That is a good question to ask your B/K attorney. Otherwise call a local wrecker/towing company to tow them away. They appear to be abandoned. Lots of folks take them to the B/K attorneys office and let them deal with it.
IF the lender gets a judgment for the balance owed, you PAY that judgment off, then the cars are yours. You should get a clear title to them.
Bankruptcy raises creditors expenses because people get out of paying what they owe. It causes the price of everything to go up because of those who don't or can't pay their debts.
The creditor does not waive the lien on your auto simply because they did not appear at the 341 meeting of creditors. It is your responsibility to reaffirm (new contract) or surrender the auto. There are situations that may exist where you can avoid their lien if the liened property is not properly perfected. Bankruptcy is not black & white. It is strongly advised that you seek counsel.
Of course. A charge-off is a tax benefit and has nothing to do with your bankruptcy.
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.
if its related to the bankruptyc, you can include it. and the creditors will have to remove it or flag it for removal in 7/8 yrs because an eviction is related to owing money or a summons, and a bankruptyc filing will/can squash those writs of order to pay. You have to manually add that into your list of creditors when filing for the bankruptcy.
Bankruptcy hurts credit because it creates a negative reputation for someone. It shows creditors that someone is not able to pay off their debts. It can hurt credit for about 10 years.
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
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.
Anchor Blue declared bankruptcy because it had more debt than assets and did not believe it could pay its creditors. The company had been loosing sales to its competition, which included American Eagle.
Your outstanding student loans will not be exempt from creditors nor will they be dischargeable (absent exceptional circumstances) in a Chapter 7 or 13 bankruptcy proceeding. This is an important obligation that should be a priority you attend to because it will NOT go away.
In Chapter 7 bankruptcy, the bankruptcy trustee cancels many (or all) of your debts. At the same time it might also sell (liquidate) some of your property to pay your creditors. Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code.
It will be a negative mark on your credit file, furthermore you will have no money and it is unlikely there will be any remaining funds to pay your creditors because any funds will be used by the trustee to repay the creditors noted in your bankrupt estate.
Although most debtors keep all their property after filing a Chapter 13 bankruptcy, debtors must file exemptions when applying for this type of bankruptcy just like they do when they file for Chapter 7 bankruptcy. Filing exemptions in a Chapter 13 bankruptcy is for the benefit of creditors rather than the debtor himself. The exemptions inform the creditor of how much she is entitled to and allows her to compare the settlement of the case with the settlement the creditor would receive if the debtor filed Chapter 7 bankruptcy instead.Best Interest of Creditors TestU.S. bankruptcy law requires Chapter 13 bankruptcy applications to pass the "best interest of creditors test." Creditors involved in a Chapter 13 bankruptcy must receive at least as much from the bankruptcy as they would if the debtor filed Chapter 7 bankruptcy instead. The bankruptcy trustee performs this test by deducting the debtor's exemptions from the full value of the estate to determine how much the estate would be worth if the debtor filed Chapter 7 bankruptcy. Creditors may receive more from Chapter 13 than they would from Chapter 7, but they may not receive less from Chapter 13.Determining Payment AmountChapter 13 exemptions, or more specifically, the best interest of creditors test, are also used to determine how much the debtor must pay over the lifetime of the plan. To make this determination, the bankruptcy trustee compares three numbers. The best interest of creditors test, or the non-exempt value of the estate minus administrative costs, is one of these three numbers. The total amount of priority claims, such as alimony, child support and back taxes owed, is another number the bankruptcy trustee looks at, as is the debtor's disposable income, or income after payroll taxes each pay period. The bankruptcy trustee takes the biggest of these numbers and divides it by the life of the plan to determine how much the debtor must pay each month.ConsiderationsChapter 13 bankruptcy may be attractive to some debtors because debtors are at low risk of losing their property through this arrangement and there are no income limitations on this type of bankruptcy. However, debtors cant file for Chapter 13 bankruptcy if they have such large exemptions that the bankruptcy will fail the best interest of creditors test. In addition, Chapter 13 bankruptcy negatively affects the debtor's credit for seven years and requires debtors to pay the bankruptcy trustee on a monthly basis.
First of all, I would wait a few months and request a free copy of your credit bureau (by mail) to make sure your bankruptcy is no longer on your file. Hopefully all your creditors with negative ratings are all gone. If you have any creditors with good ratings, you should continue using them because the established creditor is good for your bureau. If you do not have any good creditors then you should try to apply for one or two creditors and keep them in good standing for at least 2 years before applying for more, if necessary. Personally I think 2 or 3 creditors are maximum you should have.
Lookback refers to the process of examining something that happened earlier. For example, if you file for bankruptcy, the courts will look back at your credit charges to determine if you increased spending in the two years prior to bankruptcy, thus nullifying your case because of fraud on the creditors.
You can up and until you do it, most people say why it doesn't matter? I found that it did matter, because the late payments also show for 7 years.
Because creditors may garnish your taxes, your bank account, other financial accounts, and may attach other real property with a court order.
That meeting, the 341 meeting...is normally sometime after you have filed BK. They don't decide if you can declare BK, obviously because they would always say NO.
When someone goes bankrupt, after all their stuff is sold off the leftover debt is removed from their creditors. In order to make up this lost money, the creditors then have to raise the prices of their goods and services that they provide to everyone else, because if they do not then the company would quickly go out of business.
Bankruptcy Courts handle bankruptcy...and they are type of Federal court. Maybe because the BK laws re federal, the effect of BK crosses State lines in almost all cases (a BK in say Calif very likely owes money to creditors in NY)...etc., the availability of it to all and te at least basic fairness to both creditors and debtors demands it. "We the State of ABC hereby make a law that only residents of ABC may receive any payment by debtors in BK, all others get nothing, because they ain't us".
Filing for bankruptcy will trigger the automatic stay, preventing creditors from taking action to collect their debts, including calling you, suing you, or sending you letters.You may be able to discharge your obligation to repay any of your dischargeable debts.By using the bankruptcy exemptions, many debtors can go through the bankruptcy process without losing any of their property.While a bankruptcy filing will remain on your record for 7-10 years, because many debts can be discharged in bankruptcy, many debtors begin improving their credit rating after filing for bankruptcy. Visit : my profile and click my site for more information about bankruptcy.
He surrender because he had no other options
They might, but it would do them no good as long as your bankruptcy goes through to discharge. If they were listed as a creditor on your bankruptcy, the automatic stay prevents them from pursuing you for the debt, or late fees and monthly fees related to the debt. However, if your case is dismissed for some reason before a discharge is granted (because, for example, you fail to show up at the meeting of creditors), none of your creditors will go away, and all late fees and monthly fees will continue to accrue.
If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.