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when filing any bankruptcy you must disclose ALL debts.
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∙ 11y ago
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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.
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.
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.
Is a credit line on your house included in bankruptcy?
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
When filing chapter 7 does the IRS tax your forgiven debt as income?
There are separate calculations, but normally, the otherwise taxable cancellation of debt income (COI) doesn't happen if it was created as part of the BK process.
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.
Mortgage lates after filing chapter 7 Can a mortgage company report lates after filing of a chapter 7 and before a discharge?
Yes. That reporting to a credit agency of an item of fact, is not an attempt to collect the debt. Your not expecting you mortgage debt to be discharged are you?
When filing bankruptcy do you include pending law suits?
Yes, if the lawsuit has been filed it should be included - or if you know its going to be filed you should include as a possible debt.
Filing chapter 7 can you file again for medical and credit cards?
All debt and all assets must be included in your filing. And then you must wait at least years before filing again...and again all things must be included.
Is there a form to file a Motion to Amend a discharged no-assets Chapter 7 and add previously unknown creditors of debt incurred before filing?
No, there is not an option for reopening a discharged BK to add creditors, such action only applies to assets or income that was not included in the original filing.
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.
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 a debt to a private individual be included in a bankruptcy petition?
Not only can the be included, they MUST be included. All debts whether to Walmart or Aunt Betsy needs to be included in your bankruptcy filing.
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.
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.
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.
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.
