credit card debt
After a bankruptcy order is made the official receiver becomes the receiver and manager of the bankrupt's estate. The estate is administered by a trustee in bankruptcy who may be either a qualified insolvency practitioner or the official receiver. On his appointment the debtor's estate vests automatically in the trustee who is then responsible for the administration of the estate. The estate is made up of all of the bankrupt's assets and the bankrupt is usually automatically discharged after three years except in certain circumstances. Exemptions under Federal law, which may change a little in State applications by the Federal BK Court you file in:
Personal and Real Property:
(1) Household: Up to $425.00 per item not to exceed a total of $8,625.00 (includes animals, appliances, books, crops, furnishings, household goods, clothing, Musical Instruments)
(2) Jewelry: Up to $1,075.00
(3) Vehicles: Up to $2,575.00
(4) Work tools (implements, books and tools of trade): Up to $1,625.00
(5) Health aides (wheelchair, etc.): Unlimited
(6) Burial plot: Up to $16,500.00 (in lieu of real estate exemption)
(7) Real estate (house, co-op or mobile home): Up to $16,150.00
(8) Any property: Up to $8,075.00 of unused portion of real estate exemption
Wages, Pensions, Recoveries and Benefits:
(1) Wages: None
(2) Wrongful death funds: Amount needed for support
(3) Personal injury funds: Up to $16,500.00 (excluding that for pain and suffering or pecuniary loss)
(4) Lost earnings payments: Unlimited amount
(5) Retirement benefits: Amount needed for support
(6) Alimony / child support: Amount needed for support
(7) Unemployment compensation: Unlimited amount
(8) Veterans benefits: Unlimited amount
(9) Social security benefits: Unlimited amount
(10) Public assistance: Unlimited amount
(11) Crime victims compensation: Unlimited amount
Insurance:
(1) Disability: Unlimited amount
(2) Unemployment benefits: Unlimited amount
(3) Unmatured life insurance: Unlimited amount
(4) Life insurance policy loan value, dividends or interest: Up to $8,625
(5) Life insurance proceeds: Amount needed for support
If you're doing a Chapter 7 bankruptcy, you can't discharge: * Taxes and tax liens * Student loans * Domestic support obligations (child support and alimony) * Luxury goods over $500 purchased within 90 days of filing * Fines or penalties of government agencies * Cash advances of more than $750 taken within 70 days of filing * Fraudulent debts * Willful or malicious injury to another * Death or personal injury from the operation of a motor vehicle, aircraft or vessel while intoxicated * Condominium or cooperative association fees * Debts not listed on your schedules Debts arising from fraud or maliciousness are not automatically excepted from discharge. The creditor must make a request to the court to except these types of obligations; otherwise they will be discharged.
It is almost easier to pick those that can't be: Child support, gov't backed student loans, fines/penalties. Understanding that almost all your assets, except for the very personal ones, business tools, retirement accounts are taken to satisfy debts..distributed in priority of their claim, before discharge.
I researched the internet on your behalf and found a US web site that appears to address your question. The link to the web site is called Bankruptcy Questions and Answers - Debt Resolutionand is displayed directly below this window.
Its probably easier to address which AREN'T, (generally): Child Support, Penalties and Fines, Student Loans (and most government insured loans). The list of assets that can't be sed is also short...and something like taxes get priority, so while it may be discharged, it gets paid before others, and of course, secured loans have first call on the equity to the proerty they are secured by.
It's probably easier to list what can't be discharged. In the two types of personal bankruptcy here is a list of what cannot be discharged:
In a Chapter 7 case, the most common types of debts that can't be discharged are:
If your bankruptcy case is under Chapter 13, you won't be discharged from the following types of debts:
A car loan
Yes. Educational loans fall under the category of "non-dischargeable debts" and do not go away in any type of bankruptcy filing.
No type of bankruptcy, whether chapter 7, 11, or 13 discharges a civil or criminal judgment against you. Those are considered non-dischargeable debts and will remain with you until you pay them. Be sure to familiarize yourself with what will and will not be discharged before filing for bankruptcy as you may find that much of your debt is nondischargeable in which case bankruptcy may not be the option for you.
To be certain of the status of such debt you should check the state statutes if filing a state bankruptcy. If it is a Federal filing, debts owed to any state department or affiliate is only dischargeable in relation to the type of debt and when it was was incurred.
Your financial needs really determine which type you should file, if at all Chapter 7 is a liquidation bankruptcy and chapter 13 is a type of debt reorganization bankruptcy which essentially places you on a budget until you can pay back parts of your re-negotiated obligations. You should speak with an attorney about which option is best for your situation, keeping in mind that some debts are not dischargeable under either chapter 7 or chapter 13 bankruptcy.
Makes no difference where you are: Probably not - almost always, fines & penalties, that type of thing are NOT dischargeable...would be against their purpose and the common good.
There are different types of Bankruptcy. Chapter 7 is for the debtor which has debts like medical bills,car loans etc. But if you want to pay back your debts then you can file Chapter 11 and 13 which has a payment plan. You can pay your debts through payment planning. Try to search more information about bankruptcy and ask a legal advice.
In ANY bankruptcy, whether or how much of your debt gets paid is dependent on what type it is, and more importantly, what your assets are. Your assets are used to pay your debts...have enough and 100% gets paid.
There are certain debts that can never be discharged under any type of bankruptcy. This should be a factor in your decision because the debts will not go away and they will continue to collect interest even during your bankruptcy. Some examples of nondischargeable debts include: * All debts not listed in the bankruptcy petition * Student loans - unless undue hardship to repay* Taxes - Federal, state, and municipal* Fines for violating the law: including criminal fines and traffic tickets* Alimony and child support* Debts for personal injury caused by driving while intoxicatedSee the related link
Yes. However due to the new bankruptcy reform the party involved may have to file whichever type of bankruptcy the trustee feels is applicable. The point of the reform is to prevent multiple BK filings. The premise is, if the debtor has even a small amount of nonexempt income it is to be used for repayment of debts.
It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.
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