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Debt and Bankruptcy

State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.

Asked in Debt and Bankruptcy, Business & Finance, Banking, India

How can you find the DD number in Demand Draft?

The first variable is the DD number which will of 6 digits, followed by 9 digit MICR code, then followed by the next 6 digits (may not exists in some banks) and lastly the 2 digit transaction code. ...
Asked in Debt and Bankruptcy, Mortgages, Home Equity and Refinancing

Can you refinance after bankruptcy?

Many people who have filed bankruptcy know little about the process. Often times debtors are unaware of their options in a chapter 13 because they rely on their attorney; their attorney has a fiduciary relationship with the debtor. A bankruptcy attorney's job is to know bankruptcy law, not the mortgage business or their guidelines. When a debtor files a BK 13 their main concern is having an automatic stay placed on a mortgage, collection, etc. To save their home from foreclosure. When...
Asked in Debt and Bankruptcy, Mortgages

How soon after Chapter 7 bankruptcy can you buy a new house?

Below are the perspectives of some Wiki s contributors about buying a house after bankruptcy: First, any bankruptcy must be "discharged" by the court. You also cannot be in any "Credit Counseling" or other programs that take over your finances. It is actually easier to buy a house than a used car. The "lender" is looking to meet several criteria. Debt to Income ratio, Stability and time on the job. Money in the Bank and bounced check history.Any Retirement or 401 K...
Asked in Debt and Bankruptcy, Credit Reports, Credit

How do you get an old bankruptcy removed from your credit report?

Under the Fair Credit Reporting Act negative information can be included in your credit reports for seven years. However, there are exceptions to this rule. Bankruptcy is one of those exceptions. Bankruptcy information may be reported for 10 years. Sorry. Once the ten years are up, there's nothing you should need to do. If for some reason a credit reporting agency keeps reporting the outdated information, click here for more information about fixing errors in your credit report. On the other hand: Actually there is a...
Asked in Debt and Bankruptcy, Debt Collection, Foreclosure

What can you take before foreclosure sale?

You can take your personal property, anything that is not attached to the real estate such as furniture, area rugs, tools, portable air conditioners, phones, computers, appliances that are not built-ins, etc. Of course you may take all your personal property such as your kitchenware, clothes, TVs, tools, furniture, plug in lamps, etc. You may not take built in appliances or bookcases, installed floor coverings, window shades, plumbing fixtures, light fixtures, towel bars, kitchen cabinets, awnings, permanently affixed air conditioning units, etc. This list...
Asked in Personal Finance, Debt and Bankruptcy, Loans, Co-signing, Bankruptcy Law, Money Management

Can you cosign a car loan if you filed for bankruptcy?

If you can find a lender who will accept your signature, sure. Unlikely.
Asked in Debt and Bankruptcy, Student Loans and Financial Aid

Can you get a loan after bankruptcy in Canada?

After filing for bankruptcy in Canada you may borrow money. The risk is borne by the creditor. During bankruptcy, after filing but prior to being discharged, you may obtain credit with a value of up to $1,000. without advising the creditor of your bankruptcy. Should you seek to borrow more than $1,000 you are obliged to advise the lender that you have filed for bankruptcy. ...
Asked in Debt and Bankruptcy, Credit Reports, Credit

If a chapter 13 bankruptcy was voluntarily dismissed not discharged can it be removed from your credit file?

You can't get it removed. It is a public record. If you file a bankruptcy and get it voluntarily dismissed the next day, it will still be on your credit report. Also, by the way, not paying into a Chapter 13 plan is not a voluntary dismissal. The Trustee moved to have the bankruptcy dismissed. - The easier approach would have been to actually voluntarily have it dismissed. Regarding Nate's posting, I agree that non-payment of a Chapter 13 normally results in the...
Asked in Personal Finance, Debt and Bankruptcy, Loans, Money Management

Can you get a car loan before chapter 7 discharge?

No. And if someone wants to give you one, run away from that dealer.
Asked in Debt and Bankruptcy, Co-signing

What happens if you cosign a car loan and the other party then files bankruptcy but secures the loan and will it be on the cosigners credit report or effect it?

The car lender would repossess the vehicle and sell it off, if there is a remaining deficiency, then the lender can go after the co-signer to be paid (so yes it would negatively effect the co-signer's credit rating) ...
Asked in Debt and Bankruptcy, Civil Process, Court Procedure

What does it mean dismissed as without merit?

It usually means that the charges that were made, or the charge that was brought, is not substantiated/supported by the evidence presented. ...
Asked in Debt and Bankruptcy, Bankruptcy Law

How do you withdraw chapter 13 bankruptcy filing?

By not making your payment to the trustee. He will see you fell behind, and file a motion to dismiss your case. OR, pay back the entire amount you owe in a lump sum. ...
Asked in Debt and Bankruptcy, Apartments and Home Rentals, Improving Your Credit Rating, Money Management, Credit

When in bankruptcy is it hard to rent an apartment or house due to the bad credit rating?

It can be but I have found that if you have good rental history you should be able to rent. My husband and I filed bankruptcy about a year ago. He then left and I lost everything, now trying to start over with a recent bankruptcy is challenging. I have found no one that will rent to me and I have good rental history.There should be a law, I do not believe that credit should reflect on the rental of a...
Asked in Repossession, Debt and Bankruptcy, Taxes and Tax Preparation, Debt Collection, Foreclosure

How does deed in lieu work?

The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor...
Asked in Debt and Bankruptcy

What is debt patronage?

Debt patronage, a system common to regions of acute labor shortages, notably central Mexico. Debt patronage took form during the late sixteenth century. Debt patronage benefited mainly the big hacendados, who, with capital at hand, were able to entice Indians to their estates by offering to pay them. The peons were given small plots on which to plant corn, beans, and squash. With workers at their disposal, the hacendados could then, by acquiring additional land, expand their plantings, multiply their harvest, and monopolize...
Asked in Debt and Bankruptcy, Definitions

What does declared insolvent mean?

Maybe look at another wedsite Insolvent means you cannot pay your bills, or more specifically, you owe more than you can pay based on your current income. ...
Asked in Debt and Bankruptcy, Bankruptcy Law, Foreclosure

Should you declare bankruptcy?

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. However, it is a legal procedure that offers a fresh start for people who can't satisfy their debts. Individuals who follow the bankruptcy rules receive a discharge which is a court order that says they do...
Asked in Debt and Bankruptcy, Foreclosure, Civil Process

How long will a foreclosure take after lis pendens?

The lis pendens is usually filed at the beginning of the foreclosure lawsuit. If you don't answer the foreclosure complaint, a default judgment will be entered against you, and foreclosure will take place in about 90 days. If you answer the lawsuit, the foreclosure can take a year or more to occur. ...
Asked in Law & Legal Issues, Debt and Bankruptcy, Debt Collection, Foreclosure, Real Estate

What does barred by foreclosure mean?

When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process. The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax...
Asked in Investing and Financial Markets, Debt and Bankruptcy, Taxes and Tax Preparation

Do you claim a timeshare as an asset?

Yes suggested revision In some ways, it is an asset. It can provide the owner a great location to relax and have fu during vacation week. However, it has a corresponding liability. The owner must pay the increasing maintenance fees. In all ways the property, like your house or a car or your airplane or jewelry is an asset. And for the filing of bankruptcy, it is most certainly an asset. Yes the debt is a liability. and yes the debt may be secured...
Asked in Debt and Bankruptcy, Commercial Bank and Checking Accounts

How long after you file bankruptcy can you get a checking account?

A checking account has nothing to do with a bankruptcy unless the bank you are going to deal with does a credit check on you and uses this information to Approve/Disapprove you based on that info. If you are turned down by a bank try another, some bank in your area will give you a Checking Account I'm sure. Good luck getting a checking account. I filed chapter 7 and was discharged over a year ago and NO ONE in the...
Asked in Debt and Bankruptcy, Home Equity and Refinancing, Bankruptcy Law

Can you rent out your home after filing chapter 13?

After the Chapter 13 plan is approved, whether the rental is included in the proposed plan or not. Until then the trustee holds all your assets in the bankruptcy estate. Once the plan is approved, you become the "debtor in possession" and can manage your property as long as you don't try anything illegal or that will harm the value of the property. However, if you rent out your house, you will not be able to use the homestead exemption in the...
Asked in Debt and Bankruptcy, Loans, Co-signing

What happens when someone you co-signed for has filed for bankruptcy?

Answer About 6 months ago I had to deal with the same thing. What happened to me was, that the card and all $3000 was turned over to me. That was not cool at all and I was made responsible for the card. But the person that raked up the bill gave me what he owed, but some are not so lucky. Answer As a cosigner, you assert that you are capable of and intend to repay a debt when: the borrower cannot pay the...
Asked in Debt and Bankruptcy, Bankruptcy Law, Income Taxes

If a tax debt is owed to the IRS can filing bankruptcy settle this debt and allow you to start over?

Yes you can start over but this does have an extreme barring on your credit. You can include the years prior to three years from the tax year you owed the IRS. However any years owing after the fact, you will be responsible for. Actually, you can under certain circumstances -- mainly if enough time has gone by (except in cases involving fraud): As a result of Bankruptcy Code Sections 523 and 527, the following IRS tax is generally dischargeable: Tax penalties for...