The length of time a discharged 7 or 13 bankruptcy can remain on a credit report has always been 10 years. A dismissed chapter 13 remains for 7 years a dismissed chapter 7 remains for 10 years. Therefore, no type of clause applies because the requirement has never changed. Bankruptcy laws and credit reporting laws are two entirely different issues.
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
If you included it in your bankruptcy, you're protected by the discharge. If you didn't and you're already discharged from Chapter 7, you may not be protected. I suggest you discuss this with your bankruptcy lawyer.
The petitioner will be allowed to keep whichever vehicle is protected by the state or federal exemption.
No. Never. It is exempt and protected.
Chapter 13 (and all) bankruptcy is Federal Filing. And, no, usually Vets benefits are protected under bankruptcy. See an attorney familiar with these matters.
No the IRA would no longer be protected having been inherited.
The petitioner submits the repayment schedule/plan to the court and the court decides whether or not it is acceptable. The best option for the petitioner is to retain a qualified bankruptcy attorney rather than self-filing, as the forms, required documentation and so forth can be complicated to say the least. If the petitioner qualifies for the bankruptcy he or she should be aware that they will be placed on a very strict budget, which is one reason so many people fail to complete a chapter 13 BK ("Adjustments of Debts of an Individual With Regular Income").
You can file a Chapter 7 bankruptcy.
No. Bankruptcy is not a state governed court. All bankruptcies are filed in Federal Courts. Once the Court has made a ruling it will stand. The judgment is valid in All 50 States. Sorry. Yes. Many states have opted out of federal bankruptcy filing, some states allow the petitioner to choose whether they want to file a state or a federal bankruptcy. The best choice obviously is the one that is most advantageous for the petitioner. A chapter 13 can be converted into a chapter 7 if the BK petitioner can show the trustee that they cannot meet the requirements for the original 13 filing, regardless if it is a state or federal filing. Because of the strict exemptions allowed in a Chapter 7, it would be prudent to seek legal counsel before taking any action.
Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
While participating in a chapter 13 the petitioner cannot refinance, sell, transfer or otherwise real property without receiving permission from the bankruptcy court/trustee to take the action. Therefore the issues cited are not relevant until/unless permission is granted.
Question is unclear but - any debts which you incurred before bankruptcy filing but were not presented until AFTER your bankruptcy petition is accepted, are subject to the bankruptcy. HOWEVER - after the bankruptcy has been filed, you may NOT go out and incur NEW debt. Any newly incurred debt will NOT be protected by the bankruptcy shield.
The only viable option would be to discuss the matter with the lender and hope that an equitable agreement can be made. In lieu of such, the petitioner should contact the BK trustee to find out if the Chapter 13 can be modified.
No, this is not legal. When you filed the bankruptcy, you and your property are automatically protected under the "stay." The stay prevents any collections or repossession action for the duration of the bankruptcy, and will not be lifted until the BK is discharged or dismissed.
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
You are protected during the term of his bankruptcy. If he does not resolve the debt under it, you will remain responsible.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Chapter 7 bankruptcy information can be found at US Courts, Corporate Bankruptcy, Lawcore, Personal Bankruptcy, Legal Helpers, NOLO, and Bankruptcy Help.
What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.
An unfortunate aspect of Chapter 13 bankruptcy plans is that the budget is very strict and hard to keep. An individual having problems with the chapter 13 bankruptcy can convert into a chapter 7 bankruptcy or re-file altogether. Make sure to look into the changes and different effects that a chapter 7 (as compared to Chapter 13) will have on you.
Yes you can protect it under chapter 7 bankruptcy