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What about your car or airplane can you keep if filing bankruptcy for IRS debt?
Wiki User
∙ 11y ago
You can't file bankruptcy "for IRS debt." You have to list all your debts and assets, and you can keep what you can exempt under state or Federal Laws. If you have little or no equity in an asset, you should have no problem.
Wiki User
∙ 11y ago
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What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Can filing for bankruptcy stop foreclosure?
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
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.
What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
What causes Mortgage defaults to rise?
In the USA there is speculation that the 2005 bankruptcy reform caused an increase in mortgage defaults. By declaring bankrupty, homeowners can keep their homes. The problem created in 2005 occured when filing fees were raised and a lower amount of debt was forgiven.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Do you need to include a debt that you are still being treated for when filing bankruptcy?
Yes, you need to file it because it has to be shown for legal reasons to show your accountant and superiors. Also it can also be evidence to show what was the actual cause of bankruptcy because sometimes it's not always debt.TIP: Always keep a note of what your incomes and the money you take out to stop you going into debt and eventually bankruptcy!
Can you file bankruptcy at age 80?
I think that at your age you really need to consult with a bankruptcy attorney before filing for bankruptcy. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court. You may also want to consider the effect this may have on the inheritance for your loved ones and on your standard of living.
Can you keep your checking account when you file for bankruptcy?
Can u keep your checking account after filing chapter 13?
Can filing for bankruptcy stop foreclosure?
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
When filing for bankruptcy and owing to a line of credit does the bank still keep the house even if this one is protected with a homestead insurance?
Generally speaking, when Chapter 7 bankruptcy is declared, it means a person's debt exceeds their assets. If the amount of debt owed to a mortgage bank for a home, the bank has no interest in taking a home which will not cover the mortgage debt. All debts are wiped away.
Options when payor cannot afford chapter 13 and too soon for chapter 7?
Good question. It is always a good idea to be fully aware of the bankruptcy system and the effect it will have on your life before filing. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court.
Can you keep your vehicles that are listed in a Chapter 13 bankruptcy if you choose to cancel the bankruptcy?
You can keep them as long asa you keep paying the car loans. But beware that there is court precedent where a creditor can force you to either surrender the property or reaffirm the debt. Reaffirming the debt is never a good idea.
If a sole proprietorship files a chapter 7 bankruptcy can they keep ther truck which is their business?
You need to let your attorney know that you wish to reaffirm the debt on the truck. In order to keep it, you have to remove the debt from bankruptcy protection, keeping in mind, that you can't seek protection from the debt for seven more years.
Can tax liens be dismissed under Chapter 7 or Chapter 13?
Even if you discharge a tax debt in a bankruptcy (which can be done in limited circumstances), the lien associated with that debt is not released by bankruptcy proceedings. The result is that you may come out of bankruptcy with no tax liability, but there may still be a lien on your property. That lien attaches to any equity in your assets that existed prior to the bankruptcy and was exempted in the bankruptcy. For example, if you owned your house and filed bankruptcy with $20,000 of equity in your home, you may have been able to exempt that equity in the bankruptcy through a homestead exemption (so that you could keep your home). If that happened, after your bankruptcy was discharged the IRS would still have a lien against you that attaches to that $20,000 of equity (but not to any equity that accrues after the bankruptcy filing).
Filing bankruptcy should you keep making payments until discharge?
I am not an attorney but.... Yes, you can keep any loans or credit cards as long as you reaffirm with that company. When you file, you list all your creditors. If you do not owe money to a specific credit card, then they are not considered a creditor. So, when its all over with, you can use the card. However, the card will eventually know that you filed, because they "check up" on you once in a while and they will find out. Then they may cancel it or just raise your interest rate. Why would you keep unsecured debt? One should list every creditor to whom they owe money prior to filing. Failing to do so is a violation of bankruptcy laws. Sure, you can reaffirm secured loans if you can afford the collateral under the terms of the note. All unsecured debt should be discharged in chapter 7.
How do you get an old creditor who was not listed on a chapter 13 bankruptcy to stop bothering you?
Send a letter of "cease and desist". This will not keep a creditor from filing lawsuit to recover the debt. It will only prevent them from contacting the debtor except to inform the debtor that a suit is being filed.
