0
Is the petitioner in an involuntary bankruptcy entitled to future sums coming from lawsuits initiated by debtor?
Wiki User
∙ 15y ago
if YOU are the petitioner...how would WE know the answer? If your NOT...how would anyone else know the answer to a question about them? If a bankrupt has a potential asset, as in a payment from a lawsuit, then they must list it as such and it may be considered as something to pay creditors...if someone wants it.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
Do creditors get money from settlement if no claim was filed during bankruptcy?
They would legitimately be entitled to be a party to the settlement but would need to apply to the bankruptcy administrator for consideration in this instance.
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
If a spouse passes away two months after you filed bankruptcy are the courts entitled to their life insurance policy and if so how long should you wait before filing a claim?
Most death benefits are exempted from bankruptcy procedure. This however depends on the type of bankruptcy being filed, and perhaps to the laws of the state of residency.
What if you file bankruptcy and later receive a severance?
Yes, you can get severance pay after bankruptcy, but if you knew you were getting or were entitled to get severance pay before you filed or while your bankruptcy was pending and you did not disclose this in your financial statement or Schedule B, with whatever exemption you were entitled to claim in Schedule C, you committed perjury and could have your bankruptcy voided as well as facing federal criminal charges.
How can you file a bankruptcy and not lose any money in the bank?
Why are you filing bankruptcy if you have money in the bank? You are entitled to exemptions, which may include some money in a bank account. The amount you may exempt will depend on whether your state has its own exemptions or allows you to use the federal exemptions.
Can you declare bankruptcy without an attorney?
It is possible to file bankruptcy without an attorney. But it would only be suggestible to those with a good comprehension of the current bankruptcy laws while keeping up to date with any changes to those laws. A person would have to how to submit all the complete information, dates of deadlines, which property they are entitled to claim as exempt as well as which property that are not entitled to, and finally what chapter of bankruptcy to file under. A result of not completely adhering to or understanding the law and procedures, could lead to a dismissal without debts being discharged. If a person does not have the comprehension to follow this whole procedure, it would be best to simply consult with an attorney.
When would a company declare bankruptcy?
Different countries and jurisdictions have different legal definitions of bankruptcy for a corporation, but most countries employ one or a combination of the following:Cash flow bankruptcy, where a corporation is unable to pay its debts as they fall due.Balance sheet bankruptcy, where the corporation's assets are worth less than its liabilities.Technical bankruptcy, where a corporation is deemed to be bankrupt regardless of its true financial position, eg. because it failed to pay a judgment debt or (in some jurisdictions) pay a statutory demand for money, or formally admitted or filed for bankruptcy.Even within these definitions, different jurisdictions treat aspects in different ways. For example, in some countries prospective or contingent debts are relevant to determining bankruptcy, and in others they are not. Similarly, some countries require assets to be valued on a market value basis, whereas others are entitled to rely upon book value.
If your spouse is incarcerated are you entitled to all his assets?
You are entitled to their assets if you are married, because they are your assets as well. Certain things that require joint filing like bankruptcy cannot happen while they are in prison.
Can assets of the people you live with be seized if you declare bankruptcy?
Perhaps. If the filing party is on a deed for real property or joint bank account with the others that property might be "frozen" until the amount each party is entitled to is proven. It will depend on what the property is and how it is titled. If this is the issue it would be advisable to consult a bankruptcy attorney.
What would your beacon score be if you were just discharged from bankruptcy?
You are entitled to one free credit report a year. The best thing to do is to check on your report. Future on time payments will gradually improve your score.
What do you need to know about filing your tax return if you have filed bankruptcy during that year.?
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
How do you get a title from the bank if your you have been discharged from a chapter 11 but you can't get the title from the bank?
Real property such as a vehicle or house is not dischargeable in bankruptcy. The debt must be reaffirmed, paid or satisfied or the property forfeited to the lender. That being the case, the person would not be entitled to a clear vehicle or land title from the lender simply because the debt was included in bankruptcy.
