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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.
4,664 Questions
Can you file Chapter 7 and keep your house and car?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
If the debt was discharged in the BK the entry for the creditor should read as such. The entry itself will not be expunged until the required 7 years has expired.
Will a judgment be dischared if you go bankrupt?
This really depends on whether the judgment is a dischargeable debt in bankruptcy. There are some debts that you cannot eliminate in bankruptcy and they will continue to exist after the bankruptcy. Generally judgments from credit cards, medical bills or personal loans can be discharged but they can become non dischargeable if the creditor claims fraud or misrepresentation within the bankruptcy.
Can a judge in Ohio order your bank in Texas to levy your account?
Under the full faith and credit law the judgment creditor (holder) can obtain an exemplified copy of the judgment from the clerk of the court in the district where the judgment was awarded.
The judgment holder then sends the document(s) to the clerk of the court's office in the county/city and state where the judgment debtor resides. The judgment will then be executed in the manner stated, (garnishment, lien, bank account levy, etc.).
Texas does allow bank account levies by judgment creditors. Therefore, a Texas magistrate will sign the "foreign" judgment and canorder it enforced as a bank account levy.
Can a foreclosure and chapter 7 bankruptcy appear on your credit report?
Yes. And the bankruptcy will stay on your credit report longer than other debts.
On the other hand, many bankruptcies are due to catastrophic losses, such as a child born with severe medical problems, rather than spending money like a drunken sailor on leave. Once you go through Chapter 7 bankruptcy, you can't go through it again for years. so you start getting lots of ads from car dealers who want to sell you a car on credit.
Timing is important. File too early, and you still may
be paying off those
catastrophic bills, Struggle too long to pay off the bills, and you'll come out of Chapter 7 with too few assets to get a good start on rebuilding your life.
Can a lending company charge interest and fees that are higher than your monthly payment?
yes, it is possible. It all depends on the amount of loan and the period of repayment of loan.
In order to get low monthly installments make the time period of loan repayment more. In this way though you have to pay more amount but you will able to pay that amount in your current monthly income.
Can you still sell house if in foreclosure?
Not under normal circumstances. It would be worth na consultation with a realtor.
How does one file for chapter 7 bankruptcy?
The first step is to talk with a bankruptcy attorney, then fill out the appropriate paperwork and file it with a bankruptcy court.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
Is it difficult to repair credit after a bankruptcy?
Yes, it is very very difficult to repair credit after a bankruptcy. Once an individual or a company goes to bankruptcy, then all of the belonging of them are taken by the bank & thus there is nothing left to repair with.
Does the IRS get involved in bankruptcy?
How does one apply for bankruptcy?
First and foremost, the applicant has to decide with version of bankruptcy he/she/they are filing for. There are six types: Chaper 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13, and Chapter 15. The most common is Chapter 11 and the process begins with the filing of bankruptcy paperwork to the appropriate court. This is done with an attorney or a qualified paralegal. From there, the applicant appears in court to answer questions from a bankruptcy judge and with all of the evidence gathered, waits for a decision. This can happen in a matter of days, weeks, or months depending on the circumstances.
Where can you find bankruptcy information?
Bankruptcy information is available from lawyers who specialize in the area. They possess a great deal of knowledge when it comes to bankruptcy. Information about filing for bankruptcy can be found at a local courthouse.
Can you have a credit card and a checking account if you file bankruptcy?
Of course you can. The card issuer has to be listed along with the balance owed. If there is a zero balance on the card and outstanding charges that have not hit yet, you may not have to list it, but it's safer to list it.
Any amount in a checking account that cannot be exempted under state or federal exemptions becomes property of the bankruptcy estate. You don't get to keep it.
If you mean your employer filed for bankruptcy and stopped paying your LTC insurance premium, probably. You should get notice that you can pay the premium on your own.
If you mean the LTC insurance company filed for bankruptcy and notified you that you were no longer insured, you may want to consult a local bankruptcy lawyer, since the answer may depend on state law.
If you mean you have been receiving LTC insurance payments because you are receiving long-term care, consult a local attorney familiar with this issue. State law may not allow it, and you may have a priority claim in the bankruptcy.
Can you transfer money from a savings to a retirement account and file bankruptcy?
Sure. But expect the trustee to want that money, unless the amount in the savings account was exempt. Transfers of assets otherwise available to the bankrupt estate for the purpose of filing bankruptcy is a federal crime. Consult an experienced bankruptcy lawyer, since there are permitted transfers.
What is cause about the bankruptcy of a bank?
The same as it is for individuals: the bank is not able to pay its bills when due, and has a huge number of no-pay or slow-pay loans outstanding.
How do you get a car title after bankruptcy 1 year ago?
If there was a secured loan and you reaffirmed the debt in your chapter 7 and you have paid off the loan, you should get the title from the lender. If you surrendered the car to the lender in your chapter 7, your balance was discharged as an unsecured loan and you have not owned the car since you surrendered it.
What is meant by demand draft?
A demand draft is a monetary instrument that can be considered as equivalent to cash. It is similar to a cheque but with a difference that it is fully safe because the drawer of the draft has to make the payment in order to get the draft. So, the receiver of the draft can be sure that he will get paid for the draft. That is why most schools and colleges expect payment via demand draft for their exam fees, admission fees etc.
Can bankruptcy court take taxes after dismisal?
Most taxes are not discharged in bankruptcy.
If the amount of your tax liabilities is not clear, the bankruptcy court cam decide how much you owe; you need not go to tax court for that.
Can a bank solicit someone after filing bankruptcy?
When you file bankruptcy. there is an automatic stay on collection. The clerk doesn't even consult a judge; she stamps your copy "relief ordered" and hands it back to you before you even leave the window.
That doesn't keep the bank from soliciting new business. It's only a bar to collection of existing debts.
If you have a secured debt to the bank, such as a car loan, it might sense to approach the bank. If you owe $8,000 on a car that's only going to bring $4,000 at auction suggest to the bank that you would be willing to reaffirm the debt if they write the loan down to $4500. That gives them more money than they would get at auction, and they don't have to spend a lot of man hours
selling it.
How long does it take for a trustee to refund your tax refund after filing chapter 7 bankruptcy?
The tax refund goes into the bankruptcy estate. If your chapter 7 filing did not exempt the refund, the money will be used to pay the trustee and to pay your debts pro rata. That is, each creditor gets an amount equal to the percentage the debt is to the total indebtedness. You are not likely to get anything back, but if all the debts are paid off 100 per cent and the trustee is not entitled to any more money, the balance will be paid to you.
The trustee should have decided what s/he is going to do. If you have a lawyer, s/he should discuss it with the trustee. You can also talk to the trustee or your case manager. I doubt you will get any of the refund, but make sure to stay on top of the issue and get notices of any trustee motions regarding these funds.
When did Radioshack go bankrupt?
The company was "essentially bankrupt" in the 1960's, but has never officially filed for bankruptcy with the United States Government.
Can you have a trust and file for bankruptcy?
You can have a trust and file for bankruptcy but the more important question is whether you should given what is in the trust, who transferred the assets into the trust and who is a beneficiary of the trust. If you have set up a trust and have irrevocably transferred all of your interest to assets to the trust then there may be questions of whether the transfers were proper and allowable under bankruptcy law. If you are a beneficiary of a trust the question becomes whether your beneficial interest in the trust is protected when you file for bankruptcy. This will depend on reviewing the facts of how the trust and reviewing the trust documents.
