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What is an example of an item that a debtor may retain after discharge in a bankruptcy?
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Retirement funds pursuant to statute Debtor's aggregate interest up to $18,450 in value in real or personal property used as a residence, cooperative, or burial plot Debtor's interest in one motor vehicle up to $2,950 in value
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Will filing for bankruptcy reduce the principles on student loans and mortgages?
No, filing for bankruptcy does not discharge or reduce the principle on student loans, though the bankruptcy process may put 'recovery attempts' on temporary hold. Regarding mortgages, filing bankruptcy will potentially discharge your debt, though you may lose your home unless you choose to file a Chapter 13, which will allow you to consolidate debts and retain your home if you so choose.
If in a secured transaction the original debtor transfers debt to new debtor does the secured party retain PMSI?
Yes.
In order to file bankruptcy must you have a bankruptcy attorney?
If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.
Bankruptcy Online?
Bankruptcy is one of many solutions to a consumer's debt problems. When an individual finds himself or herself unable to make monthly payments for credit accounts, it may be time for that person to consider filing for bankruptcy. If the courts rule in favor of the debtor's claim, that person may not have to pay any of his or her creditors. Such an exemption will leave the debtor feeling relieved so that he or she can concentrate on getting back on the right path. When used properly, bankruptcy can be a very beneficial tool for a person desiring to rebuild.When Bankruptcy is the Best OptionConsumers have other options to consider before filing for bankruptcy. Debt consolidation can be a better choice depending on the circumstances. A consolidation will work best for a person who simply has too many open accounts. That debtor might return to financial health after the consolidation merges the accounts into something more organized.Debt counseling could work in some cases where the debtor is just beginning to fall behind. A little guidance and direction from a friendly counselor could help that person to catch up. There is no need for bankruptcy if the debtor has a chance of catching up.Bankruptcy is usually a last resort option. If a person is so far into debt that he or she cannot see a way out, bankruptcy is most likely the best choice. When a debtor's income is less than his or her debts, bankruptcy is the only option.Filing for BankruptcyA debtor can file for bankruptcy alone or with an attorney's help. It is always best for a person to retain counsel for a bankruptcy case. Hiring a lawyer will avoid mistakes in paperwork. An attorney will make sure the debtor files for the correct chapter of bankruptcy as well.Debtors now have the option of filing for bankruptcy online. Instead of traveling to an attorney's office, the individual can just visit the lawyer's website. The information page will ask the applicant for information about his or her debts. It will ask the debtor what kind of debt he or she has. It will also ask for an approximate total of debts owed to creditors.Next, the applicant will enter information regarding his or her income. Some bankruptcy online websites conduct the means test. The means test lets the client know which bankruptcy chapter to claim.
Am I required to retain a bankruptcy attorney if I want to file for bankruptcy?
Yes you will need an attorney to file for bankruptcy and deal with the court. As an individual you will not be able to schedule hearings, etc as necessary to do the bankruptcy.
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
When filing chapter 7can u purchase a vehicle in ur name?
Secured creditors [a car would be a secured loan item, since you get the loan based on the worth of the car] may retain some rights to seize property securing an underlying debt even after a discharge is granted. Depending on individual circumstances, if a debtor wishes to keep certain secured property (such as an automobile), he or she may decide to "reaffirm" the debt. A reaffirmation is an agreement between the debtor and the creditor that the debtor will remain liable and will pay all or a portion of the money owed, even though the debt would otherwise be discharged in the bankruptcy. In return, the creditor promises that it will not repossess or take back the automobile or other property so long as the debtor continues to pay the debt.
How can you prove that a judgment has been discharged in a bankruptcy?
The answer depends on the context. If you properly listed the debt in your bankruptcy, then the bankruptcy cour will have a proof of service showing that the creditor was notified of both the bankruptcy and the discharge. You can get those documents from the court's file and show them to the creditor or the creditor's attorney. If the creditor insists on attempting to collect the debt, you should retain an attonrey to reopen the bankruptcy and file a lawsuit called an adversary proceeding for damages and sanctions against the creditor and/or the creditor's attorney. One point that many people do not realize is that while a judgment can be discharged in bankruptcy, judgment LIENS are NOT discharged unless you file the proper motion with the bankruptcy court.
Can you retain a lawyer to start the process of bankruptcy before filing again?
Of course...in fact it is the best way to go about it.
What happens to the past due portion of of mortgage if you file bankruptcy and plan to retain the house?
Listen...you are NOT keping the house without paying the mortgage past and present as agreed. No, BK will not discharge your debt, past or future obligation, and let you keep the property it is secured by. You need professional advise and consult.
What is a collateral lien?
A lien is a right to retain property till the debt is repaid. It is a legal claim on the securities which come in to the banker's hands in the ordinary course of business. Lien meaning to retain the property of debtor in case of debt
What documents are required to file bankruptcy?
The process is elaborate and your Bankruptcy Lawyers Near Me will ask you for a long list of documents. It includes your assets, your debts and your rights. Your income and expense statement is a crucial document. For businesses filing for bankruptcy, you may have to answer tons of questions pertaining to your business to the Bankruptcy Lawyers Near Me to enable flawless filing. Prepare a complete list on what you owe and own. Not all the items on the list are taken away, you still get to retain some. The Bankruptcy Lawyers Near Me may be in a position to identify what you retain and what you lose. The document is scrutinized and after signing the documents, the petition is formally filed with the Bankruptcy Court.
