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It depends what type of bankruptcy it is. In a Chapter 7, the debt will disappear, but the security interest will not. Therefore if you surrendered the car to the bank and they sold it for $2,500, leaving $1,500 still owed on the note, then you would not be liable for that amount. If you wish to keep the collateral, you will have to pay off the full value of the note ($4,000.00). This property, which is probably a car, is what you would call 'underwater', since it's worth less then you owe against it. In a Chapter 13 you have to pay secured claims through a plan, but you may be able to 'cram down' the amount that you pay to the value of the car, instead of the full amount that is owed.
What else can I help you with?
On a bankruptcy filing form what does it mean when it asks schedule F creditors holding unsecured nonpriority claims and asks for the date claim was incurred and consideration for claim?
Creditors are either secured or unsecured. Secured creditors such as the mortgage on your house or you car loan go on Schedule D. Unsecured creditors (creditor without liens or collateral) are either priority or nonpriority. The only creditors who are classified as priority go on Schedule E and Schedule E contains a list of the categories. Every other creditor (general unsecured creditors) goes on schedule F. The most common example of unsecured nonpriority creditors are credit cards and medical bills. You basically need to give a general description of what you bought and when you bought it. You don't need exact dates.
What is a schedule F for a chapter 11?
A list of u unsecured creditors.
Will your mortgage company know if you filed bankruptcy?
Yes. When you file bankruptcy you are required to fill out a number of forms. Schedule D is the form for Creditors holding secured claims and a home mortgage is a Secure Debt. You will have a complete list of all your creditors names, addresses, account numbers on a form called the Creditor's Mailing Matrix. The Bankruptcy court sends notification to all the creditors listed that you have filed bankruptcy.
Where can you get your bankruptcy discharge paper?
In most cases it will be sent to you by the bankruptcy court. If you need another copy or have not received your discharge papers when you believe you should have then contact the bankruptcy court to obtain them.
When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
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 can a family best dismiss huge unsecured debts and survive on a small income?
The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.
Can the obligated parent discharge child support arrearages in a bankruptcy once the child reaches the age of 18?
If what you mean is can back owed child support payments be discharged in bankruptcy: NO. Regardless of how old the child is now. on the other hand if you mean to be included in the repayment schedule for a chapter 13 then yes. Child support arrearages can sometimes be included in bankruptcy. This pertains to arrearages only and not to current support due. A bankruptcy petition cannot override a court order of support and if arrearages are allowed to be included in a 13 the arrearages must be paid in full, not a percentage thereof, as is possible with unsecured creditors.
How do you use an exemption in a bankruptcy?
Each State determines how much property a person who files bankruptcy in that State may keep. So, if the person filing bankruptcy has more property than the State says they can keep, the property over and above the maximum may be sold by the bankruptcy court and the money is given to creditors. This is for the sake of fairness: It is unfair to the credit card companies for someone to file bankruptcy with $10,000 in cash in the bank and get rid of $10,000 of credit cards when they could have just paid the cards off. Or, it is unfair for someone to get to keep a $30,000 RV and get rid of $10,000 in credit cards when they could have sold the RV and paid the credit cards off. So, generally you list all real estate you own on Schedule A of your bankruptcy petition, and you list all personal property you own on Schedule B of your petition. Then, on Schedule C you re-list those pieces of property and list the State exemption (or Federal exemption if applicable) which protects each piece of property. If a piece of property is not exempted on Schedule C, it may sold by the bankruptcy court in Chapter 7, or used to increase the amount of money that has to be paid into a Chapter 13 Plan. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Plantiff files civil suit over 1 year now plantiff files chapter 7?
The case must be listed in Schedule B as an asset, and the trustee can either take the case over or abandon it, depending on whether there is a realistic possibility the case will produce funds to pay the trustee and the unsecured creditors (the bankruptcy "estate"). Some states have statutes or rules that do not permit a case to just sit there for a long time. It may be dismissable for want of prosecution, which would not depend on the bankruptcy.
How can you get your student loan to not be shown as included in bankruptcy since you are paying on it?
You must list all debt owed in a bankruptcy. In a Chapter 7 Bankruptcy federal student loans are listed on Schedule F as a unsecured non-priority debt with an indication that they are student loans. Please note that nothing in this posting or in any other posting constitutes legal advice.
Scheduled to be discharged without payment 185109 What does this mean in Bankruptcy chapter 7 and can creditors collect?
You need to read whatever you got from the court more carefully. "185109" is meaningless in federal bankruptcy. Courts do not usually "schedule" a case to be discharged." You may have received a letter from your lawyer saying that was the expected discharge date. If you receive your discharge, that is the end of any collection actions by any creditors.
