The person filing for the BK will have to present IRS and in most cases state tax documents. This may create a problem for the BK filer and for the person who claimed them as a dependent. IRS regulations for claiming dependents is very strict, the claiming of a non-relative, non-spouse or anyone who lives in the household when there is not a legally established relationship is not considered an eligible dependant. In such a situation as cited it is quite possible the BK will be dismissed and the IRS will initiate an audit of the tax filer.
yes, unless the co-signer claims bankruptcy
Probably, assuming they are actually bankrupt. If they are not actually bankrupt, then the automatic stay will delay the small claims court for a while, but the person who filed for bankruptcy is going to end up in even more hot water with the bankruptcy court.
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
This really depends on whether the judgment is a dischargeable debt in bankruptcy. There are some debts that you cannot eliminate in bankruptcy and they will continue to exist after the bankruptcy. Generally judgments from credit cards, medical bills or personal loans can be discharged but they can become non dischargeable if the creditor claims fraud or misrepresentation within the bankruptcy.
Unpaid employees are priority unsecured bankruptcy claims up to approximately 10,000.
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yes, unless the co-signer claims bankruptcy
Probably, assuming they are actually bankrupt. If they are not actually bankrupt, then the automatic stay will delay the small claims court for a while, but the person who filed for bankruptcy is going to end up in even more hot water with the bankruptcy court.
it means that you are the person's dependent.
There is no timeframe. Some take years. Some creditors can file suit in the bankruptcy court to protect claims if need be. This is normally used on items such as cars that go down in value over time and are secured claims.
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
A stockholder should receive payment only after the claims of the creditors have been paid off if that company declares bankruptcy.
Francis L. Lamer has written: 'Priority of Crown claims in insolvency' -- subject(s): Priorities of claims and liens, Bankruptcy
This means that claims must be organized in the order of legal priority and when the contract was made. This sets an order for the repayment plan on claims.
To protect the debtor by giving him or her a fresh start free from creditors' claims
Though I'm not a lawyer, I'm not aware of any category by which physicians' claims can be considered priority. Generally, the only priority claims arising in a consumer bankruptcy are administrative expenses, child & spousal support, and taxes.