Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?

In the past western European government subsidized banks and airlines by?

In the past, Western European governments paid the debts of failing banks and airlines that suffered huge losses. The subsidies prevented the banks and airlines from filing bankruptcy.

How long must one wait to refinance after a Chapter 13 bankruptcy has been discharged?

With bankruptcy most banks will not take it into account after 2 years of discharge. Banks look more favorably on Chp. 13 than on Chp. 7's, I deal with many banks who will actually refinance before the 2 year period depending on the circumstances.

Bankruptcy and Home Ownership Laws?

If you ever have to file for bankruptcy, one of your main concerns will center on your home. While bankruptcy laws vary between states, most bankruptcy laws regarding home ownership are similar in their intents and their implications for you and your future. Most people think that they will lose their house if they have to file for bankruptcy. While this may be the case, often it is not and depends on what kind of bankruptcy protection that you are seeking. Under the United States Bankruptcy Code, individuals can file for either chapter 7 or chapter 13 bankruptcy protection from their creditors. Chapter 7 bankruptcy is bankruptcy in the traditional sense. After filing all of the pertinent documents, a court trustee with order that your assets be liquidated in order to pay off your creditors. If you still owe money after your possessions have been sold, many of them will be discharged by court order. On the other hand, chapter 13 bankruptcy protection is quite different. Rather than having your debts discharged, you will submit a repayment plan to the courts that explains how you will get out of debt and what you can afford to pay off each month. In essence, chapter 13 bankruptcy is a form of debt consolidation. If you are a current homeowner and file for chapter 7 bankruptcy, you may still be able to keep your home without being force to sell it or being foreclosed on by the banks. Depending in which state you reside, by filing for chapter 7 bankruptcy, you may be in breach of your mortgage agreements, which will allow the bank to foreclose on your home and proceed with an eviction. However, you may be able to qualify your home for an exemption by proving that the equity that you built into the home over the years cannot be accessed for liquidation very easily. If you can do this, you must also prove to the courts that you are financially capable of making your monthly mortgage payments. If not, then the banks can proceed with a foreclosure. Filing for chapter 13 bankruptcy will make it easier for you to remain in your home. Because as part of your filing you will agree to a repayment plan, you can file for bankruptcy without being in breach of your mortgage agreement. Any late mortgage payments that you owe will be included into the payment plan and you can continue making your normal, monthly mortgage payments.

What exactly is bankruptcy?

Bankruptcy is the total or partial abolishment of debts after a formal filing with the government by either an individual or a company. If bankruptcy is granted, banks are able to liquidate assets-barring ones that are exempt-and possibly garnish wages. Credit scores are also severely hit by bankruptcy. The article below goes into more detail on the specifics of bankruptcy.

Why do we have bankruptcy mortgages in Canada?

Bankruptcy mortgages in Canada have been set up because having a house demonstrates some sort of equity on your part. The banks would prefer you to keep making payments on the house and therefore they will make more money then if they were to foreclose on it and sell the house at a discounted price.

Can a bank take your paycheck because you said you were filing bankruptcy?

Only the State and Federal government institutions have the right to levy your bank account directly. Banks can take your paycheck to cover insufficient funds in the check-owner's bank account (with that bank) but cannot do so just because the owner of the account is filing for bankruptcy.

If you do not pay your property tax and they foreclose do you have to pay for youe house?

No. Banks will pay the property tax before they foreclose to make sure the government does not place a lien on the house; thus, not allowing them to take ownership.

If you file bankruptcy?

What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.

The Importance of Hiring a Bankruptcy Attorneys?

In today’s sluggish economy, more people than ever are finding it necessary to file for bankruptcy protection. No one plans on ever filing for bankruptcy, but things happen and filing for bankruptcy may be the only way to escape and start over again. In addition to giving you a fresh financial start, filing for bankruptcy can also end the harassing phone calls, reduce your debt obligations considerably, and may prevent banks from foreclosing on your home. If you are considering filing for bankruptcy, it’s critical that you seek the wisdom and expertise of experienced bankruptcy attorneys. Bankruptcy laws are complex and vary from state to state. Only experienced bankruptcy lawyers can help you to understand the law and what documents need to be filed in court. By hiring qualified bankruptcy lawyers, you can help to ensure that your rights and interests are being protected. If you are thinking about filing for bankruptcy on your own, do not do it. Even though you are strapped for cash, you need to retain bankruptcy lawyers to work on your case. Although you can file for bankruptcy on your own, doing so may be detrimental to your already tenuous financial situation and may make matters worse in the future. Filing the proper paperwork and documents with the bankruptcy court is a tedious process and a serious matter that requires the help of an expert. Only bankruptcy lawyers can help to explain all the subtle nuances of the law and how they will apply to your case. For example, bankruptcy lawyers can explain to you how a particular filing will affect your credit score and what assets may be eligible for exemption should you have to file for chapter 7 bankruptcy and your assets get liquidated. In addition to getting advice from bankruptcy lawyers about your case, it’s also very important to have legal representation at your bankruptcy hearing. The government will have agents of the court called bankruptcy trustees on their side to watch out for their interests. Likewise, you should have representation from bankruptcy attorneys to watch out for yours. Bankruptcy proceedings are usually short due to most of the work being done before hand. Although the hearings are short, they are deceptive in that they are quite complex and can have serious effects on your life for the foreseeable future. Only by hiring qualified and experienced bankruptcy lawyers to handle your case can you make sure that you make the right decisions and come out as unscathed as possible from your bankruptcy hearing.

What happens if you quit making payments on a car that has been discharged in a bankruptcy?

Same as anyone who doesnt make the payments, it gets repoed. You cant drive for free. NO special treatment for you. I'm pretty sure that the law is the same in most states regarding bankruptcy. Until the bankruptcy is discharged, the bank has no legal recourse to the vehicle. (Common misconception is that consumers can quit making payments on vehicles when chapter 7 or 13 is filed, this is not true! most likely a judge will rule in favor of the Finance company owed, which only makes it look worse if you stopped paying for it!) As soon as the discharge is submitted by the court, the finance company has full legal claim to the collateral on loan that is in default. FYI for those thinking about filing bankruptcy: IF you want to keep your vehicle/property, do NOT quit paying for it. If you cannot make payments inform the bank that you are filing bankruptcy, but want to come up with a solution to keep your car. Most financial institutions would much rather hear from the debtor and make resolutions than to attempt to post it for repossession. In my experience in Recovery, the banks offer a new contractual agreement, or re-finance to help you get through the few months that youre in Bankruptcy status. Good Luck

In a 1997 bankruptcy was your private student loan discharged if it was not a federal loan but a private loan from a lender?

Depends on how long the loan had been in repayment, whether or not it was insured by a non-profit. Please note that most federal loans are issued by private banks and INSURED by the government.

Do all banks have to cooperate when filing chapter 13?

Yes they do.