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What happens when a creditor doesn't file a proof of claim in a bankruptcy case?
If it is not a secured debt it will be included in the bankruptcy discharge.
Is recourse debt subject to discharge in bankruptcy?
Recourse debt can be subject to discharge in bankruptcy, but it depends on the specific circumstances of the bankruptcy case and the type of recourse debt involved.
Can you still lose your house after Bankrupty was discharge?
Yes, you can lose it if you do not make the payments on it. A bankruptcy discharge does not erase debt. It renders it nonrecourse -- meaning that you cannot be called upon to personally pay the debt. However, it does not affect liens. Therefore, if you don't pay the debt, the lien can be foreclosed.
Who can file a lien on property after a bankruptcy discharge?
No one. Liens can only arise on valid debts. They can be statutory (such as a mechanics lien) or judicial ( a judgment lien). However, bankruptcy discharges the underlying debt, unless the debt was one not subject to discharge (such as taxes of a student loan). These creditors can pursue these debts, receive a judgment and enforce collection through a judgment lien.
What is chaptur 7?
Chapter 7 is a "fresh start" bankruptcy. You are discharged from all debt included in the bankruptcy. There are some debt that you cannot discharge.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
How do you discharge a civil judgment?
The same way you discharge any debt in a bankruptcy. Unless it involves fraud of the kind that is not dischargeable., or is for a debt that is not dischargeable.
Can you discharge your car in bankruptcy?
You can't discharge a car or any other asset. You can only discharge a debt (money owed).
What if the debt is incurred after the bankruptcy filing but before the bankruptcy discharge?
When an individual files for bankruptcy, he/she must list down all the creditors and debts that they have. If the bankruptcy has already been filed and the individual has incurred new debt but has not yet been discharged by bankruptcy, that new debt is not included in the bankruptcy discharge. For an official opinion, it is advised you seek legal counsel. It is really important to seek legal advice from the expert about filing for bankruptcy.
What happens to charged off debt in chapter 7 bankruptcy if you refinance mortgage?
This confuses two different concepts. A "charge off" is an accounting and tax term that means the creditor does not believe a debt is going to be repaid. It gives the lender a tax deduction. A discharge in bankruptcy is a permanent injunction against a creditor taking any action to collect a debt, including debt collection agencies or successors/purchasers of a discharged debt. Assuming the refi of the mortgage happens after discharge, nothing happens. If the refi happens while a c 7 or 13 is still pending, and lowers the mortgage payment, and has been approved by the bankruptcy court, it could affect how much you have to pay to the trustee.
When all the debt is paid from the sale of real property during a bankruptcy plan is the Bankruptcy dismissed or discharged?
discharge
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
