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If you receive a small pension after filing bankruptcy do you get to keep it it?
Wiki User
∙ 12y ago
In virtually every case pensions are not lost in a bankruptcy even if you go into a banrkruptcy with a pension or a 401K or an IRA. There was a US Supreme Court case from 1992 I believe (Patterson v. Shumate) that basically said that pensions funds are not part of the bankruptcy estate and therefore not subject to the trustee taking them to pay your debts.
Wiki User
∙ 12y ago
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When filing bankruptcy in Calif is it possible to keep a small savings account for emergencies?
ALL money, including CASH HAS to be reported to the bankruptcy court. If you are dishonest in anyway, it can compromise your ability to receive a discharge. It's fraud. AFTER you file bankruptcy, you certainly can start a small savings account; but, not prior. Any money prior would probably be taken to pay creditors by the trustee.
Can you keep a few small credit cards after filing for bankruptcy?
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
If you are say a year into a 60 month chapter 13 bankruptcy and you receive a small inheritance not enough to pay debts what is your obligation?
Your obligation is to let your attorney and/or bankruptcy trustee know about this. They will decide if the asset needs to be divided among creditors or included in your payments.
Can you keep your house after bankruptcy?
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to walk away from home till you settle your debts. Chapter 13 bankruptcy illustrates individual can stay in their property but need to pay a small amount of mortgage on monthly basis to money lenders. If you have any queries regarding after filing for Bankruptcy process can you keep your house in safe manner or not visit websites like findlaw.com, bankruptcy.expert , lawyers.com to get a clear conclusion.
What has the author Robert F Slimmon written?
Robert F. Slimmon has written: 'Successful pension design for small-to medium-sized businesses' -- subject(s): Pension trusts, Personnel management, Profit-sharing, Small business 'Successful pension design for the small to medium size business' -- subject(s): Pension trusts, Personnel management, Profit-sharing, Small business
How can a family best dismiss huge unsecured debts and survive on a small income?
The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
What options are available to you as a small business owner filing for Chapter 7 Bankruptcy through a registered attorney?
The options available to a small business owner would vary in each situation. With a lawyer the business owner can go through each of the options and choose the best one for their situation.
Is it true that you can file for bankruptcy again six years after your first filing?
Yes it's true. However with the new bankruptcy reform it will be more difficult for consumer's to file a chapter 7. If the debtor has even a small amount of nonexempt assets, they will be required to file a chapter 13 consolidation bankrupcy rather than a chapter 7.
What companies have filed bankruptcy in Michigan?
While many small companies (mom and pop) business have declared bankruptcy the biggest is GENERAL MOTORS who declared bankruptcy.
Is any of this considered earned income if you and your wife live on social security income and a small pension benefit but no labor is performed?
No. Social Security and Pension income are not considered earned income for the purposed of the Earned Income Tax Credit. This is not to say that you will not have to file an income tax return and possibly pay taxes. Depending on the amount of income you have and your filing status, you may or may not have to file a return.
Can you file bankruptcy while still owing back taxes?
Yes, as a general rule. Taxes of all kinds are not discharged by the bankruptcy process. That means, when it's all over with bankruptcy, you still owe taxes to the federal gorvernment, and any other government. In short, fiiling a petition in bankruptcy and a subsequent discharge will not get you out of paying taxes to the government. It's really easy to filing a petition in bankruptcy; it's very expensive not to do it right; the Bankruptcy Court is just not the same as your Magistrate's court, or the small-claim's court. It's very expensive to do it wrong and you cant do it but every so often (time limits: you just have to see the code. If you have a bankruptcy sitution you really need to see a lawyer who works with bankruptcy.
Can a civil lawsuit against someone that has filed bankruptcy?
If the defendant/debtor listed the plaintiff as a creditor in his or her bankruptcy, then the plaintiff probably cannot pursue a lawsuit against the defendant/debtor pursuant to 11 U.S.C. 362. If the defendant/debtor failed to list the plaintiff as a creditor in his or her bankruptcy, then the plaintiff may or may not be able to win a lawsuit based on whether the plaintiff had actual knowledge of the bankruptcy during the bankruptcy. In some cases, even if the plaintiff was listed as a creditor, some debts are non-dischargeable in bankruptcy so the plaintiff might still be able to prevail in a lawsuit (such as debts for alimony or child support, most student loans, etc.). It should also be noted that if the defendant/debtor failed to list the plaintiff in his or her bankruptcy, and even if the plaintiff had no idea about the bankruptcy until after it was over, debtors can still usually go back to the Bankruptcy Court and reopen their case and add the plaintiff as a creditor as long as the debt to the plaintiff was incurred prior to the date on which the bankruptcy petition was originally filed. [Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.]
