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In chapter 11 bankruptcy are bonds paid off when due?
No...basically no prepetition debts are paid...and bonds certainly may never be paid. It many cases, the bondholders get some stock in the newly reorganized company as payment.
Is it legal to take an income tax ref due to bankruptcy?
The court can of course....you have placed all your financial affairs in their hands. And cosider, if the refund is for over withholding from work you did in 2008, and you didn't file BK until 2009...that is prepetition money and rightfully should be used to pay your Pre P creditors.
Is it legal for the courts to take inc tax refund if you file bankruptcy?
The court can of course....you have placed all your financial affairs in their hands. And cosider, if the refund is for over withholding from work you did in 2008, and you didn't file BK until 2009...that is prepetition money and rightfully should be used to pay your Pre P creditors.
Your employer has filed bankruptcy and your last check was returned how do you get your pay?
Upon filing, all bank accounts are frozen. Hence the return of the check. Normally, (virtually always), one of the first actions, very soon, (days) after filing the court and creditors will approve for all prepetition payroll to be paid in full (maybe up to an individual high limit). Payroll is given a very high position as an obligation and is virtually always protected.
I filed for bankruptcy in 2007 it was final Feb 2008. Will the trustee take the stimulus check as they did my tax refunds?
Probably not..first off, if your finalized, it's pretty much a done deal.Your refund this year was for income and taxes you had withheld last year...which were prepetition. You could have had all your income withheld....and delayed on filing your return till a year from now...it wouldn't change that the refund is an overpayment of withholding from earning from before you filed...that would have otherwise been able to be used to pay your debtors.This stimulus check...while what the heck it actually is may not be terribly clear....it's easier to say it is just an early refund of your 2008 filing...and hence POST petition.
How can a landlord for a business filing Chapter 11 collect rent during the time the company is still occupying the leased space?
If what your asking is how can a landlord collect rent on a tennant who has filed for bankruptcy protection. He is a creditor. Generally any past due rent is prepetition and needs to be handled through the claim process. However, it is not uncommon that the court will issue an order allowing the bankrupt company to pay certain things, like payroll, taxes, utilities and rents, to assure they can keep on operating smoothly, while they re-organize. Most all post petition debts, like current rents, must be paid and are not protected. Be aware, it is not uncommon for a court to allow a bankrupt co to escape/break a lease as part of it's reorganization.
Is there a time limit from the filing of your petition in a chapter 7 and when a trustee can take the tax return you receive the following year?
As long as the case is open..he has a right to assets. Now, there seems to be some leeway on how tax refunds are handled...but it should be relevant to when the tax was overpaid. So, say you made the same salary through the year, and filed BK on March 31. If at the end of the year (return filing 4/15 of following year) you have $1000 of refund, only 1 quarter (the 1/1 to 3/31 period) is prepetition overpaid and really available for creditors (logically, had you not put it on deposit at the IRS, it would have been used to pay the debts), and therefore $750 should be kept by you and $250 held by the BK. Obviously, uneven earnings through the year and such can make the calculation more intricate...but that should be the direction you want to go.
What is Chapter 7 liquidation and Chapter 11 reorganization?
Chapter 11 concerns the regulations for allowing the debtor to enter into an agreement with their creditors to allow a business to continue to function. The full regulations can be found on the website of the United States Courts.
Should credit be granted to a company already in Bankruptcy?
In almost all Corporate BKs, virtually along with the filing, especially of a C 11, there is already arranged a lender to provide "DIP", debtor in possession, financing. This provides the operating funds to keep things going as the BK is worked through. The DIP financing basically works with the creditors committee and court, and has a first claim on just about everything that happens. Now, if your a vendor to company that files - your outstanding A/R will likely not be resolved outside of the BK process (it is called a prepetition debt). However, any new credit extended is not part of the BK, and becomes a post petition payable...hopefully using the DIP funds. Nonetheless, as credit is a matter of choice, you should get assurances before granting any new amounts to a company clearly in financial troubles. Sometimes, in these situations, especially if your a supplier of something important to keeping the Co going, the court, or the DIP financier, will arrange for guarantees.
Is the child tax credit exempt from bankruptcy in Ohio?
yes they do take your child tax. i just payed mine and now they are wanting my car i payed off. I am trying to find out how to get it so they can not take my only car.They told me that is the car is more then 1000.00 they can take it First, State isn't important. It depends on what Federal circuit court you file in (Bankruptcy is a federal law, an while circuits define somethings differently, it may not be too substantial a difference). It is true that most circuits have determined that the tax credit is part of the bankruptcy assets. However, some portions of the credit may not be, and like anything to do with the taxes of a bankrupt, which portion are from before and which portion are from after your filing is important (taxes from before filing are part of the BK, after, not).
Can a credit union refuse to release the title of a car reaffirmed AFTER it is paid off because you filed bankruptcy and were discharged for other loans with the credit union?
A discharge of a debt in bankruptcy does not mean the debt is paid.Secured debts such as a vehicle do not get discharged in BK. The loan has to be reaffirmed, paid as agreed or settled according to the terms of the lender.If none of the above apply, the credit union is still a lien holder on the title and the title will not be cleared until that is done.If the loan was reaffirmed and paid according to the terms the credit union has to release the title within a reasonable amount of time. The time limit depends upon how long it takes the payoff transaction to be finalized, for example a check or money order clearing, and so forth.Exception when lender may not release the title: Cross-collateralization!This is a term used when the collateral for one loan is also used as collateral for another loan. If a person has borrowed from the same bank a home loan secured by the house, a car loan secured by the car, and so on, these assets can be used as cross-collaterals for all the loans. If the person pays off the car loan and wants to sell the car, the bank may veto the deal because the car is still used to secure the home loan and other loans. Technically, cross-collateralization expires when the borrower has no outstanding loans with the bank. In the context of bankruptcy, cross-collateralization also means the collateralization of general unsecured prepetition debt by collateral securing post-petition loans.Another example of cross-collateralization is when an individual may have a checking account and a loan at the same bank. If the individual becomes past due on the loan, the financial institution may take money out of the bank account or freeze the account until the loan becomes current.
