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What else can I help you with?
Can you have a trust and file for bankruptcy?
You can have a trust and file for bankruptcy but the more important question is whether you should given what is in the trust, who transferred the assets into the trust and who is a beneficiary of the trust. If you have set up a trust and have irrevocably transferred all of your interest to assets to the trust then there may be questions of whether the transfers were proper and allowable under bankruptcy law. If you are a beneficiary of a trust the question becomes whether your beneficial interest in the trust is protected when you file for bankruptcy. This will depend on reviewing the facts of how the trust and reviewing the trust documents.
Can you add your house to bankruptcy after you file?
No, you cannot add your house to a bankruptcy case after you have filed. Once a bankruptcy petition is submitted, the assets and liabilities included in the case are set, and the court will only consider those. If you acquire new assets, like a house, after filing, you may need to file a motion with the court to add them, but this is not a straightforward process and may not always be permitted. It's best to consult with a bankruptcy attorney for specific guidance on your situation.
What is the foreclosure process on your house?
That depends on your state. The laws for foreclosure are set by state. There are actually companies that will work with you for free to buy your mortgage away from your mortgage company and avoid your foreclosure. I would advise looking into this first.
Is Maryland a non-recourse state?
No. The State of Maryland has long-standing foreclosure legislation that allows lenders up to three years to file a deficiency judgment for the balance of loans after the proceeds of a foreclosure sale have been applied. For example, you are foreclosing on a $400,000 mortgage. The bank takes possession of the property. After filing the necessary notices, sells the property in a foreclosure sale or auction for $300,000, the bank may file for judgments against you of up to $100,000. If the court finds a default, then you will owe the money, according to the payment terms set by the court to the lender.
How long does it take to get a discharge on bankruptcy?
It depends on which bankruptcy you file for. If you file for Chapter 7 Bankruptcy, which includes a liquidation of any assets and paying off your debt once and for all, you'd be looking at a discharge within about 3 months. With Chapter 13 Bankruptcy your attorney would set up a payment plan for you to pay off your debts over a specified amount of time. Normally the payments are scheduled to be completed by the debtor in 3 to 5 years. So the discharge time will vary depending on what is agreed upon in the court. All the required payments must be made before the discharge can occur. I've written about these 2 types of bankruptcy in my blog, where I consider how these processes can affect your tax debt. http://taxreliefsolutions.blogspot.com/2009/06/are-you-considering-bankruptcy-as.html
Is there a time limit for banks to foreclose on your home after filing bankruptcy been discharged?
The bankruptcy law does not set a time limit for banks to foreclose on your home after filing bankruptcy. In fact, banks are prevented from foreclosing or continuing a foreclosure already in process upon the filing of a bankruptcy without first obtaining an order from the bankruptcy court allowing it to foreclose or continue a foreclosure already commenced.
How do you file chapter 7 together or separate if you are separated?
When you file a mutual bankruptcy, you and your partner file a single set of bankruptcy papers with the court. In your bankruptcy appeal, you release all property, debt, income, and expenses you have between both you and your partner.
If a credit card company has already set a court date against you can you still file bankruptcy?
Absolutely, you can send the notice of bankruptcy filing to the court and you will not have to attend.
If you received a dismissal with prejudice on a chapter 13 with a one-year bar can you get around this in order to stop a foreclosure?
No. Once the court has dismissed any bankruptcy with prejudice the time limit for refiling is set by bankruptcy laws or by the bankruptcy judge. The order can only be rescinded or amended by the issuing judge or the appellate court when verifiable evidence is submitted proving the dismissal was in error.
What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
If you had bankruptcy in 2004 can you file for bankruptcy again?
Some strict limitations have been set by the new bankruptcy law. Debtors will not be able to file Chapter 7 bankruptcy if they've been through a Chapter 7 within eight years of the new filing. If they want to file for Chapter 13, they will not receive a discharge within two years of a previous Chapter 13 discharge and within four years if they were discharged from a Chapter 7, 11 or 12 bankruptcy.
If you file personal bankruptcy can you keep your personal vehicles in Pennsylvania?
MAYBE! Most states set limits on the value of a vehicle that you can keep after filing bankruptcy. You can't go out and buy a brand new Porsche or Mercedes Benz and then file bankruptcy and keep the car. You will be limited to something that is worth less than $3000 or so.
Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?
The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.
Can you have a trust and file for bankruptcy?
You can have a trust and file for bankruptcy but the more important question is whether you should given what is in the trust, who transferred the assets into the trust and who is a beneficiary of the trust. If you have set up a trust and have irrevocably transferred all of your interest to assets to the trust then there may be questions of whether the transfers were proper and allowable under bankruptcy law. If you are a beneficiary of a trust the question becomes whether your beneficial interest in the trust is protected when you file for bankruptcy. This will depend on reviewing the facts of how the trust and reviewing the trust documents.
Can you add your house to bankruptcy after you file?
No, you cannot add your house to a bankruptcy case after you have filed. Once a bankruptcy petition is submitted, the assets and liabilities included in the case are set, and the court will only consider those. If you acquire new assets, like a house, after filing, you may need to file a motion with the court to add them, but this is not a straightforward process and may not always be permitted. It's best to consult with a bankruptcy attorney for specific guidance on your situation.
What is the property limit you can include on a bankruptcy?
If by "property limit" it is meant what personal and real property can be exempted from bankruptcy, that is determined by the type of bankruptcy you must file, federal or state. To discover what the type and amount of property one is allowed to exempt you can search federal bankruptcy exemptions or (name of state) bankruptcy exemptions; in a few states the person can choose to use either set of exemptions or a combination thereof.
Can you file bankruptcy on Nelnet loans?
In general, student loans, including those from Nelnet, are not typically dischargeable in bankruptcy. However, there are certain circumstances where student loans may be discharged, such as if the borrower can prove undue hardship through an adversary proceeding in bankruptcy court. This is a complex legal process that requires meeting specific criteria set by the court. It is advisable to consult with a bankruptcy attorney to explore your options and determine the best course of action.
