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What else can I help you with?
Are accounts after bankruptcy included in bankruptcy?
Any debt that you accumulate before your bankruptcy filing and have listed on your petition will be eliminated when you receive your discharge as long as your creditors do not file an injunction against you. After you receive your discharge you are welcome and able to open new credit accounts but any debt you accumulate will not be considered a part of the bankruptcy you filed before opening the account.
How does a person file for chapter 11 bankruptcy?
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
How long do you have to wait for 341 meeting?
A 341 meeting, also known as the Meeting of Creditors, typically occurs about 20 to 40 days after a bankruptcy filing. The exact timing can vary based on the court's schedule and the specifics of the case. Debtors are required to attend this meeting, where creditors can ask questions about the bankruptcy filing. It's important to prepare for this meeting and understand its significance in the bankruptcy process.
How long does chap 7 bankruptcy last?
A Chapter 7 bankruptcy case typically lasts between three and four months. Once the case is filed, there is a meeting of creditors (known as the 341 meeting) approximately 30-40 days after the case is filed. After the meeting, creditors have approximately 60 days to file objections or adversarial complaints to the debtor's discharge. Once that time frame has expired, the Clerk of the US Bankruptcy Court will send the Discharge Order to all creditors, to the debtor and to the debtor's attorney.
Can bankruptcy prevent garnishment of private long-term disability income?
Long term benefits are protected from creditors as long as you don't commingle those disability benefit monies with other monies in your bank account.
Your husband is co-owner of a lake home in MN with his sister She lives in FL and her husband is filing bankruptcy Chapter 7 Is the lake home safe from his creditors?
As long as the land is owned solely by your husband and his sister then it will not be affected by her husband's bankruptcy.
Can the bankruptcy court confirm the debtor's plan of reorganization?
A court can confirm a plan if that plan proposes to pay secured and priority creditors in full and unsecured creditors an amount that is fair and equitable. Thus, even if creditors do not vote in favor of the plan, the court can confirm it as long as it is fair to those creditors. The reasoning is that the court knows what is best and will not allow creditors to thwart the ultimate purpose of the code which is to provide for creditors what is fair based upon the financial circumstances of the debtor
How long can a company stay in bankruptcy proceedings?
There is no timeframe. Some take years. Some creditors can file suit in the bankruptcy court to protect claims if need be. This is normally used on items such as cars that go down in value over time and are secured claims.
Bankrupcy explanation letter?
A bankruptcy explanation letter is a letter that lenders or creditors require in order to issue credit. Depending how long ago and the situation, it may not be a factor in a lending decision.
How long after chapter 7 bankruptcy can you buy a new-used car?
The day you get your discharge paper. I do caution against that because ANY bad mark after a bankruptcy is taboo and you will not be able to finance anything for a long time.
When you go bankruptcy do you have to put up your house for collatoral?
In most cases you will not lose your home during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.
How long after meeting with creditors do you know if you can declare bankruptcy?
That meeting, the 341 meeting...is normally sometime after you have filed BK. They don't decide if you can declare BK, obviously because they would always say NO.
