Our attorney told us that our case (including bank records, etc.) would not be reviewed again after the 341 meeting.
A chapter 13 MIGHT work if you have the ability to keep your payments current after filing the Chapter 13 and then repaying the past due amount over a period of 3 to 5 years. You ability to find a new lender to refinance the existing loan will depending on your cash flow, equity and ability to pay. You shoulld contact mortgage broker and a bankruptcy attorney to discuss all of the options.
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
If you have a mountain of debt that will force you to file for bankruptcy, there are two types of protection that you can file for with the bankruptcy courts. The first kind of bankruptcy protection is called chapter 7 bankruptcy. Under chapter 7 bankruptcy, your assets will be liquidated and the proceeds from the sales will go towards paying off your debts. Most remaining debts will then be discharged by the courts. The second kind of bankruptcy that you can file for is called chapter 13 bankruptcy. Chapter 13 bankruptcy is more closely related to debt consolidation in that your debts are reorganized and a payment plan is set up between you and your creditors. Chapter 13 bankruptcy is sometimes called a working man's bankruptcy because one of the requirements of filing for the protection is having a job with a steady income. In a chapter 13 bankruptcy filing, you and your lawyer will devise a payment repayment plan that explains to the courts how you will handle your creditors. Most payment plans allow you to make payments for a period between 30 and 60 months after the initial filing. According to current bankruptcy laws, the debtor must prove to the courts that he will be able to carry out the plan for the duration of the time period. Current chapter 13 bankruptcy laws give judges the ability to factor in your living expenses while repaying your debt. However, federal standards are in place that makes it difficult for judges to customize expenditures on a case to case basis. Chapter 13 bankruptcy can also be a punishment for those that have file for chapter 7 bankruptcy fraudulently. Many people prefer to file for chapter 7 bankruptcy because they will not have to repay most of their debts. However, not everyone qualifies for this kind of protection. In order to qualify for chapter 7 bankruptcy, a person must make no more than $167 over the median income of the state. If the courts find out that a person does violate this requirement, the chapter 7 protection can be revoked and changed to chapter 13. Most people that file for chapter 13 bankruptcy will also be required to attend classes that will teach them about money management and personal finance. If you fail to attend the classes or do not pass, your bankruptcy may be revoked, which will erase any protection that you were granted from your creditors. The laws surrounding chapter 13 bankruptcy are quite complex. Should you ever have to file for bankruptcy, hire a bankruptcy attorney who can guide you through the process. Even though your finances may be tight, hiring a bankruptcy lawyer can save you time and make sure that your interests are protected in the wake of your looming bankruptcy.
Winning a lawsuit will have no impact on your ability to file for Chapter 7 bankruptcy. If you are a judgment creditor, the judgment might become an asset of the bankruptcy estate and the bankruptcy trust might choose to sell the judgment or enforce the judgment for the benefit of your creditors.. if someone files bankruptcy on as credit card does that a third party has charged on and the debt is cleared dose the third party continue paying for a debt that is no longer there
There is not a set figure that bankruptcy courts are looking for when reviewing bankruptcy applications. Rather, they employ what is known as a "means test" in which is the first step in the application process. This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim.
They are basically the same. Insolvency describes a situation where the debtor is unable to meet his/her obligations. Bankruptcy is a legal maneover in which an insolvent debtor seeks relief. There are two types of individual bankruptcy. Chapter 7 is a "fresh start" in which all debt is forgiven. Chapter 13 is a plan in which debt is settled on the debtors ability to pay (and may be only a fraction of the debt owed).
First of all, one should never consider bankruptcy just to avoid being hassled by creditors. Some factors to consider, are, the amount and type of debt owed compared to the person's ability to pay those debts. Not all debts can be discharged in a bankruptcy and secured creditors always have the "relief of stay" option. Due to new bankruptcy reform, filing a chapter 7 will become extremely difficult. The best option would be consulting a qualified bankruptcy attorney, most offer free consultations or at a minimal fee.I found a really good company that helps with this in the States. They have a toll free number and can answer your questions. 888-894-3275.
Not to be circular, but one can get a car loan after a Chapter 13 discharge as soon as one can get some lender to give him or her a loan. Typically, a bankruptcy affects a debtor's ability to get credit 12 to 36 months after the filing date, so by the time a Chapter 13 is discharged, at least 36 months have passed so getting a loan isn't generally affected by the bankruptcy. This is not to say that other factors won't affect one's ability to get a loan, such as employment history, debt to income ratio, credit score, etc. 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. Some institutions will finance you while still in an open chapter 13. Check with a credit union....great rates...great service. As long as you have been current on your current bills and are at least two years into the bk.
As a general rule, you file Chapter 7 bankruptcy in a dire financial emergency, where the level of debt is overwhelming and beyond your ability to reasonably pay it off. Most Bankruptcy attorneys advise that $10,000 is the min. amount of debt that anyone should have before consider filing Chapter 7. Anything less, they say, is probably manageable There are a lot of myths and misunderstandings about filing for Chapter 7. One of them is that filing will clear your credit report and give you good credit again....it does not. You get a "fresh start" in that private debts will get discharged, so you do not have to pay them. But your credit score and rating will go down the tubes, and will take a while to recover. This means that you will have a very difficult time when applying for any loans in the future. So you should think long and hard before filing bankruptcy and only do it in cases of financial calamity or emergency. For more on the specific filing procedures and bankruptcy laws of your state, you may want to visit 4BankruptcyLaws.com
A Chapter 7 bankruptcy may display on your credit for 10 years from the date of filing. Chapter 13 may stay for 10 years also, but it is customary for those to be removed after 7 years.Here is more specific advice and input from various contributors:All discharged bankruptcies whether a state or federal filing remain on a CR for 10 years. A dismissed chapter 13 remains for 7 years from date filed, a dismissed chapter 7 remains for 10 years from date filed.Chapt.7-11-12 will remain for ten years. A chapter 13 will remain for seven years from date filed if successfully completed, for 10 years from date filed if dismissed.Ten (10) years from date filed for a discharged chapter 7 or 13. Seven (7) years from date filed for a dismissed chapter 13, ten (10) years for a dismissed chapter 7.Although it is true that the federal Fair Credit Reporting Act does provide that bankruptcy entries will remain for 10 years, there are some creditors that will only leave a chapter 13 bankruptcy on your record for 7, rather than 10 years. They do this to encourage people to pay part of their debts rather than discharge it all under a chapter 7. More importantly, the effect of bankruptcy on one's ability to get credit is vastly overstated. The key to getting the credit you need has far more to do with the amount of present income you have rather than any negatives on your credit report. In short, if you have good present income, the creditors will look past your credit report to your wallet in the sense that it is possible, even with a bankruptcy on one's record, to get credit for cars and new credit cards as soon as you are discharged in a chapter 7 (about four months after you file), and after a year or so, you can even get a mortgage on a house. They may not give you the best rate, but if you have good present income, even a person with a bankruptcy on their record can get the credit they want in almost all cases.You will not qualify for a FHA until a chapter 7 has be discharged for 2 years. A chapter 13, you will only have to wait a minimum of 1 year from filing date.Seven years in AustraliaDetails of a bankruptcy order in the UK will stay on your credit file for 6 years.7 to 10 years depending on the state you live in. Most lenders will consider loans after 2 years. If information is still on you credit history after this time frame you need to dispute with all three major credit bureau agencies.
Just like people, sometimes a corporation accrues more debt than it actually has the ability to pay back. When this occurs, a corporation sometimes declares bankruptcy. However, corporations do not always use the same kinds of bankruptcy that individuals use. The two most common corporate bankruptcy filings are Chapter 7 bankruptcy and Chapter 11 bankruptcy. Chapter 7, which can also be used by individuals, is for businesses that are giving up entirely. If a company declares Chapter 7 bankruptcy, that company will cease operations immediately. At that point, legal ownership of the company is transferred to the bankruptcy court. When ownership of the company is transferred to the court, a lawyer will be appointed by the court to oversee the rest of the bankruptcy. This will include overseeing the closing of that corporation's facilities. It will also include a liquidation of the company's assets. The assets will be sold, and the proceeds of those sales will be used to pay back creditors that are owed money by the company. Chapter 11 bankruptcy, not used by individuals, is a bit different. Instead of the business being closed, the business is allowed operate normally during the bankruptcy. The goal of a Chapter 11 bankruptcy is the restructuring of the corporation so it can be profitable once again. There is also another potential benefit from this kind of corporate bankruptcy. All or a good portion of the company's previous debts and other obligations may be absolved. This is due to the fact that the goal of Chapter 11 bankruptcy is reorganization. Debt or other obligations that would force a company to go out of business may be removed to help that occur. Obligations other than debt that may be set aside by the court can vary. Usually this includes things such as agreements with unions on employee pensions and benefits, leases for real estate and other expensive contracts. However, even if a corporation attempts to enter Chapter 11 bankruptcy, there is still a risk that the company may be liquidated as part of a Chapter 7 bankruptcy. This can occur if a plan is not agreed upon by the corporation, its creditors and the court. If this happens, the only remaining options are either entering Chapter 7 or returning back to the company's pre-bankruptcy state. Since the company entered bankruptcy because survival without reorganization was unlikely, both choices are rather undesirable.
A Chapter 13 lawyer specializes in a specific type of bankruptcy law known as Chapter 13. When filing for any type of bankruptcy, it is typically necessary to get in touch with a lawyer in order to make sure that the debtor is able to receive the maximum benefit from the proceedings. Generally speaking, it is usually better to work with an attorney who specializes in the specific type of bankruptcy that is being filed for. Chapter 13 bankruptcy can be thought of as a form of debt reorganization. This is opposed to liquidation, in which an individual sells off all of their assets in order to pay of the debts that they can. For individuals who can demonstrate an ability to pay off some or all of there debt, but in a different time frame than the original contract required, this may be a better choice. For those who are hoping to keep their property, such as their home and car, this is typically a better option than Chapter 7 bankruptcy. Both Chapter 7 and Chapter 13 bankruptcy are for individuals, not businesses, which typically file for Chapter 11. With Chapter 13 bankruptcy, you first must visit with a credit counselor and give information about all of your debt. A list of monthly expenses is also required. Any money that is left over will be used to pay off your existing debts. Debt to employees, taxes, child support, and so on take the highest priority. Second priority debts are secured debt, like car payments. Unsecured debt, like credit cards, comes last. When you file for Chapter 13, creditors can no longer take legal action against you. The Chapter 13 lawyer will field all calls regarding the debt. If you fail to file for bankruptcy before your home goes into foreclosure, your home can still be compensated. To qualify, the about of debt is limited. Generally, you can not owe more than $900,000 in secured debt and $300,000 in unsecured debt. You must be able to demonstrate that you can repay the debt. Have a Chapter 13 lawyer look over your information to ensure that it is possible for you to handle the payments. If you find yourself in a situation where you are unable to honor the new payment plan, the court may allow you to convert the Chapter 13 bankruptcy into Chapter 7 bankruptcy. At the end of the bankruptcy period, most of your debts will be erased, although child support, alimony, and student loans typically will still need to be repaid.
Filing for bankruptcy is a lot more complicated and time consuming that may initially meet the eye. My first suggestion would be to have a lawyer help you with the process. Successfully completing a bankruptcy proceeding can be a difficult process. However, there is a good deal of work you must do before you can file for bankruptcy. First, you are required to complete a "means test." This is a complicated calculation that determines your ability to pay your creditors. It also compares your financial status to the average person in your area. If you pass this means test, you are allowed to file a Chapter 7 claim in Bankruptcy court - otherwise, you can only file a Chapter 13 bankruptcy claim. The next step involves undergoing credit counseling. Bankruptcy law requires that you complete this counseling before going through the bankruptcy process. Finally, you can file for bankruptcy. In addition to filing, you must submit a bundle of paperwork with the Bankruptcy court. This paperwork includes information about your income, debts, assets, and personal information.
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