In the event of chapter 7 bankruptcy, you may retain possession of secured property only in the event you reaffirm with the lender. In the event no reaffirmation is signed for each piece of property, the property that has not been reaffirmed must be returned to the lender. If non-reaffirmed property is not returned to the lien holder (lender), that party may seek or continue with repossession of that property and any unpaid balance that is not forgiven by the chapter 7 once the bankruptcy is dismissed or discharged and the stay is lifted.
The answer depends on who the creditor is and the status of the debt. If the debt was a student loan or other non-dischargable debt, then your tax refund can be taken. If the debt WAS discharged, ANY collection action of any kind on a discharged debt is a violation of the permanent injunction of the discharge and therefore illegal. If the creditor was not included on the creditor matrix, then informing them of the bankruptcy and discharge of the debt may be all that is necessary to have the refund returned to you. In other cases it may be necessary to file a Motion for Contempt against the creditor in bankruptcy court. This would require the re-opening of the bankruptcy.
It would seem that only your pre filing taxes would have been subject to the bankruptcy anyway - that is the 2005 one, so 2006 (post filing) should be most certainly clear too.
They didn't since they were sworn to secrecy when they were discharged.
Garnished funds will NOT be returned to you. If it was a significant amount, the bk Trustee can claw back that money and use it to pay your creditors. Otherwise, that money is gone.
If the lender is willing to reaffirm the loan with the borrower then the vehicle can be returned. A vehicle is a secured debt and is not subject to chapter 7 bankruptcy laws.
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Because the house has been returned to the lender. It is not "yours" in any sense and you have not arranged to reclaim the house by making payments.
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Yes. When you reaffirm you agree to continue the debt and it is removed from the bankruptcy estate. Also, the debt in this case is post-peition.. as in it came about after the date of filing.
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I presume that you purchased the vehicle and sometime after that you filed the Chapter 7 Bankruptcy. If that is the case and you included the Finance company on your list of included creditors, then the discharge does just that. It discharges the debt forever and you do not have to pay any difference. Yes, as this is usually one of the terms of the contract.
Absolutely. Any creditor action including repossession cannot be taken after the filing of a BK and/or before the BK is completed and discharged. The vehicle will have to be returned to the borrower to await action by the lender such as requesting the BK stay be lifted or a reaffirmation agreement made between the lender and borrower.
If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.
Once the bankruptcy is filed the automatic stay will halt the garnishment action. However, monies taken before the bankrupcy was filed will not be returned to the debtor.
A bank account can usually only be held for thirty days from the time it is secured. The joint account holder should contact the bankruptcy trustee to learn what is necessary to have their percentage of the funds returned.
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Because when you took out the loan you agreed to repay the entire amount, the interest and any amount the lender had to spend on collection on the loan (late charges, reposession fees, auction fees, etc). Just because you gave the car back doesn't mean you don't owe the money. Find out what car dealers don't want you to know at www.dealertricks.com If the lender took the car, and sold it at auction, file bankruptcy. The remaining loan amount will be discharged through the court. I know someone this happened to. They returned the car, filed bankruptcy and the loan was discharged. No money owed. When their situation changed, they bought a new SUV a year later. They are paying a higher interest rate though,
If the court has already confirmed the chapter 13 plan then the money already paid is distributed to the creditors. Basically, since the case was not discharged, you still owe the debt, so you made payments towards the debt while in bankruptcy. If the plan was not yet confirmed by the court, the money is returned to the debtor by the trustee save for a small amount for the trustee's expenses (trustee would ask for this in his motion to dismiss). Money would not be distributed to creditors by the trustee until after the proposed chapter 13 plan is confirmed.
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Of course not. A loan is not a payment, but rather an entrusting of another person with your property (or money), expecting it to be returned. Rent is simply a payment in exchange for possession of something for some defined period, and it will not be returned. Similarly, a security deposit for renting property is not a loan and is not rent: it remains the property of the tenant, but is held by the landlord until the tenancy is discharged.
They can request the court to take that action but they cannot take it upon themselves to have the minor returned to DYS custody.