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You can, but depending on the type of bankruptcy, household expenses and income may be reexamined for the settlement. It would be more simple to wait until the bankruptcy has been discharged. It also might be better for your own finances to carefully evaluate how you will manage finances as a couple.
What else can I help you with?
If you are current on auto payments and wish to file Chapter 7 in New Mexico and keep the auto can you do so?
I don't know anything about New Mexico law, but bankruptcy law is federal law so it operates similarly in each State (though State exemptions differ and there are differences between community property states (such as New Mexico) and non-community property states (such as Indiana, the State in which I pratice). When one talks about losing a car in bankruptcy, there are two possible entities to whom it could be lost: the bankruptcy court, and the creditor. With regard to losing the vehicle because of the bankruptcy court, a debtor will generally NOT lose a car in bankruptcy because of the bankruptcy court unless (1) the debtor has too much equity in the vehicle, or (2) if the court deems the vehicle to be not a reasonable and necessary expense. So, if a debtor owes $3,000.00 on a $20,000.00 car, then that debtor has $17,000.00 in equity in the car, and the debtor would have to check and see what the State's exemptions are for that type of property. If the State let's the Debtor keep only $1,000.00 of equity in a car, then the bankruptcy court may sell the car to get the equity money which the debtor is not allowed to keep. If the State allows the debtor to keep $20,000.00 in equity in a car, then the bankruptcy court would let the debtor keep the car. Or, if the debtor has a $700.00/month car payment, the court could make the debtor give up the vehicle regardless of the amount of equity since the court may say that $700.00/month is an unreasonably high payment. With regard to losing the vehicle to the creditor, normally creditors let debtors keep cars in Chapter 7's so long as payments are current. Some creditors make the debtor sign a reaffirmation agreement, which makes the debtor legally liable on the debt again. If payments are behind, the debtor may be able to redeem the vehicle pursuant to 11 U.S.C. 722 and still keep it (see your lawyer about this). 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.
Can a civil lawsuit against someone that has filed bankruptcy?
If the defendant/debtor listed the plaintiff as a creditor in his or her bankruptcy, then the plaintiff probably cannot pursue a lawsuit against the defendant/debtor pursuant to 11 U.S.C. 362. If the defendant/debtor failed to list the plaintiff as a creditor in his or her bankruptcy, then the plaintiff may or may not be able to win a lawsuit based on whether the plaintiff had actual knowledge of the bankruptcy during the bankruptcy. In some cases, even if the plaintiff was listed as a creditor, some debts are non-dischargeable in bankruptcy so the plaintiff might still be able to prevail in a lawsuit (such as debts for alimony or child support, most student loans, etc.). It should also be noted that if the defendant/debtor failed to list the plaintiff in his or her bankruptcy, and even if the plaintiff had no idea about the bankruptcy until after it was over, debtors can still usually go back to the Bankruptcy Court and reopen their case and add the plaintiff as a creditor as long as the debt to the plaintiff was incurred prior to the date on which the bankruptcy petition was originally filed. [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.]
Can you settle a charge off with the finance company?
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
If you're filing bankruptcy and you want to keep your car for which you have a loan would you have to pay the trade-in value or retail value of the car?
A vehicle is secured property therefore the debtor has only two choices when declaring bankruptcy. If the vehicle exemption protects it, then the debtor may reaffirm the loan if the lender is willing and keep the vehicle. If the exemption does not protect the vehicle, it will be taken by the trustee sold, the debtor will receive the exemption amount but will have to pay the lender the sale deficit plus any existing fees. When new bankruptcy laws are activated in Oct, 2005, the debtor will have to pay the entire loan amount regardless of whether the vehicle is kept or forfeited.
If you sue and get a judgment and then the other person files bankruptcy to keep from paying you will you be notified so you can object to it's inclusion in Bankruptcy court?
You should be.
What can be done to get a state of stay lifted off a bankruptcy company?
I'm not exactly sure what information this question is looking for, so let me give you my generic "what is a motion for stay" answer, and if you still have questions you can ask a follow up question. Ahem... A Motion for Relief from Stay is what a creditor files with the Bankruptcy Court when they want permission from the Court to repossess or foreclose on some collateral (like a house or car), either because they are upset because the debtor in bankruptcy hasn't done something they said they would do, or because the debtor indicated that they did not want the collateral. Motions for Relief from Stay can be filed in either Chapter 7 or Chapter 13 cases, but I find that they are much more common in Chapter 13's. A common example of when a Motion for Relief from Stay would be filed is if, say, a debtor in a Chapter 13 case is supposed to be paying his or her mortgage outside the Chapter 13 Plan by making direct payments to the mortgage lender, in addition to his or her Chapter 13 Plan that he or she pays to the Trustee. If that debtor misses a mortgage payment, then the mortgage lender would be upset and would file a Motion for Relief from Stay in the Bankruptcy Court, in which they are basically asking the Bankruptcy Court for permission to foreclose on the home since the debtor has failed to make payments. The debtor is given a short time in which to file an Objection (in writing) to the Motion for Relief from Stay with the Bankruptcy Court. If the debtor fails to object, the Motion for Relief from Stay is ordinarily granted and the mortgage lender may begin foreclosure proceedings. If the debtor does object, then different Bankruptcy Courts have different procedures, but normally the Bankruptcy Court sets the issue for a hearing. At the hearing, the mortgage lender normally complains about how the debtor hasn't made payments like they were supposed to, and the debtor normally explains why they missed the payments and how quickly they can get them caught up, and exclaims that they won't get behind again. Then the Court makes their ruling. What happens much more frequently than a hearing is that prior to the hearing, the debtor's attorney and the mortgage lender's attorney agree prior to the hearing on how and when the debtor can become current again, and then the hearing gets canceled so long as the debtor and the mortgage lender are in agreement on how the debtor will get caught up and that the debtor promises to stay current thereafter. If an agreement is not struck between the debtor and the mortgage lender before the hearing, then at the hearing, when ruling on whether to let the debtor keep the home or let the mortgage lender have it back, Courts frequently consider things like whether this is the first Motion for Relief from Stay or if there have been more than one, what the debtor's payment history has been like, what happened to make the debtor get behind, how quickly the debtor can get it caught up, how likely it is that the debtor's method of getting caught up will work, how long the debtor has lived in the home (i.e. Courts seem to give a little more lee-way to debtors who might lose a family home they've had in their family 100 years than they are if the debtor bought the home one year ago and has missed 8 payments in the 12 months they owned it), etc. 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. Visit RossLawOffice.com for more information about bankruptcy.
Can a motorcycle be repossessed if the co-owner has a bankruptcy?
A motorcycle is considered a secured debt, meaning the cycle itself is the collateral for the loan. Bankruptcy temporarily halts repossession of a vehicle. In order to keep the vehicle the debtor must reaffirm the loan with lender. Be advised, all secured lenders can petition the BK court to lift the BK stay so that repossession action can continue.
If your wife filed bankruptcy and she owns your house is it possible for her to quit claim deed it to you so that you can refinance?
No. The court would not allow the transfer of a deed when bankruptcy procedures have been initiated. The laws defining fraudulent conveyance, an action in which a debtor attempts to keep assets from creditors, are defined by state and/or federal bankruptcy statutes. Some activities carry the presumption of fraud, even if they are not finalized. It is advisable to seek legal counsel concerning questionable transactions previous to filing bankruptcy.
Can i get a chapter 13 dismissed and then claim a 7?
Yes, this is actually a common thing for people to do when they cannot maintain the strict payment schedule of a chapter 13 bankruptcy. This can be done once for any reason, without court approval. However, to switch back, approval of the bankruptcy court is required, and they will rarely allow a debtor to make multiple switches. Keep in mind that these are different types of bankruptcy so some items that may not have been up for grabs to creditors with a chapter 13 are available to be sold in a chapter 7.
How do you get an old creditor who was not listed on a chapter 13 bankruptcy to stop bothering you?
Send a letter of "cease and desist". This will not keep a creditor from filing lawsuit to recover the debt. It will only prevent them from contacting the debtor except to inform the debtor that a suit is being filed.
What is bankruptcy code 703?
I believe you are referring to local California statute CCCP §703, which refers to California's local exemption rules for bankruptcy. In short, California allows a debtor to exempt up to $3,300 for a single automobile and, more importantly, up to $20,825 in personal property as long the debtor owns no real estate with equity, or if the debtor intends on giving up any real estate with equity up in the bankruptcy. The $20,825 "wildcard" exemption may be used to protect money in bank accounts, CDs, rare coin collections, even timeshares. As long as the total value of property to be exempted is less than $20,825, the debtor should be allowed to keep said property through bankruptcy.
If your wages are being garnished after you filed for bankruptcy in Ohio can the collection agency keep what they've taken and how can you stop the garnishment?
Once the bankruptcy is filed the automatic stay will halt the garnishment action. However, monies taken before the bankrupcy was filed will not be returned to the debtor.
