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Is it usual for the trustee to allow a couple to keep two vehicles if they are both paid for in a Chapter 7 bankruptcy?
Bankruptcy proceedings are not as clear cut as one would assume. What property is allowed to be kept and what is liquidated depends on many factors. First of all exemption status of the property. Whether the property is secured, jointly owned, etc. It is not ususal for a trustee to allow two paid for vehicles to be kept. But if they are not of reasonable value for sale purposes. Uf the parties involved have a disability (or a dependent does) etc. that can play a part in the decision.
What else can I help you with?
If you filed bankruptcy four years ago and remarried can you file joint bankruptcy now?
It is possible for the married couple to file a chapter 13 or in some instances a chapter 11.
Why did the attorney tell us it would be seven years for a Chapter 7 bankruptcy?
By law, a person (or couple) can only declare bankruptcy every seven years. If you go through with a Chapter 7 bankrupcy, it will take 7 years for it to rotate off of your credit history.
If you are about to get married and you are filing Chapter 7 bankruptcy will this bankruptcy affect your spouse in any way after the marriage?
It will only affect the non-filing spouse if the couple apply for some type of joint credit, such as a home mortgage. It will not affect the new spouse's credit report/score.
Will filing chapter 13 bankruptcy affect a recent joint bank account?
If you have filed for bankruptcy as an individual, rather than as a couple, then you are only filing on your personal debts. Following this logic, only those funds that are yours (so your share of the bank account, if that is possible) will be "up for grabs." Your bankruptcy status should not have an effect on your partner.
What is personal Bankruptcy?
It is when an indivdual (or married couple) file for bankruptcy rather than a business or corporation.
If a spouse files for bankruptcy will assets such as property that are in the name of the of the other spouse only be seized?
Property belonging to the bankruptcy petitioner is subject to seizure and liquidation in a chapter 7 bankruptcy unless it is designated exempt under federal or state law. Jointly owned marital property is subject to seizure depending upon the state in which the bankruptcy is filed and status of the property in question. Property only in the name of the non filing spouse cannot be seized by the bankruptcy court or attached by creditor action unless the married couple reside in a community property state (and that can sometimes be subject to appeal. Chapter 13 is a consolidation bankruptcy in which the petitioner retains all their property as long as the terms of the 13 are followed.
How long will bankruptcy prevent a foreclosure?
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
Can a joint Chapter 7 be filed by a divorced couple if most of their debts are still joint?
Probably not, since the divorce has been finalized. Although some states have bankruptcy laws that do include joint debts in this type of situation. W/O knowing the state of residency more specific information is not possible. You could consult the state bankruptcy laws for information that might pertain to this issue. I am not aware of any State that lets a person file bankruptcy with an ex-spouse since it is the Bankruptcy Code that determines who may file bankruptcy, not the individual States. The Bankruptcy Code states in 11 U.S.C. § 302(a) "Joint Cases" that "A joint case under a chapter of this title is commenced by the filing with the bankruptcy court of a single petition under such chapter by an individual that may be a debtor under such chapter and such individual's spouse... ." Therefore, people who are not spouses (i.e. divorced) cannot file a joint bankruptcy in any State regardless of the joint nature of the debts. Persons who are in the middle of divorce (so that the divorce is not final) may file bankruptcy together so long as the bankruptcy filing date occurs prior to the divorce being final. If the divorce becomes final during the pendency of the case, this is okay so long as the bankruptcy was filed before the divorce was final. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Who pays if you are in a Chapter 13 bankruptcy with your ex-husband and the trustee drops the bankruptcy?
When a BK is dismissed with or without prejudice the debtor(s) lose the protection of the automatic stay which will allow creditors to pursue collection action including the filing of a lawsuit. Sometimes debts will be assigned in a dissolution of marriage to one or both parties. Creditors are not legally bound by the terms of a divorce as to which person they can collect the debt from if the debt is jointly held. Likewise, if the couple lived in a community property state terms of a divorce are irrelevant. Both will be held equally responsible for the debts regardless of whether they were incurred individually or jointly.
Can a divorced couple file for chapter 7 bankruptcy?
Once the divorce is final, the couple cannot file a joint petition. If a "decree nisi" has been entered, but the divorce is not yet final, they can still file a joint petition. yah you are right your comments i like it. <a href="http://www.divorcedealer.com/">do it yourself divorce</a>
Can a spouse be reimbursed for debts that were discharged in bankruptcy as part of the dissolution of marriage terms?
Not if the debts were actually discharged in the bankruptcy. In regards to the cost of the bankruptcy if the couple were still legally married then that too is not recoverable.
If you file bankruptcy and your spouse dies in 6 months does the trustee take your house or do you get to keep it due to Tenants by Entirety rights of surviorship?
TBE homestead protection is severed once a spouse dies or the married couple divorce. Therefore the home would be subject to BK laws if it is not protected by the homestead exemption.
