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What else can I help you with?
What happens if you miss your meeting of creditors in a California Chapter 7 bankruptcy?
You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.
Necessary to file a claim in chapter 7 bankruptcy?
If you want to have any chance of being paid any portion of what your owed.
What is the definition of a Chapter 11 filing?
This means that a company is on the verge of bankruptcy and if something in the company doesn't change, that there is a definite chance of going bankrupt.
In chapter 13 bankruptcy do you have to pay your unsecured creditors 100 percent?
NO. Bankruptcy proceedings are used because you are not capable of paying 100% of your debts (otherwise your bankruptcy claim will be rejected by the court), and unsecured debts have greater chance of a lower amount of directed settlement from the bankruptcy trustee's work than secured debts (or certain excepted unsecured debts). Note that there is an excellent perspective book both about Chapter 7 and Chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition (published in 2009 by Nolo), by Stephen Elias (a bankruptcy attorney). In the public library system for Colorado Springs, I found it at 346.078 E42N (Dewey decimal system).
Will you lose your vehicle or house by converting from chapter 13 to chapter 7 bankruptcy?
Probably there are much more chance that you will be loosing your house and vehicle by converting from chapter 13 to chapter 7 bankruptcy. There is a $25 conversion fee that has to be paid to the court. Depending upon the status of your chapter 13 case.
Is there any chance that you can suspend your plan payments on chapter 13 for a couple of months?
In a Chapter 13 bankruptcy, it is possible to request a suspension of plan payments for a couple of months under certain circumstances. You would need to file a motion with the bankruptcy court explaining your situation, such as a temporary financial hardship. The court will consider your request and may grant it if it deems the reasons valid. However, it's crucial to communicate with your bankruptcy attorney to ensure you're following the proper procedures.
If sued by collection what will happen?
If they get an award from the court (note that some collectors threaten law suit even though they might not have a good chance of winning an award), depending on your usual income and any equity in assets that could be liquidated to pay a settlement / award, then certain types of your property can be liquidated by court order for payment. Consider filing bankruptcy now. An excellent primer about either chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal. Also you might contact a paralegal or lawyer specializing in filing bankruptcy in the state of jurisdiction.
If someone owes over 13000 in defaulted loans and is unable to pay them would filing bankruptcy be the best idea?
Only if you are in threat of being garnished or a lien may be placed on your property. A bankruptcy lasts as long as a bad debt. Bankruptcy just costs money. You have a better chance of disputing the loan in a few years were as bankruptcy lasts longer. Your best bet is to talk to a lawyer, but they will almost always tell you to file. Also, the laws for bankruptcy are a lot harder now.
What options do you have to protect your property from creditors when a chapter 13 bankruptcy is dismissed?
Once a 13 is dismissed creditors can pursue collection by whatever means allowed under the debtor's state laws, this usually includes lawsuits. The only viable choice for the debtor is to protect as much real and personal property as possible before a creditor has a chance to file a lawsuit. If the debtor has not been served a civil suit summons they may still legally transfer property, remove themselves from bank accounts, and so forth.
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
How soon can you refinance after bankruptcy?
I can finance you one day out of bankruptcy....of course you will pay a much higher rate than those with good credit. After two years you can begin to get more favorable rates (through a knowledgeable mortgage broker, not a mortgage company). Contact me at gkinney@sedonafunding.com Depending on the type of Bankruptcy, you may be able to refinance as soon as it is discharged. If you filed a Chapter 13 bankruptcy, you have a better chance at getting financing than if you filed Chapter 7. Of course, with over 700 lenders at our disposal, we can probably get you financing either way. Call Allied Home Mortgage Capital...281-684-8580 and let's see what we can do for you.
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
