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What else can I help you with?
Can you own your own business while going through bankruptcy?
Depends on the type of bankruptcy you are filing. Generally a personal bankruptcy does not effect your business, and vise versa. However, if your business is filing bankruptcy, a Chapter 11 reorganization will allow you to stay in business.
When filing an answer to a civil complaint can I deny and say I'm filing for bankruptcy?
When filing an answer to a civil complaint, you can deny the allegations made against you, but simply stating that you are filing for bankruptcy does not automatically affect the response to the complaint. Bankruptcy can provide an automatic stay on certain legal actions, but it is essential to properly file the bankruptcy petition and notify the court. It's advisable to seek legal counsel to ensure that you respond appropriately to the complaint while also handling your bankruptcy filing correctly.
When do you need to search out a bankruptcy lawyer?
While you're filing for bankruptcy you may want a bankruptcy lawyer, because it can be very confusing at times and they will be extremely helpful.
What will happen to your direct deposit while filing bankruptcy?
Direct deposit of any monies while filing for Chapter 7 bankruptcy are safe. However, under Chapter 13 bankruptcy, an automatic payment may be required to the trustee from a direct deposit of wages and other sources of income.
What happens when a judgment is against us while in the process of claiming bankruptcy?
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
Can you keep home in bankruptcy?
In the State of Illinois, you can keep your home while filing a Chapter 7 if it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions and continue to be current on your monthly mortgage payments.
Is IRS creditor under chapter 11 bankruptcy?
For all practical purposes, yes...agreeably they may actually owe you in the end. But they are a party reasonably with an interest in the filing and need to be notified that they may have a claim. Tax claims actually get a while longer to file than almost all others.
How much debt should one have before filing for bankruptcy?
It would depend on the person as to how much debt one would have to have before filing for bankruptcy. Some people can have more debt than others and be ok with it, while others would feel the need to file.
How much does filing for bankrupsy cost?
The cost of filing for bankruptcy varies significantly depending on the type of bankruptcy and the complexity of the case. For Chapter 7 bankruptcy, court filing fees are typically around $335, while Chapter 13 fees are about $310. Additionally, legal fees can range from a few hundred to several thousand dollars, depending on the attorney's rates and the case's complexity. It's important to consider both court fees and potential legal fees when budgeting for bankruptcy.
Is it better or worse for your credit to let the bank foreclose on a mortgage of a second property while facing bankruptcy?
A foreclosure or bankruptcy is never good for your credit, this is something you'd be better off discussing with an attorney. You can avoid foreclosure by filing bankruptcy.
How can bankruptcy help stop a foreclosure?
Filing for Chapter 7 bankruptcy forces all of your creditors to stop harassing you, as all proceedings are temporary put to a halt while the bankruptcy is processed. However, you typically have to take the initiative and show proof of your bankruptcy to the bank for them to stop harassing you.
What companies will underwrite homeowners insurance while under bankruptcy?
What company will insure you when in chapter 13 if you home is not covered in the bankruptcy. If you have current insurance and the company is going out of business.
