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Each state can set threshold equity values for types of assets when considering whether assets should be liquidated (rather then kept by the bankrupt party), and the bankruptcy courts usually adhere to such thresholds. You need to read a primer on filing chapter 7 (or 13) bankruptcy -- an excellent book is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal in a library. That book includes an appendix specifying asset equity thresholds.
What else can I help you with?
Is there a bankruptcy for business?
Yes, normally I believe ch. 11 is for business bankruptcy.
Can you declare bankruptcy on a mortgage in NJ?
Bankruptcy is of an individual or a corporation, or entity that includes all the assets and liabilities. Mortgage is part of all the liabilities against the filer. What can be removed and what can stay depends upon the kind of bankruptcy it is- ch 7, ch 11, or ch 13. Best bet contact a good bankruptcy Attorney.
Can you still go through bankruptcy ch 7 if you were sued?
Yes
Can you file ch.7 bankruptcy after you have filed ch.11 bankruptcy?
Not unless the c. 11 has been dismissed or closed. You cannot have two bankruptcy proceedings pending at the same time. If the c. 11 was dismissed for cause, you may have to wait 180 days to file the c. 7.
Filed ch.13 bankruptcy for an amount of child support arrears that differed from the amount the LA County Court Trustee's office but they did NOT contest your amount in court. Was their amount void?
Your question is nonsense from the git-gat. You CANNOT get relief from child support in bankruptcy. There is nothing for them to contest...no reduction in what you owe is allowed. Out of the courts jurisdiction. I feel so sorry for your kids, getting stuck with a parent that is obviously bankrupt in more ways than financial.
Can your trustee convert your Ch 7 to a Ch 13 if he decides that you will have enough money to make payments on a Ch 13 repayment plan in 10 months?
No. Once a chapter 7 bankruptcy has been discharged it is final.
If you inherit money after a ch 7 bankruptcy how much time must pass before I have to pay said money to my creditors?
If your bankruptcy is over....it's over. There is no claim to what ever you get in the future.
If a creditor is shown on Schedule F of a Ch 7 bankruptcy does the creditor need to file a proof of claim?
Yes
If the amount of claim on Schedule F of bankruptcy shows no dollar amount does this mean that the debt is not included in the bankruptcy?
If its a Chapter 7 case, the debt most likely will be discharged. If its a Chapter 13, the amount is used for plan calculation. In either case, the debt is "included". If the creditor is not paid under the Ch 13 plan, there may be a problem there. (Depending on if the creditor cares) Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Can you file bankruptcy on a debt owed to the IRS?
Yes you can file bankruptcy. Whether or not it is dischargeable is another matter. In a Chapter 13, it could be included in your repayment plan. Not sure how it works in a Ch 7.
Can ch 7 bankruptcy include school loans?
Govt insured or guaranteed loans can not be discharged in BK of any type.
When is a chapter 7 bankruptcy closed?
It is closed when it is legally discharged by the courts. Usually about 2 months after the 341 meeting for a ch. 7.
