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Last I checked you can't make any large purchases once you file bankruptcy. Usually when you file Chapter 7 bankruptcy they take things that you own to pay for your debts because you can't afford to pay for them yourself. If you don't own anything then I believe that basically your dets are written off. Granted there are all kinds of promotions out there for bankrupters but I believe that I would hold off making a large purchase. * A lender will generally require at least 12 months of responsible credit use after a BK discharge. The consumer should be aware of predatory lenders who offer immediate loans to persons who have been involved in any BK. These lenders charge excessive interrests and fees, and will include a clause in the contract of agreement by the borrower to waive due process if the loan should be defaulted.
What else can I help you with?
What is the difference in bankruptcy?
Chapter 13 Bankruptcy is ideal for people who have a credit problem but want to do the right thing and pay back their debts. It allows you to reorganize your debts repayments into a more manageable timeline. It is perfect for those who are having a problem with their mortgage or car payments and need to stop a foreclosure or reposition, have many secured obligations In a Chapter 7, most debts are discharged, however certain assets may not be protected and may be liquidated to pay creditors. Filing under Chapter 7 is a very valuable right and can be used every 8 years if necessary.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
Could you change your chapter 7 to chapter 13 after being discharged?
Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.
Can a credit card company sue you if you file bankruptcy?
For filing bankruptcy? No. Filing for bankruptcy is not illegal and your right to do so cannot be waived by contract.For fraud? Yes, but the fraud would have to be proven.For the money you owe? Possibly, but pointless, since they are already a creditor and a successful lawsuit will only make them a creditor, which they were to begin with. It wouldn't even raise their standings in the priority of repayment from the bankruptcy discharge.
How long do you have to wait to purchase a home after chapter 7 bankruptcy?
THERE ARE MANY LOAN COMPANIES, BANKS, MORTGAGE COMPANIES THAT WILL HELP YOU BUY A HOME, REGARDLESS OF YOUR CREDIT RATING. YOU WON'T GET THE BEST RATE BUT IF YOU HAVE A JOB WITH A STEADY PAYCHECK YOU CAN GET APPROVED FOR A MORTGAGE! GO ON LINE AND FIND A MORTGAGE CO. THAT ADVERTIZES "BANKRUPTCY ? NO PROBLEM!" BE PREPARED TO HAVE A GOOD DOWN-PAYMENT AND PROOF OF EMPLOYMENT, OR SOME SOURCE OF IN-COME. DON'T GO WITH THE FIRST CO. THAT SAY'S "OK", SHOP AROUND, IT'S A BUYER'S MARKET RIGHT NOW.
Unmarried couple have a mortgage together no equity and its in foreclosure. Can he file a chapter 13 alone and repay both shares of arrearages or do I have to file too tho we have no other joint debt?
I am pretty sure that him filing chapter 13 would only cover his debts. If you contact a bankruptcy lawyer they can lead you in the right direction, but I think you would still have responsibility being that you are also on the mortgage.
Can your mortgage company refuse payments after filing Chapter 7 Mortgage was not included in Chapter 7 filing.?
You know, everything ---that is ALL assets and ALL liabilities are included in your bankruptcy...(yes, they may be given different positions, but they all MUST be included)...you don't pick and chose. How did YOU decide to not include your mortgage? To the first responder: Um... Yes, you can eliminate anything you want from your filing. I'm going through it right now, and I am "re-affirming" my mortgage. Technically, I suppose it is still "listed" on the forms, but as soon as you re-affirm, you owe the debt again. To the original questioner: If you have filed the proper papers, your lender should not be able to refuse your payments (assuming they accepted the re-affirm), but you should talk to your bankruptcy attorney for more details. It would, I suppose, be possible for them not to accept the re-affirm, but then you would be out of the mortgage, and they would be stuck with the house, something I wouldn't imagine them wanting since they're in business to make money, not to own houses.
What is the difference in bankruptcy?
Chapter 13 Bankruptcy is ideal for people who have a credit problem but want to do the right thing and pay back their debts. It allows you to reorganize your debts repayments into a more manageable timeline. It is perfect for those who are having a problem with their mortgage or car payments and need to stop a foreclosure or reposition, have many secured obligations In a Chapter 7, most debts are discharged, however certain assets may not be protected and may be liquidated to pay creditors. Filing under Chapter 7 is a very valuable right and can be used every 8 years if necessary.
Where can you get free chapter 7 bankruptcy information in the state of Minnesota?
Use this FREE ""Do it Yourself"" Bankruptcy Site to see filing bankruptcy is the right solution for solving your personal debt problems.Filing bankruptcy is perhaps the most difficult decision you'll ever make! I'm sure you have many questions about filing bankruptcy. Questions like, ""Am I qualified to file bankruptcy"" , ""How hard is it to file on my own bankruptcy"", ""How much does it cost"" and the most important question of all; ""Can I file my own bankruptcy without an attorney?"" Get answers to these questions and over 40 more with our in-depth FAQs. Select the bankruptcy chapters' links on the left.
Do you have to file bankruptcy if your home goes into foreclosure?
No. You virtually never "have to" file bankruptcy.Doing so will involve all of your other assets, including those ht aren't secured by property...and the secured property is still reserved to benefit those who have it is security in bankruptcy.
How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?
It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
Can you donate a paid for car while in bankruptcy?
When you donate a car after bankruptcy this means you are giving a property that you owned. Well, that's okay but not the right choice specially in times like this. Consult Atty Jeffrey Cancilla, he can help you deal with your problem.
Can you keep your house after a bankruptcy?
Not unless your bankruptcy did the right things to allow you to keep it. If you are not in arrears in your mortgage payments before filing, you have to continue making the payments - preferably before the due date. If you are in arrears, you must file a chapter 13, with a plan to pay the arrears and whatever part of the unsecured debt you have to pay. Once the plan is completed, you can keep your house. If you get behind in your post-petition payments due, the bank will apply for relief from the automatic stay and you will lose your house.
How is the tenant affected when a landlord files Chapter 7 Bankruptcy?
It depends on the way the house is included in the bankruptcy. If the mortgage is up to date and the landlord is reaffirming the mortgage, there should be no effect. If the landlord is abandoning the property to the mortgagee, you will either get a notice to start paying rent to the mortgagee or a notice to quit or both. Talk to a bankruptcy lawyer right away, as there are some things you may be able to do to delay things or get help moving.
When is the right time to invest in a company that is under chapter 11 Bankruptcy?
no time is right time to invest in such company
If you have a credit card and use it just before filing bankruptcy can a creditor deny your bankruptcy?
If you are on the brink of bankruptcy... you probably can't get a credit card. Opps... didn't read that right. Sorry. I really don't know.
