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What is certificate of an ongoing debt In relation to Bankruptcy petition.?
This is not a term used in US bankruptcy courts. In a Chapter 7, when a secured debt is to continue as a debt, the debtor must file a Statement of Intention with regard to secured debt and may also have to sign a Reaffirmation Agreement which the lender files with the court. Many court require a hearing to determine if the reaffirmation will defeat the purpose of the bankruptcy.
Is the cosigner still liable if he did not sign a reaffirmation agreement in a chapter 7?
No. If a co-signer filed Chapter 7 bankruptcy and did not sign a reaffirmation agreement on the debt, then that co-signer is no longer liable on the debt. 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!
You filed Chapter 7 bankruptcy and included your home they are also foreclsing on that how does that work Is it gone after the saleState of MI?
Although a Chapter 7 bankruptcy eliminates your personal obligation to pay the debt and can protection you from a deficiency judgment, it does not get rid of the voluntary lien secured the debt. The credit can still enforce deed of trust or mortgage. Unless you signed a reaffirmation agreement and reached an agreement wiht the bank on keeping the property, the lender can continue the foreclosure after getting relief from the automatic stay or after the discharge has been entered.
Can you reaffirm unsecured debts when filing a chapter 13?
No. Reaffirmation of debt is an option only in Chapter 7. Your unsecured creditors are paid according to your plan in chapter 13. Five requirements exist under the Bankruptcy Code in order to determine whether a reaffirmation agreement is valid: 1. The reaffirmation agreement must be entered into prior to discharge and it must then be filed with the court; 2. The agreement has to state that the debtor has the right to rescind the agreement either within 60 days after it�s filed or prior to discharge (whichever comes later); 3. If the debtor is represented by an attorney, the attorney has to sign and provide an affidavit verifying that the agreement is voluntary and does not impose an undue hardship on the debtor; 4. The debtor did not rescind the agreement within the required time; 5. That the agreement complies with the requirements of �524(c); and 6. If the debtor is not represented by counsel then the court will approve the reaffirmation agreement if no undue hardship is imposed and the reaffirmation is in the best interest of the unless it�s a consumer debt that�s secured by real property. Reaffirmation agreements are usually signed when the debtor wants to keep property that is security for a loan such as a house or car. It would be very unlikely for a court to approve the reaffirmation of an unsecured debt. However, there is nothing to prevent you from voluntarily paying the debt despite the discharge of the debt.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
Can you protect a structured settlement in a chapter 7 bankruptcy?
Yes you can protect it under chapter 7 bankruptcy
Chapter 7 limits?
what are the chapter 7 limits for bankruptcy?
What does a bankrupt discharge?
The chapter 7 discharge order eliminates a debtor's legal obligation to pay a debt that is discharged. Most, but not all, types of debts are discharged if the debt existed on the date the bankruptcy case was filed. (If this case was begun under a different chapter of the Bankruptcy Code and converted to chapter 7, the discharge applies to debts owed when the bankruptcy case was converted.) Some of the common types of debts which are not discharged in a chapter 7 bankruptcy case are: a. Debts for most taxes; b. Debts that are in the nature of alimony, maintenance, or support; c. Debts for most student loans; d. Debts for most fines, penalties, forfeitures, or criminal restitution obligations; e. Debts for personal injuries or death caused by the debtor's operation of a motor vehicle while intoxicated; f. Some debts which were not properly listed by the debtor; g. Debts that the bankruptcy court specifically has decided or will decide in this bankruptcy case are not discharged; j. Debts for which the debtor has given up the discharge protections by signing a reaffirmation agreement in compliance with the Bankruptcy Code requirements for reaffirmation of debts.
If you are discharged from chap 7 and did not reaffirm your mortgage can you still surrender your home?
It's my understanding that when you sign a reaffirmation agreement, you then become liable once again for the loan. If the home was included in the bankruptcy, but no reaffirmation agreement was signed, you can "walk away" from the home at any time after the discharge and you're not liable. I've been told that the mortgage company will report it as a foreclosure though.
When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
How often can I file for Chapter 7 bankruptcy?
You can file for Chapter 7 bankruptcy once every 8 years.
How often can you declare Chapter 7 bankruptcy?
You can declare Chapter 7 bankruptcy once every 8 years.
