruptcy is a legal procedure which allows someone to either reduce or eliminate their worrisome debts. The U.S. Bankruptcy Code in Title 11 outlines and details requirements, statutes and courts that make a bankruptcy case operate smoothly.The main difference between Chapter 7 bankruptcy and Chapter 13 bankruptcy is the latter's agreement of reorganizing debt instead of eliminating it. In Chapter 7 bankruptcy, all debts must be cleared. Creditors allow a Chapter 7 bankruptcy to be a volunteered procedure, but it's usually forced. Chapter 13 bankruptcy is always voluntary. Every eight years, a Chapter 7 bankruptcy can be filed, contrasting Chapter 13's two-year wait.Chapter 7 bankruptcy obliges creditors to seek liquidation of non-exempt assets. A regent of the bankruptcy court takes possession of these assets and sells them; the money gained from the assets sold is used to help free the debtor from his or her debt. After this, the debtor is free of obligations to the creditor.Not all debts are discharged in Chapter 7 bankruptcy, however. Financial obligations such as alimony, child support, taxation and student loans cannot be discharged. Likewise, any debts that were deliberately not mentioned will refrain from being exempt of dismissal.For Chapter 7 bankruptcy, liquid assets are targeted instead of other things of material value. Liquid assets are what someone would survive on if they lost employment suddenly. The usual list of liquid assets include cash money, funds in a bank account (checking or savings), mutual funds, stocks and bonds. Illiquid assets take a great length of time to be converted into money, which is why creditors shy away from claiming these in a Chapter 7 bankruptcy. Electronics, furniture, jewelry, pricey clothes and real estate are all examples of illiquid assets.The consequences for filing bankruptcy is steep, starting with the length of time it lasts on a person's credit report: 10 years. That's an entire decade of a person's credit looking risky and intimidating to potential lenders. Investing will also be a lot tougher after a Chapter 7 bankruptcy, but it's not an impossible goal. As with all bankruptcies, credit score is severely reduced.Bankruptcy is not all doom and gloom, though. As stated previously, some assets (liquid or illiquid) are exempt from being taken into custody. The most commonly exempt assets are:Health insurance plans. An IRA account with less than one million dollars. Motored vehicles up to a certain value. Household appliances. Rewards from personal injury lawsuits. Necessary clothes, footwear and home furnishings. Inexpensive trade tools.Further inquiry on exemptions can be determined by what state the debtor lives in. Not all states have the exact same laws on Chapter 7 bankruptcy exemptions.
In a Chapter 7 bankruptcy a person filing for relief is called a?
In a Chapter 7 bankruptcy, a person filing for relief is called a
What is a no assets chapter 7 bankruptcy?
This means you walk away with no assets. Meaning, if you have 2 cars and $100,000 in debt, after the bankruptcy, you give the cars to the court and they sell them to (partially) repay your debtors. In other words, you walk away with no assets and no debt. The court will do their best to find all of your assets, cars, house, etc. Anything they can find to sell.
Why did the attorney tell us it would be seven years for a Chapter 7 bankruptcy?
By law, a person (or couple) can only declare bankruptcy every seven years. If you go through with a Chapter 7 bankrupcy, it will take 7 years for it to rotate off of your credit history.
How much do you have to owe to file chapter 7?
There is no statutory amount needed to file bankruptcy. With the new bankruptcy reform it may be difficult to file a Chapter 7 if the person has even a small amount of expendable/nonexempt assets. One of the objectives of the new BK regs. is to require more debtors to file a Chapter 13 rather than a 7.
If you filed chapter 13 7 years ago and it was discharged in Feb 01 how can you contact the credit bureau to remove this from your record if your attorney will not return your phone calls?
A Chapter 13 bankruptcy will remain on a person's credit report for the required ten years not seven.
How do you find a person bankruptcy or not?
Get a copy of their credit report.
When filing for bankruptcy and owing to a line of credit does the bank still keep the house even if this one is protected with a homestead insurance?
Generally speaking, when Chapter 7 bankruptcy is declared, it means a person's debt exceeds their assets. If the amount of debt owed to a mortgage bank for a home, the bank has no interest in taking a home which will not cover the mortgage debt. All debts are wiped away.
What kind of information can you expect to find on Chapter 7 bankruptcy?
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
Can bankruptcy stop a divorce?
Bankruptcy can maybe stop the other person taking money from you but it wont stop them claiming the rights to your assets.
