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What are the key differences between Chapter 7 and Chapter 13 bankruptcies, particularly in relation to Chapter 8 bankruptcies?
Chapter 7 bankruptcy involves liquidating assets to pay off debts, while Chapter 13 bankruptcy involves creating a repayment plan to pay off debts over time. Chapter 8 bankruptcy does not exist in the U.S. bankruptcy code.
How do you buy a house while in a chapter 13 bankruptcy?
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
Can you receive a federal Stafford loan while in chapter 13 bankruptcy?
I'm currently in my third year of chapter 13 repayment, I was going to go back to schools full time night time program, looking for advsie on trying to pay for it, also I make over 60,000, but my chapter 13 repayment is based on this amount
Does borrower have to repay private mortgage insurance after filing chapter 13 bankruptcy?
In Chapter 13 bankruptcy, borrowers typically reorganize their debts and may be able to include the repayment of private mortgage insurance (PMI) in their repayment plan. However, it ultimately depends on the specific terms of the bankruptcy plan and the court's approval. If the PMI is tied to the mortgage, it may need to be repaid, while other debts may be discharged. It's advisable for borrowers to consult with their bankruptcy attorney for tailored advice.
Can you have a cosigner on a car loan while in the last few months of bankruptcy?
When participating in a Chapter 13 BK repayment all major financial transactions must have the approval of the bankruptcy trustee. If the person does not clear the action with the trustee the "13" can be dismissed with prejudice.
Can you get help with home repairs while in chapter 13 bankruptcy?
Yes, you can seek help with home repairs while in Chapter 13 bankruptcy, but it may depend on your specific financial situation and the terms of your repayment plan. It's essential to prioritize necessary repairs, especially if they impact the safety or livability of your home. However, any new debts incurred for repairs may need approval from the bankruptcy court. Consulting with your bankruptcy attorney can provide guidance tailored to your circumstances.
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
While in a chapter 13 bankruptcy can you stop the bankruptcy?
Yes, and if things don't work out, you can refile.
Can you apply for federal student loans while under chapter 13?
Yes, you can apply for federal student loans while under Chapter 13 bankruptcy. Filing for Chapter 13 does not affect your eligibility for federal student aid, as the loans are not considered income. However, it's important to ensure that your repayment plan is manageable alongside any new student loans you may take on. Always consult with a financial advisor or bankruptcy attorney for personalized guidance.
Can an individual establish a corporation while on chapter thirteen bankruptcy?
Yes, a person can start a business or corporation while in the midst of a Chapter 13 bankruptcy case. If you are looking for start-up funding, you will have to ask the bankruptcy court for permission.
what are the arrangements of a bankruptcy?
Bankruptcy arrangements typically involve a formal process where an individual or business seeks relief from debts they cannot repay. This can include Chapter 7 bankruptcy, which liquidates assets to pay creditors, or Chapter 13 bankruptcy, which establishes a repayment plan over a specified period. The process is overseen by a bankruptcy court, and it aims to provide a fresh financial start while ensuring fair treatment for creditors. Additionally, alternative arrangements like debt restructuring or negotiation may also occur outside of formal bankruptcy proceedings.
Can you refinance during chapter 13?
While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
