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Assuming you mean a nursing home, probably not. The main concern is that the lenders will sue as the statute of limitations on collection actions approaches, and the debtor will eventually have to go to court to explain why s/he cannot pay. Warrants may issue for his/her arrest if s/he fails to appear.
If the debtor is competent s/he should at least notify the creditors of the situation, which may prevent these problems. If the debtor is not competent, someone, preferably with a power of attorney or guardianship, should notify the creditors, certified mail, return receipt, of the debtor's situation, with a contact person/number to verify the information.
That may prompt the lenders to forgive the debt and issue a 1099 form showing the forgiven amount as income for that year. There is a form available on the IRS website to counter that with proof of indigency that can be filed with the 1099.
What else can I help you with?
If your home has equity and you file bankruptcy on the credit cards do they go after your home?
Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
What is bankruptcy refinancing?
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
Can you file bankruptcy on a home equity line of credit and keep the house?
You file bankruptcy as an individual. It involves everything you owe and everything you own. You cannot file bankruptcy for only one loan The bankruptcy process can exempt certain assets from the process. Some debts may not be cleared. A debt secured by a specific asset has first call on the funds from the sale of the asset. If the sale fails to pay all that is owed, the additional amounts can be claimed as unsecured debts owed. If you want to know more about bankruptcy in your state and how you may be able to protect your primary residence you should consult with a bankruptcy attorney.
What are the negative effects of personal bankruptcy?
The bankruptcy proceedings remain on your credit record for 10 years. During this period, it is very difficult to reestablish credit and borrow funds for items such as a new car or home.
If you and your fiance want to get a joint bank account but he has filed bankruptcy in the past will this affect your credit?
It shouldn't impact your credit rating all. However, his bankruptcy will remain on his credit for up to 10 years. If you get married and try to buy a home for example, then his credit rating will affect both of you.
Can you buy a home with bankruptcy on credit report?
NO
If you have assets in your home can you be force to sell it if you file bankruptcy?
If the value of the assets greatly exceed the allowable exemptions, then yes they can be seized.
If your home has equity and you file bankruptcy on the credit cards do they go after your home?
Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
Is a new loan possible if you have perfect credit and have financed and paid off all assets but due to contractor negligence the home has been condemned and you've been advised to file bankruptcy?
Anything is possible.
Can you file bankruptcy on a home equity loan and credit cards?
Yes.
What is bankruptcy refinancing?
Bankruptcy refinance helps homeowners who had bankruptcy or other credit matters get a home loan to find a payment assistance, and helps restore their credit while also achieving their financial security.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
How long does it take to get home equity after bankruptcy paid off loans and you have bad credit?
The time it takes to get home equity paid off after bankruptcy and bad credit will vary depending on how bad the credit score. It will also depend on which lawyer and banks are involved.
Can you buy a home after bankruptcy?
Yes, as soon as you reestablish your credit to the lender's satisfaction.
Can you lose your house if you declare bankruptcy?
Usually they cannot take your home or one automobile. See if you can get some help from a non-profit credit assistance group so you don't have to declare bankruptcy. Check with the court house or through local churches for information or an attorney. Your assets in bankruptcy is depedant on which country you reside in. Most commonly your home will be sold to meet creditor debts and you will lose control of your finances.
How are you able to help with buying a home for the first time with bad credit.?
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
What are the Florida limits on home exemption in bankruptcy?
I believe you home is safe as long as it is your homestead in a bankruptcy. You should consult a bankruptcy attorney to be safe.
