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Bankruptcy Law

The US Bankruptcy Code that determines which debts may be discharged and which obligations will remain after a person or organization is deemed insolvent

500 Questions

How do you respond to a motion for relief of stay?

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Asked by Wiki User

It varies. Check your local court rules. The Massachusetts District Bankruptcy Court local rule sets 30 days as the time to reply. Things happen faster after that. If more time is needed, a motion to extend the time to file the reply must be filed and allowed by the court, usually after a hearing.

When you marry someone who has filed bankruptcy do you also take on the bankruptcy?

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Asked by Wiki User

There is no real problem here as bankruptcy has to do with individual debts between the debtor and the creditor so you should not be affected by your fiance's bankruptcy. Also, because you will only be gaining community (or shared property) after being married that will not be available for debtors to get nor will any of your individual funds/ assets.

If you file a joint return after marriage , you file as an " injured spouse ". That way if any debts are back child support or support increases or IRS liability , your income should not be considered in most states. Consult a real lawyer before you get married to be certain of all this info .

Can you file bankruptcy at age 80?

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I think that at your age you really need to consult with a bankruptcy attorney before filing for bankruptcy. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court. You may also want to consider the effect this may have on the inheritance for your loved ones and on your standard of living.

Can you sell assets before declaring bankruptcy?

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yes this is usually what is done, as this is how the business may pay off some debts.

Can you get your garnished wages refunded?

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Depending on when your bankruptcy is filed, on the day it was filed, the wage garnishment must stop. If it didn't stop on that day, you are entitled to have your garnished wages refunded. However, no wages will be refunded prior to your bankruptcy filing date.

How does bankruptcy affect inheritance property?

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You must list an inheritance (or even possibility of inheritance) within 180 days of filing BK. So if you are to receive an inheritance, even if your BK was already discharged, within 6 months of filing, you must inform the BK Trustee (who would have the right to take the inheritance to distribute among the creditors)

Can you sue when you are bankrupt?

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Sure...in fact, if it is to collect a debt or something due you, which agreeably may end up having to go to your creditors...you have to.

How long after getting married do you have to wait to file jointly for bankruptcy?

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Asked by Wiki User

My spouse and I filed 3 weeks after our marriage. I was told that it could be done immediatly.

Who was the dictator who was responsible for a lot of deaths than any other dictator in the world?

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i would have to say that in the past there was illetericy and people were un educated

they just knew fighting, nothing else, but now i see the world has changed and no one

is un educated, but still that fighting and dictatorship is going on.

so the biggest and the worst dictator of the world is now Gorge Bush millions of people

hate him and may almighty Allah punish him.

thanks

afghan teeneger fraidoon bayat.

Can i surrender my house and be released from debt if i file a chapter 7 bankruptcy?

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Asked by Wiki User

Bankruptcy will include all your assets and all your debts. You do not pick and chose what you want out of.

No one will is expected to accept less, until you have surrendered and given up the value of all of what you have. (Minus minor exclusions). The people who have their debt secured get paid by the sale of secured asset, (the house) and if that doesn't generate enough money, than they become an unsecured creditor and collect from the sale of other things.

So while some debts may be released, if you have enough assets to pay them, once liqaudated/re-arranged, then they will get paid instead. And certainly, the costs of having all this done will be on you.

How long after retaining an attorney must a bankruptcy be filed?

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Asked by Wiki User

Likely there's more to it than that. And I'm not sure there would be a hard and fast time limit...more a reasonableness standard. Payment is not normally a deciding factor. Many lawyers start on cases without being paid. But, how long after you provide him with everything he requested and needed to filedoes he do so could be important....and also importantly, even if he was late in doing so after you provided him everything....did you actually incur any damages. And only if you can prove so, then those damages may be his responsibility. (Things like mental distress won't apply here).

Can you divorce while in bankruptcy?

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Asked by Wiki User

Yes, you can divorce while in bankruptcy. Bankruptcy has no effect on whether you can divorce or not. While divorce and bankruptcy can occur simultaneously, it can end up delaying the bankruptcy process. Ultimately the proceedings can continue and the parties can divorce without issue. I've written more about this here: http://www.freshstartlaw.com/know-about-bankruptcy/

How can you file a bankruptcy and not lose any money in the bank?

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Why are you filing bankruptcy if you have money in the bank? You are entitled to exemptions, which may include some money in a bank account. The amount you may exempt will depend on whether your state has its own exemptions or allows you to use the federal exemptions.

Can you file chapter 13 in a corporation?

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Sure, your stock ownership in the Corp is a personal asset (like any investment/savings you have) that may be used to pay your personal debts in the personal BK.

What is the means test to file bankruptcy?

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One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court.

The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems.

However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.

What can be seized after a financial judgment?

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Any assets needed to satisfy the debt can be seized. The party must provide a receipt and track all proceeds. Anything obtained over and above what is needed to satisfy the judgment must be returned. If the judgment is for $5,000 and they seize items and sell them for $6,000, they must return the difference.

Other Contributor OpinionsAll US states have a list of exemptions to protect real and personal property from a judgment creditor, these exemptions are usually the same as those allowed in bankruptcy, plus non bankruptcy federal exemptions are available in some cases.

All SS benefits, public assistance benefits and the majority of private pensions are exempt from creditor attachment.

Generally the most important exemption for most people will be that of the Homestead, which protects the primary residence from a forced sale by the judgment creditor, several states such as Texas have specific laws that do not allow the forced sale of a primary residence to satisfy a judgment.

There is also added protection for married couples living in states where marital property both real and personal can be held as Tenancy By The Entirety and only one spouse is the debtor.

Where can one obtain an updated listing of bankruptcy forums?

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Asked by Wiki User

There are lots of money saving experts' forum online their we can find the updated listing of bankruptcy forums. Their one can also find out the answer about how and when to apply method from the experts of the forum

How long should you wait after you get your lawsuit to file bankruptcy?

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Asked by Wiki User

Winning a lawsuit will have no impact on your ability to file for Chapter 7 bankruptcy. If you are a judgment creditor, the judgment might become an asset of the bankruptcy estate and the bankruptcy trust might choose to sell the judgment or enforce the judgment for the benefit of your creditors..

if someone files bankruptcy on as credit card does that a third party has charged on and the debt is cleared dose the third party continue paying for a debt that is no longer there

Can bankruptcy clear traffic tickets?

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Asked by Wiki User

No.

Fines, penalties, court judgments and things like that are not discharged.

It is considered against the good of the public to allow someone to escape what was expected to be something they were required to do as compenasation to society or as a punitive or penalty for their actions.

In Texas - if you own 1 home and the husband owns land - will both qualify for an exemption if you claim one property and your spouse claims the other?

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Asked by Wiki User

The homestead exemption is applicable only to the primary residence. So the only way you and your spouse could claim different homes is if you are separated and have different primary residences. * Texas is a community property state. Unless one of the properties was acquired before the marriage then they cannot be separated either for taxation or as a homestead declaration. Or as noted, perhaps in a legal separation and definitely in a divorce unless the issue pertains to a creditor judgment.

What happens if you get sued by a creditor?

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It's not simple but it is possible, assuming that there is substantiating evidence. Some of the reasons a creditor can be sued are, fraud, breach of contract, antitrust violations, bait and switch, infliction of emotional distress (extremely hard to validate), and so forth. The type of lawsuit that all creditors dread is a class action lawsuit.

When can you refile bankruptcy after a previous bankruptcy discharge?

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Asked by Wiki User

That depends on your situation.

If you have filed but not received discharge of debt, then you may refile immediately. If you filed for chapter 7 and received discharge of debt, then you can file eight years after discharge date for chapter 7. If filed under chapter 13 and received discharge of debt, can refile after two years for same chapter 13.

http://www.jacksonwhitelaw.com/what-we-do/get-help-filing-for-bankruptcy/

If the first bankruptcy, C. 7, was dismissed for cause, you have to wait 180 days before refiling. If you file a C. 7 and get a discharge, you can file a C, 13 immediately after the 7 is closed, called a "Chapter 20" by bankruptcy lawyers who know what they are talking about.

Can a person in chapter 13 bankruptcy sell a car that has a loan while still in bankruptcy?

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Asked by Wiki User

The short answer is yes.

Of course, BK or not, to sell a car that has a loan means you must pay off the loan. And, it is unlikely anyone will give you another now. That actually may be fine, and exactly the type of compromise your situation calls for now...at least for a while.

You absolutely need to co-ordinate any financial changes like this with your trustee.