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If you file bankruptcy on your debt and liens and keep your house and your cars but don't owe on your cars can they still come after you for your assets?
Wiki User
∙ 14y ago
Please review the info at this Q... "A basic primer on bankruptcy". You cannot file BK on the things you mentione, only. YOU file BK and it effects everything you have, debts and assetts. Always. No picking and chosing. Generally, ONE reasonable car is considered exempt. (The law says $500 car, but most courts go with reasonable...a 3 year old Toyota...fine...a 3 years old Mercedes, probably not.
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∙ 14y ago
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If you had a lien placed on your house 2 months before you filed bankruptcy and you filed bankruptcy on that creditor is the lien still valid?
All liens survive bankruptcy. You can get rid of the lien by "avoiding" it. Look up "Avoiding Liens" in google or findlaw.com for more info.
If you are refinancing and your spouse is the only one on the loan but you are on the title will that be a problem since you are in a chapter 13 and your spouse is not?
Yes You can not refinance without a court order if the bankruptcy is still open on you.You own the house with your wife and all Your meaning just you assets are frozen until the bankruptcy closes and part of your assets are your part ownership in the house.
Can tax liens be dismissed under Chapter 7 or Chapter 13?
Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That lien attaches to any equity in your assets that existed prior to the bankruptcy and was exempted in the bankruptcy. For example, if you owned your house and filed bankruptcy with $20,000 of equity in your home, you may have been able to exempt that equity in the bankruptcy through a homestead exemption (so that you could keep your home). If that happened, after your bankruptcy was discharged the IRS would still have a lien against you that attaches to that $20,000 of equity (but not to any equity that accrues after the bankruptcy filing).
Can a small business owner file for bankruptcy and still protect their assets?
Probably not
How do you remove liens or judgments once your chapter 13 is discharged?
You cannot have liens or judgments removed unless you write the credit bureaus and give them a copy of your discharged bankruptcy. Some liens and judgments will not need to be paid but will still remain on your credit report.
What happens to the garnishments after you filed bankruptcy?
If they were ordered by the court (i.e.: child support - back taxes - etc) you must still honor them, bankruptcy will not do away with court ordered liens. . Liens placed by private persons or businesses will have to take their place in your long line of creditors. As soon as you file, you take the papers from the bankruptcy court showing that you filed to your employer and the garnishment will stop. There are some exceptions to this.
The company filed for bankruptcy do you still owe the judgement?
Yes. The trustee in bankruptcy will take over collection of the company's accounts receivable. These are assets of the bankrupt estate that must be managed. Even if the bankruptcy is a complete liquidation (Chapter 7) the assets have got to be collected and paid to the individual creditors of the company.
How do you remove liens on property that was transferred for no consideration before the judgment was executed when the debts were included in bankruptcy?
The person wishing to take the action needs to be certain that the debts were actually discharged in the bankruptcy before he or she can take any steps to have the liens lifted. The other issue would be if the property was legally transferred according to the federal or state bankruptcy laws or if it is being challenged as a fraudulent conveyance. If the BK has not been discharged and in most cases closed as well then the liens may still be valid. The best option is to consult with an attorney who is knowledgeable in federal and state bankruptcy matters.
If I filed for bankruptcy months before my house was going to go into forclosure & the bankruptcy was complete,then my house was just about to go into forclosure can I still apply for the Obama mrtge relief plan even though I listed my house in the bnkrpc?
Yes, you can still apply for Mortgage Relief after filing bankruptcy.
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?
Yes. Chp. 13 restructures your debt to your situation. Check with a lawyer most offer a free counsultation.
You own a one fifth fraction of a cabin can you loose that in bankruptcy?
Yes. It is an asset. It may have value. The bankruptcy court has the right to sell off most all of your assets to settle debts. Certain assets are protected or otherwise not subject to a sale as you will still need some basics. The laws for bankruptcy do vary by state so check with a bankruptcy attorney if you need precise answers that apply in your specific situation.
Can you still lose your house after Bankrupty was discharge?
Yes, you can lose it if you do not make the payments on it. A bankruptcy discharge does not erase debt. It renders it nonrecourse -- meaning that you cannot be called upon to personally pay the debt. However, it does not affect liens. Therefore, if you don't pay the debt, the lien can be foreclosed.
