The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection.
I think chapter 7 bankruptcy at least take 5 to 6 years to clear the bankruptcy so its automatically remain on your name for those years.You will get your property only after this case is complete.
No, unless you get relief from stay from the bankruptcy court.
The exemptions for Chapter 7 bankruptcy are that exemptions help to determine which property one gets to keep. There are some exemption schemes one can use to stay out of bankruptcy.
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
When filing chapter 7 bankruptcy there are statutory limits on inherited property. If the value of your property falls below those limits you may keep it. If it is over the limit you will likely lose the property to the trustees. Another option is to file Chapter 13 and you will be able to keep the property.
In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also sell (liquidate) some of your property to pay your creditors. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.
Yes, you can.
Not if the debt was officially discharged in the bankruptcy.
In the event of chapter 7 bankruptcy, you may retain possession of secured property only in the event you reaffirm with the lender. In the event no reaffirmation is signed for each piece of property, the property that has not been reaffirmed must be returned to the lender. If non-reaffirmed property is not returned to the lien holder (lender), that party may seek or continue with repossession of that property and any unpaid balance that is not forgiven by the chapter 7 once the bankruptcy is dismissed or discharged and the stay is lifted.
No. If it is not covered by the allowed bankruptcy exemptions then it is subject to seizure and sale or liquidation. The filer always has the option to have the bankruptcy dismissed,
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
A Chapter 7 bankruptcy proceeding is started by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the "debtor." The debtor is necessary to disclose to the court all of its property and debts and turn over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor then obtain a discharge of all dischargeable debts.
Yes. In fact, if they're preexisting the taxes should be there already; they're usually considered a "priority" claim. (You can add later taxes, such as property taxes billed after filing, to a Chapter 13 case as well.)
There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.
The Chapter 13 bankruptcy law allows a debtor to keep their property and pay their debt over time, usually over a period of between three to five years.
Typically, The average fee on chapter 13 bankruptcy from a lawyer is around two thousand five hundred dollars. However, the average fee can vary from lawyer to lawyer.
No. All transfers, sale, purchase of property or any major financial transaction must have the consent of the trustee in charge of the chapter 13 bankruptcy. The state of residency is not relevant, nor whether it is a federal or state bankruptcy.
Yes, permission from the bankruptcy trustee/court is needed for any major financial transaction while participating in a chapter 13.
If you included it in your bankruptcy, you're protected by the discharge. If you didn't and you're already discharged from Chapter 7, you may not be protected. I suggest you discuss this with your bankruptcy lawyer.
Yes, you can file a new chapter 7 after 8 years from the date of filing the previous chapter 7.