It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.
Chapter 13 bankruptcy is different than chapter 7 in that you will essentially be reorganizing your debt and coming up with a payment plan. The creditors meeting involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
You will have to satisfy your creditors without the protection of the court.
A Chapter 7 bankruptcy proceeding is started by filing a petition with the bankruptcy court. The person filing a Chapter 7 is referred to as the "debtor." The debtor is necessary to disclose to the court all of its property and debts and turn over all nonexempt property to the bankruptcy trustee, who then converts it to cash for distribution to the creditors. The debtor then obtain a discharge of all dischargeable debts.
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
The trustee can request the bankruptcy court to dismiss the 13, which would allow creditors to pursue collection of the remainder of the debt owed under whatever manner allowed by the laws of the debtor' state.
Assuming its a chapter 13 bk, if you dont make your plan payments the court will dismiss your bk- allowing creditors to resume collection efforts
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
Your debtors BK effects your obligation to pay the same as your BK effects your creditors obligations to pay you. That is, not at all.
Owned assets are auctioned off to repay all creditors.
What do you think happens? The creditors have the money. They have to apply it to your debt balance, which will increase dramatically because they get to charge you for all the late fees, penalties and interest, not to mention any legal fees, that they could not add while you were in bankruptcy. I hope the dismissal was worth it.
The U.S. Trustee has ten days to object to your discharge on a Chapter 7. Creditors have sixty days to object. Then you should be discharged.
Assuming you are talking about the employer filing bankruptcy, it depends on the kind of bankruptcy. If a Chapter 7, they are screwed. If a Chapter 13 (not a corporation) or 11, it will depend on the plan. Downsizing is not unusual, and stripping of pensions is not unusual either.
Your case is dismissed, and you lose all protection of the court. You can expect your creditors to then act quickly and agressively to seize what they can and secure any assets and judgments they can.
You cannot change my bankruptcy, but you can convert your Chapter 13 to a Chapter 7. It happens frequently. You may want to check with your lawyer or an experienced lawyer since it can have unintended consequences.
You can file bankruptcy together or individually when you are separated. What happens in your separation could affect your ability to file Chapter 7 and you may have to file Chapter 13 instead.
Chapter 13 bankruptcy is basically a set repayment plan that is usually allowed by court, even if the creditor objects. When you satisfy your payments in the allotted time you have usually settled your bankruptcy. See the related link below for detailed info on chapter13 bankruptcy.
The same thing that happens when a Chapter 13 is dismissed in any other state. It is as if the bankruptcy was never filed. The automatic stay is lifted and the trustee returns any money left on hand to you.
An individuals debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. With regard to houses, a Chapter 13 bankruptcy is a good option to avoid foreclosure, make up for missed mortgage payments and stop back taxes on your house. So the simple answer to your question is that home property is not necessarily lost to the bank or creditors under Chapter 13 bankruptcy as long as the individual maintains the terms of their repayment plan, something easier said than done for many.
Absolutely - happens every day.