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Do you legally have to include a chapter 7 bankruptcy from 15 years ago on an application for a small business loan?
Yes they can depending on how far they choose to go back. Now I am sure that on the application the wording said Have you ever claimed bankruptcy so in that case you lied by saying no and in small print they can call your loan at any time if you are not factual with them on the loan orignation papers. Read the small print does it say that its illegal for you to lie. Its your moral obligation to tell the truth because you were the one that created the bankruptcy. Now depending on how much you deferred to others then and or how much your borrowing now, you may not have been denied if you told the truth. I would think long and hard before accepting the money under false pretenses. You are only creating what could eventually be a big problem for you. Weigh the possibilities and your conscience.
I will take a slightly different tact at this:
If it was a Chap 7 business BK, which generally means dissolution, back then, well..this is a different business so no...this applicant business didn't have a bankruptcy.
On the other hand, if it was your own personal bankruptcy then, and this is business loan as stated, (even though you may be co-signing personally), well then again...this applicant didn't have a bankruptcy.
Then, on the credit approval side, I've always heard a BK is used in scoring your credit for normally 7 and no more than 10 years....so it shouldn't be held against you now anyway. Not being truthful would be though, but I wouldn't be surprised if a closer reading of the application, or explanation from the loan officer, may reveal they are actually putting a time frame around their questions.
What else can I help you with?
Can you include payday loans in a chapter 7 bankruptcy?
Yes.
Can you include payday loans in a Chapter 7 bankruptcy in Maryland?
Yes.
Can you include taxes owed from 2008 in a Chapter 7 bankruptcy filled in 2009?
Yes
Where can one find something about chapter 11 bankruptcy filing?
The US Courts is the best place to source information regarding chapter 11 bankruptcy filing. Here you will find valuable information including how the chapter 11 bankruptcy works. Other sites that provide information include; Investopedia and Wikipedia.
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 include taxes owed from 2007 in a Chapter 12 bankruptcy filed in 2008?
I believe you pretty much have to.
What schedule do I list garnishment on chapter 7 bankruptcy?
i receive a judgment for ganishment but i have other bills which i qualify for chapter 7 does it get dismissed if i include it in the bankrutpcy
Can you include a personal lawsuit in a ch7 bankruptcy?
I have closed a business and gone through a divorce leaving me with an unpaid lease of $5,000 and unpaid lease on the business location. Can these be included a bankruptcy?
What can you lose in bankruptcy?
This is largely dependent on the chapter of bankruptcy that you're filing under. Is it for an individual? Is it for a business or a corporation. I will take the most common type of bankruptcy-Chapter 7-for an example. Under Chapter 7, the bank is technically allowed to take personal assets and property and liquidate it/them in an attempt to pay back debtors. But there are a number of exemptions and for many people, they do not lost personal items after filing for Chapter 7. Common exemptions when filing for bankruptcy include tools of the trade-such as a car that is used to commute to and from work-and clothing under a certain dollar amount. The article below lists many of the possible exemptions for different chapters.
Are there different kinds of bankruptcy attorneys?
As there are different chapters of bankruptcy, a bankruptcy attorney may be more familiar in handling certain chapters. These chapters include Chapter 7, Chapter 11, and Chapter 13. There attorneys that can advise you which chapter to file for and then help in handling the entire process, while others simply consult without providing execution. It is best to contact attorneys directly, to find out what services they provide.
What is full bankruptcy service?
Generally, it means a bankruptcy prepared by an attorney who also represents you in the 341 meeting required by the bankruptcy law. In a Chapter 7, it usually does not include representation in motions for relief from stay, objections to discharge and other possible responses to the bankruptcy. Chapter 13s usually require more services, and cost a lot more.
The Two Major Corporate Bankruptcy Filings?
Just like people, sometimes a corporation accrues more debt than it actually has the ability to pay back. When this occurs, a corporation sometimes declares bankruptcy. However, corporations do not always use the same kinds of bankruptcy that individuals use. The two most common corporate bankruptcy filings are Chapter 7 bankruptcy and Chapter 11 bankruptcy. Chapter 7, which can also be used by individuals, is for businesses that are giving up entirely. If a company declares Chapter 7 bankruptcy, that company will cease operations immediately. At that point, legal ownership of the company is transferred to the bankruptcy court. When ownership of the company is transferred to the court, a lawyer will be appointed by the court to oversee the rest of the bankruptcy. This will include overseeing the closing of that corporation's facilities. It will also include a liquidation of the company's assets. The assets will be sold, and the proceeds of those sales will be used to pay back creditors that are owed money by the company. Chapter 11 bankruptcy, not used by individuals, is a bit different. Instead of the business being closed, the business is allowed operate normally during the bankruptcy. The goal of a Chapter 11 bankruptcy is the restructuring of the corporation so it can be profitable once again. There is also another potential benefit from this kind of corporate bankruptcy. All or a good portion of the company's previous debts and other obligations may be absolved. This is due to the fact that the goal of Chapter 11 bankruptcy is reorganization. Debt or other obligations that would force a company to go out of business may be removed to help that occur. Obligations other than debt that may be set aside by the court can vary. Usually this includes things such as agreements with unions on employee pensions and benefits, leases for real estate and other expensive contracts. However, even if a corporation attempts to enter Chapter 11 bankruptcy, there is still a risk that the company may be liquidated as part of a Chapter 7 bankruptcy. This can occur if a plan is not agreed upon by the corporation, its creditors and the court. If this happens, the only remaining options are either entering Chapter 7 or returning back to the company's pre-bankruptcy state. Since the company entered bankruptcy because survival without reorganization was unlikely, both choices are rather undesirable.
