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If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
Can you file for bankruptcy if you have a civil judgment for contractually liable debt in California?
Yes, you can file for bankruptcy in California even if you have a civil judgment for contractually liable debt. Filing for bankruptcy can potentially discharge or restructure that debt, depending on the type of bankruptcy you file (Chapter 7 or Chapter 13). However, certain debts may not be dischargeable, and it's important to consult with a bankruptcy attorney to understand the implications of your specific situation.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
If I file bankruptcy can I add my mother's creditor with my bankruptcy?
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
If your wife included a joint car loan in her bankruptcy but you did not file bankruptcy are you still liable for that loan?
You will be responsible for the whole debt since you are the only one capable of paying the debt after your wife's bankruptcy.
What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
Can you file for bankruptcy if you have a civil judgment for contractually liable debt in California?
Yes, you can file for bankruptcy in California even if you have a civil judgment for contractually liable debt. Filing for bankruptcy can potentially discharge or restructure that debt, depending on the type of bankruptcy you file (Chapter 7 or Chapter 13). However, certain debts may not be dischargeable, and it's important to consult with a bankruptcy attorney to understand the implications of your specific situation.
If the cosigner files bankruptcy and claims the debt of the cosigned loan is the cosigner relieved of the cosigned debt?
Unfortunately, no. For all co-signed debts, both signers are liable for repayment of the debt. When one party has their obligation discharged by bankruptcy, the remaining debtor becomes 100% liable for repayment of the balance.
What happens to the primary if the co-owner files for bankruptcy?
The primary would be held liable for the debt.
If your car is repossessed and the person who cosigned for you files bankruptcy are you still liable for the repossession?
Yes. If you default on your car loan you will remain liable for the debt.
Can you still erased the cancelled debt after bankruptcy?
You can always pay discharged debts after bankruptcy. The discharge only prohibits collection of the debt by a creditor. To avoid reinstating the debt(s), it is a good idea not to make regular payments.
If ex-wife owes half of IRS debt and now files bankruptcy is spouse liable to pay her portion?
If ex-wife owes half of IRS and now files for bankruptcy, spouse may be liable to pay his portion if the debt was is a joint account. Otherwise, spouse will not be held liable for any portion thereof.
Can a debt collector still collect your debt if you file chapter 13?
No they cannot, as long as you included them in your bankruptcy. They would be in violation of Federal Law, and liable to suit and possible penalty from the bankruptcy court. The bankruptcy attorney, or the trustee should be notified about any collections on a bankruptcy account.
Can a Repo show as receiving income to the IRS?
Yes. If the bank writes off part of your car loan as a cancelled debt, they will report it to you on Form 1099-C. Cancelled Debt is taxable as income under the Internal Revenue Code and should be reported on your tax return. Cancelled debt is not taxable as income, though, if it is cancelled through a bankruptcy proceeding our you are insolvent on the date that the debt was forgiven.
What does Discharge Bankruptcy mean?
I Have just been discharged from bankruptcy, does this legally mean that my possisions can not be touched and I am not liable anymore for the debt. I wont to know if my house is now safe ?
