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This is a difficult question. The analysis includes a determination of whether the above ground pool is a fixture. If the pool is a part of your real property, the entire parcel must be considered in whether the value of the asset is viable for administration by the trustee.
If there is a loan on the pool, it is likely secured. If it is not a fixture, it is likely a purchase money secured loan. If it is purchase money, the creditor might want you to surrender the pool. But do they really want your used pool? Likely not. In a chapter 7, you might test the creditor to see if they will spend the money to replevy the pool.
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∙ 15y ago
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Why would someone choose chapter 13 bankruptcy instead of chatpter 7 bankruptcy?
There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.
You did chapter 7 bankruptcy 5 years ago when can you do it again?
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. The above notes discharge dates
Can you file for chapter 7 bankruptcy after a bankruptcy default?
If have you have a prior bankruptcy default, there may be certain restrictions on future chapter 7 filing. If you have been discharged in a Chapter 12 or Chapter 13 bankruptcy by paying at least 70% of the unsecured debts, you must wait for 6 years before filing a Chapter 7. If your Chapter 7 was dismissed and you file another Chapter 7 within 1 year, then the automatic stay will terminate within 30 days unless you demonstrate that your prior Chapter 7 filing was made in good faith. You must wait for 180 days if your bankruptcy petition was dismissed for failure to comply with a court order or was dismissed on your request to be eligible to file a Chapter 7 petition once again. Legal Disclaimer: The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
How long do you have to wait to file a chapter 7 bankruptcy after you have filed for a chapter 13 bankruptcy?
The new bankruptcy reform legislation will dramatically change how long someone must wait to file bankruptcy if they have previously received a discharge. Under the current law, a debtro can file Chapter 7 again if it has been more than 6 years since he or she was discharged from the previous Chapter 7 bankruptcy. Under the new bankruptcy law taking effect on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
Does filing bankruptcy remove bad marks from your credit report?
No. What will happen is all the defaulted accounts listed in the bankruptcy will be marked as such.."included in bankruptcy". The credit history, late payments, judgments, etc. will remain the same. In addition to the scenario in the above answer: The bankruptcy filing itself will be listed in the "public records" portion of your credit report. The disposition needs to be listed also (the discharge). The "bad marks" (i.e., the accounts) will show on your credit for 7 years. The bankruptcy listing will show for 7 years for a completed and discharged Chapter 13 bankruptcy and 10 years for a discharged Chapter 7.
What is the means test to file bankruptcy?
One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.
How long after filing a chapter 7 can you file a chapter 13 in Washington state?
Bankruptcy is a FEDERAL law handled in a FEDERAL court...your State makes no difference. Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago. The above notes discharge dates.
I have no icome and all assets are in boyfriends name should I file bankruptcy because of credit card debt?
As long as you have not recently transferred assets to your bf to become insolvent, it would be a great time to file Chapter 7. If you are living with him, his income will count towards the means test, so if his income is above the annual median family income for your state, you may have to file a Chapter 13. Be sure to check with an experienced bankruptcy lawyer.
Do pea pods grow above ground or under ground?
Above ground. If they grew underground, they (a) would not be green and (b) would not be peas. +++ The pod is the fruit, and the peas the seeds, of the pea plant.
You filed chapter 7 in California 6 years ago how long do you have to wait to refile in WA state?
Bankruptcy is a Federal matter, your State makes no differece.Under the new bankruptcy law taking effect on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago. The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
What were the chapter 7 bankruptcy laws in 2001?
Bankruptcy laws changed dramatically in 2005 and make it considerably harder for people to file chapter 7 bankruptcy, those people who do not qualify for chapter 7 are left with the option of chapter 7. Some of the major changes with chapter 7 are:In a Chapter 7 bankruptcy, the income of the person filing will be subject to a two-part test. First, your income will be calculated with exemptions such as rent and food to determine whether you can afford to pay 25 percent of your unsecured debt such as your credit card bills. Second, your income will be compared to your state's median (middle) income.You won't be allowed to file for Chapter 7 if your income is above your state's median income and you can afford to pay 25 percent of your unsecured debt. Even if your income is below the state's median income and you can pay 25 percent of your unsecured debt, the court may still deny your Chapter 7 filing. There will be very few exceptions to this test, no matter how sympathetic your case is.
Can gold bars be taken in bankruptcy?
Any assets you have are potentially forfeit if you file for bankruptcy. There is no way to 'lock away' part of your estate above and beyond the things the law allows you to keep - such a practice would defeat the object of filing bankruptcy in the first place.
