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What else can I help you with?
What must someone have to secure home loans after bankruptcy?
Generally, immediately after declaring bankruptcy, an individual will be unable to get any home loan of any kind. It usually takes at least two years of good behavior and debt eradication before one could be considered for a loan.
How credit union collect bankruptcy loan that discharged?
If a loan from a credit union has been discharged in bankruptcy court, that credit union cannot collect and must write the loan off.
How long before filing chapter 7 taking a 401k loan?
Taking a 401(k) loan before filing for Chapter 7 bankruptcy is generally permissible, but it’s important to consider the implications. The loan must be repaid, and if you default on it, the amount owed may be treated as a distribution, which could impact your bankruptcy case. Additionally, it's advisable to consult with a bankruptcy attorney to understand how the timing and amount of the loan could affect your overall financial situation and bankruptcy filing.
Where can one find information on Declaring yourself bankrupt?
One can find information regarding a personal declaration of bankruptcy on the Debt Advisory Centre website or the IRS site. One must start by filing for bankruptcy with a bankruptcy petition.
What legal responsibilty does a person have if they borrowed money from their parents who then filed bankruptcy and now the trustee is trying to get back the money loaned- can the trustee do that?
Yes. That's a big part of what they do...get and preserve the assets of the debtor (an amount due to them is an asset), while trying to reduce and resolve the (gnerally by using those assets) the amounts they owe. Generally, they cannot change the terms of the loan...for example make it all due now...but they MUST try to get what portions are due...to use to pay what the debtor owes. (The other persons bankruptcy does not change YOUR obligation to pay the loan you received). Clearly, when it is a loan (or gift) between close family and one is declaring bankruptcy, whether the transfer was made to avoid having that asset in the bankruptcy...if it was an honest loan or gift...is a very real question the trustee must determine.
How long does it take for a bankruptcy trustee to approve a mortgage loan while still in chapter 13 bankruptcy?
The approval process for a mortgage loan during Chapter 13 bankruptcy can vary, but it typically takes several weeks to a few months. The bankruptcy trustee must review and approve the loan, ensuring it aligns with the repayment plan and does not negatively affect the debtor's financial situation. Factors such as the complexity of the case and the lender's requirements can influence the timeline. It's essential to communicate with both the trustee and the lender to expedite the process.
Can you obtain an sba loan after bankruptcy?
Yes, you can obtain an SBA loan after bankruptcy, but there are certain conditions. Typically, the SBA requires that the bankruptcy has been discharged, and you must demonstrate a viable business plan and the ability to repay the loan. Additionally, the specific lender may have their own policies regarding lending to individuals with a bankruptcy history. It’s advisable to consult with a financial advisor or lender to understand your eligibility.
Can you keep your car?
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
How long does bankruptcy stay on in Missouri?
Bankruptcy is a federal act, and there must be no less that seven years between filings.
Does wage garnishment stop the day you file Bankruptcy?
It should, but only for as long as the bankruptcy is active, and only so long as the debt is listed after the bankruptcy is discharged. More accurately, the garnishment must stop when the plantiff in the judgment has received notice that there is a bankruptcy.
Can you get refund anticipation loan if you have a chapter 7 bankruptcy?
If you are in a C. 7 or within 6 months after the close of your case, any tax refund is property of the bankruptcy estate and must be turned over to the trustee. You may not get a loan against an asset (tax refund) without the court's permission.
Can pay day loans go on bankruptcy?
They must be listed as a debt, and they can be discharged. Some payday lenders claim to have a security interest in your paychecks until the loan is paid, but those may not be legally established secured loans. Consult a local bankruptcy lawyer to check your loan docs.
