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Answered 2007-01-25 01:17:18

It depends. Most any of the types can, or may not. Some considerations are if your speaking of a business (Corporation) or personal bankruptcy, if the debts are secured or not, and how much of what type of assets there are and if any of them are to be maintained after the bankruptcy as determined by the Court and creditors. There is no personal bankruptcy where secured debts or other obligations such as child support arrearages. A chapter 7 is a total liquidation bankruptcy in which the debtor can discharge all debts that are not secured including judgments, liens that have not been "perfected", stop wage garnishment, etc. The petitioner will however be required to relinquish all non exempted property.

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When filing chapter 13 should all debt be included?

when filing any bankruptcy you must disclose ALL debts.


What if your income increases after filing a chapter 13 bankruptcy?

Chapter 13 is more of a repayment plan than a debt wipeout. Because of that, if there is a change in your financial circumstances after filing for bankruptcy then the court needs to be aware of it.


Can you file a lien on a company after it has filed for chapter 11 bankruptcy?

If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.


What can you filing under chapter 7 bankruptcy?

You must list all of your debt when filing for Chapter 7 bankruptcy. However, not all debts are eliminated. There are certain exceptions to discharge under the Bankruptcy Code. Your attorney will be able to advise you by looking at your total financial situation.


What is a consumer bankruptcy?

Consumer bankruptcy is bankruptcy that is filed by the individual who is in debt mostly due to consumer good. This is opposed to a business or corporation filing for bankruptcy. There are two types of bankruptcy which an individual/consumer can file under: Chapter 7 and Chapter 13.


What are the advantages of filing for bankruptcy?

The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.


How in debt do you have to be to file bankruptcy?

There is no limit to the debt you owe for filing bankruptcy. Chapter 13 may not be available if you owe a large amount. Since the amount changes from time to time, you will have to look it up on your bankruptcy court's website.


Can you get debt relief after filing bankruptcy?

Bankruptcy IS debt relief. After filing bankrupt, you HAVE no more debts. No credit, either, but that's the way it works.


Can a debt be discharged in a no asset chapter 7 if it was incurred a few weeks before the filing?

For the most part yes. The only problem you could run into is if the creditor involved believes that you intentionally incurred the debt with the intention of then filing bankruptcy. If they can prove this the debt is determined to be bankruptcy fraud and nondischageable.


Can you include your car in a bankruptcy after the bankruptcy has already been discharged?

If you have forgotten to include a debt in your bankruptcy, you can amend your petition to include the debt in your bankruptcy. In case of a chapter 13 filing, you must amend your payment plan to include the forgotten debt. In some cases you may not have to file an amended petition in a Chapter 7 case especially if there are no assets for distribution. The court will allow you to write off the forgotten debt but you must provide proof of your bankruptcy filing to the creditor otherwise they will not be aware of your filing and will continue with the collection activity. If the debt was incurred after the filing but before discharge, you may have to file a new petition including the debt after requesting the court to dismiss your existing petition. For an official opinion, it is advised you seek legal counsel.


Do you have to repay everything when filing Chapter 13 BK?

The amount you pay in Chapter 13 bankruptcy depends on your state. In general, you will not have to pay all the debt you owe.


How long does a chapter 13 stay on your credit report in Wisconsin?

A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.


If you incur a debt on credit card after you file chapter 13 and are still under the bankruptcy can that credit card company do anything legal to collect your debt?

Declaring bankruptcy does not allow you to go out and spend money without having to pay it back. Yes, the debt is not covered by the Chapter 13 filing, so they can do what they can to collect the new debt.


What is chapter 13 bankrupt?

There is a big difference between chapter 7 and chapter 13 bankruptcy. Generally speaking, chapter 13 bankruptcy is a type of Reorganization bankruptcy. It 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.


Can someone add a debt onto their bankruptcy even though the debt occurred after they had filed for Chapter 7?

No, this is considered a post-petition debt. It would not be covered by the bankruptcy, you would legally owe this debt. Bankruptcy only covers charges up to the filing date. Not the meeting date,not the discharge date and not the closing date.


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.


Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?

You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.


Where can one get free bankruptcy counseling in the US?

American Debt Enders offers free consultation for filing chapter seven bankruptcy. Their phone number is listed on their web page. There are no one hundred percent free bankruptcy services just free consultations. There are filing fee involved to file for bankruptcy.


If inder chapter 13 and a new bill from current is going for a law suit can it be added to the chapter 13?

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.


Is filing bankruptcy on your home considered a foreclosure?

No. Foreclosure is a specific action that would be filed in a county court. Filing a Chapter 7 bankruptcy would give the mortgage lender the right to file the foreclosure after the bankruptcy case is closed, unless you reaffirm the mortgage debt with the lender.


What is filing for Chapter 13?

Chapter 13 bankruptcy is a type of bankruptcy that reorganizes your debt into monthly payments and essentially places the debtor on a strict budget. An individual's debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. He will then have a certain period of time to pay off his debt. The plan for getting out of debt is formalized and approved by the bankruptcy court. Some unsecured debt (debt that is not collateralized) may be discharged. However, if you owe more than $250,000 in unsecured debt and more than $750,000 in secured debt, you cannot reorganize under Chapter 13; you must do so under Chapter 11. To file for Chapter 13, you must have regular income and debts under those levels.


Can you still get your money owed you if someone files bankruptcy?

First, it depends on what chapter bankruptcy they are filing. If they are filing Chapter 7, which is a complete disolvement of the debts, and your debt is placed within the filing as a debt, you have the opportunity to file an objection to the release or discharge of your debt. If it is NOT placed within this filing, they are not protected from your debt and you can still collect on it. Personally, if it was me, if my debt was NOT listed on the bankruptcy petition, I would remain quiet about it and let the bankrtupcy go through to discharge and then begin collection. Because if you continue to collect this debt that is not on the bankruptcy petition, all they have to do is ammend this petition to include your debt and then they would have protection from your debt and it has been my experience, personal debts are usually discharged, despite objections from the one that is owed. And once the bankruptcy filing is complete, they cannot file again for another 7 years, so when you begin your collection, they have no other recourse but pay you. If it is Chapter 13, a reorganization of debts, and your debt is not included, I would make sure it was included by pressuring him for payment and hopefully, they will ammend their petition to include your debt. By doing this, they are put on the payment list and you should receive some sort of payment through the courts, as they make payments to the court and the court distributes monies to the debts.


If you filed chapter 7 bankruptcy in 2003 when is it discharged and when will it come off your credit records?

The bankruptcy is not discharged. Your debt obligation is discharged. The discharge notice usually is mailed to you about 6 weeks after the 341 meeting. The filing of bankruptcy will stay on your credit report for 10 years from the date of filing.


What do you need to know about filing your tax return if you have filed bankruptcy during that year.?

No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html


Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?

It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.


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