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If you are planning to file Chapter 7 bankruptcy but your spouse is not does that affect their ability to purchase a home or vehicle?
If I'm right a married couple have to file together if the assets are listed together. Not just one can file and not the other. Check with a lawyer and not what others say when it comes to legal matters as this. The bankruptcy laws have changed now. Actually, my lawyer said that I can file seperately since we are reaffirming our current mortgage, and I'm only filing on my credit card debt. What I need to know is if it's OK for my husband to get a mortgage on his own, w/o use of my credit or our joint assets. A spouse can file for BK w/o the other being included. However if there are joint debts or if the married couple live in a CP state the non-filing spouse can be held liable for the repayment of such. In regards to the non-filing spouse being affected by the BK, it should not have any impact with the exception of mutual assets such as checking and/or savings accounts. Any credit application she makes in her name using her own income/assets will not be affected by her husband's bankruptcy. Thank you, Macky. Just wanted to make sure that there are no restrictions on the non-filing spouse, and that the filing spouse won't "get in trouble". From your response and other answers to a similar question, it sounds like this shouldn't be a problem for either spouse.
What else can I help you with?
How long do you have to wait to marry after filing a chapter 7 bankruptcy?
A bankruptcy has nothing to do with your ability to marry. You can marry at any time.
How long do you have to wait to file chapter 7 after filing a chapter 7?
A bankruptcy has nothing to do with your ability to marry. You can marry at any time.
How much income is too much for chapter 7?
Income has little to no determination on one's ability to file for bankruptcy. It's the debt to income ratio that most bankruptcy courts look for. Consult a bankruptcy attorney; there may be other options that will not impact your credit as harshly as bankruptcy.
How long does a chapter 7 bankruptcy stay on your credit record in Louisiana?
In Louisiana, a Chapter 7 bankruptcy stays on your credit report for 10 years from the date of filing. This can affect your credit score and ability to secure new credit during that time. However, after the 10-year period, the bankruptcy will be removed from your credit report, allowing you to rebuild your credit history.
Can you file a chapter 7 after a chapter 13?
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
Bankruptcy and Debt?
If you have a mountain of debt that will force you to file for bankruptcy, there are two types of protection that you can file for with the bankruptcy courts. The first kind of bankruptcy protection is called chapter 7 bankruptcy. Under chapter 7 bankruptcy, your assets will be liquidated and the proceeds from the sales will go towards paying off your debts. Most remaining debts will then be discharged by the courts. The second kind of bankruptcy that you can file for is called chapter 13 bankruptcy. Chapter 13 bankruptcy is more closely related to debt consolidation in that your debts are reorganized and a payment plan is set up between you and your creditors. Chapter 13 bankruptcy is sometimes called a working man's bankruptcy because one of the requirements of filing for the protection is having a job with a steady income. In a chapter 13 bankruptcy filing, you and your lawyer will devise a payment repayment plan that explains to the courts how you will handle your creditors. Most payment plans allow you to make payments for a period between 30 and 60 months after the initial filing. According to current bankruptcy laws, the debtor must prove to the courts that he will be able to carry out the plan for the duration of the time period. Current chapter 13 bankruptcy laws give judges the ability to factor in your living expenses while repaying your debt. However, federal standards are in place that makes it difficult for judges to customize expenditures on a case to case basis. Chapter 13 bankruptcy can also be a punishment for those that have file for chapter 7 bankruptcy fraudulently. Many people prefer to file for chapter 7 bankruptcy because they will not have to repay most of their debts. However, not everyone qualifies for this kind of protection. In order to qualify for chapter 7 bankruptcy, a person must make no more than $167 over the median income of the state. If the courts find out that a person does violate this requirement, the chapter 7 protection can be revoked and changed to chapter 13. Most people that file for chapter 13 bankruptcy will also be required to attend classes that will teach them about money management and personal finance. If you fail to attend the classes or do not pass, your bankruptcy may be revoked, which will erase any protection that you were granted from your creditors. The laws surrounding chapter 13 bankruptcy are quite complex. Should you ever have to file for bankruptcy, hire a bankruptcy attorney who can guide you through the process. Even though your finances may be tight, hiring a bankruptcy lawyer can save you time and make sure that your interests are protected in the wake of your looming bankruptcy.
Can you donate a paid for car while in bankruptcy?
When you donate a car after bankruptcy this means you are giving a property that you owned. Well, that's okay but not the right choice specially in times like this. Consult Atty Jeffrey Cancilla, he can help you deal with your problem.
What is difference between bankruptcy and insolvency?
They are basically the same. Insolvency describes a situation where the debtor is unable to meet his/her obligations. Bankruptcy is a legal maneover in which an insolvent debtor seeks relief. There are two types of individual bankruptcy. Chapter 7 is a "fresh start" in which all debt is forgiven. Chapter 13 is a plan in which debt is settled on the debtors ability to pay (and may be only a fraction of the debt owed).
If your bankruptcy was dismissed due to failure to pay installments on time can you motion to reopen the same case even if the creditors continued to charge interestlate fees past the dismissal date?
You will need to file a new Chapter 13 bankruptcy, propose a new Chapter 13 repayment palnt and demonstrated to the Court's satisfaction that you have the ability to pay the plan payments.
How much does it cost to file chapter 7?
Generally speaking, there is not a minimum debt that qualifies you to file for bankruptcy but rather the court evaluates your income versus your debt to determine whether bankruptcy is appropriate. Known as a "means test", it is a complicated calculation that determines your ability to pay your creditors and also compares your financial status with that of the average person in your area. You have to pass this test in order to file for Chapter 7. Also, prior to being able to file you will undergo credit counseling.
How long does a Chapter 7 bankruptcy stay on your credit report in Michigan?
In almost every state, bankruptcy will stay on your record for 7-10 years. This is something to consider when filing because this can have a major effect on your ability to get a house, car, etc in the future.
How long does a chapter 7 bankruptcy stay on your credit report in ga?
A Chapter 7 bankruptcy stays on your credit report for up to 10 years from the date it was filed in Georgia. This can impact your credit score and your ability to secure new credit during that time. However, its influence on your creditworthiness may lessen over the years as you build positive credit history. After 10 years, the bankruptcy should automatically fall off your credit report.
