Debt and Bankruptcy

Some states call their trial courts supreme courts. In most states, the supreme court, like the federal Supreme Court, is the highest appellate court in the state. A bankruptcy may not stop a case on appeal to a state supreme court. But if it is a trial court, then bankruptcy can stop a case from going forward. Consult a local bankruptcy lawyer.

Bankruptcy is a federal procedure in a federal court. What state you are in is irrelevant except for exemptions. Your 401(k) balance is exempt by federal law, but once you withdraw money from it, that money is no longer exempt, and the trustee will want it to be applied to your plan. If you withdraw it and fail to disclose that to the trustee, you may find your bankruptcy in serious trouble. Don't do it.

The purchaser of a foreclosed property is not a beneficiary. All purchases have to be recorded in the registry of deeds for that county, or whatever system is used in your state.

You can file again after 180 days. If the dismissal with prejudice was for fraud or perjury or similar reasons, you may be able to file a new bankruptcy, but you may not be able to discharge any debt included in this one dismissed with prejudice. Consult an experienced local bankruptcy lawyer.

Yes, the IRS can take your tax refund if you are in bankruptcy, particularly if you owe back taxes or have not filed your tax returns. However, if your bankruptcy case is under Chapter 7 and you have unpaid tax liabilities, the IRS may offset your refund to cover those debts. In a Chapter 13 bankruptcy, your refund may be considered part of your disposable income and could be used to pay your creditors. It is essential to consult with a bankruptcy attorney for guidance specific to your situation.

Allens Inc., the canning company, filed for Chapter 11 bankruptcy in October 2013. They had more than $100 million in debt at the time.

The federal government and the states

Yes, Your debts can be added to a discharged bakruptcy.Bankruptcy can be very useful and effective in resolving financial problems in certain issues.

In a bankruptcy case, the bankruptcy trustee's lawyer is typically paid from the assets of the bankruptcy estate. This means that the funds are drawn from the money and property available in the estate, which may include proceeds from liquidated assets. If the estate does not have sufficient funds, the trustee's attorney may not receive payment for their services. In some cases, the debtor may also be required to pay certain fees, depending on the type of bankruptcy filed.

A bankruptcy case is a legal proceeding in which an individual or business seeks relief from overwhelming debt through the federal bankruptcy court system. It involves the assessment of the debtor's financial situation and the distribution of assets to creditors according to established legal guidelines. The primary types of bankruptcy include Chapter 7, which entails liquidation of assets, and Chapter 13, which allows for a repayment plan to settle debts over time. Ultimately, a bankruptcy case aims to provide a fresh start for the debtor while ensuring fair treatment for creditors.

No, you can't get fired for filing for bankruptcy because as what federal law prohibits an employer to discriminate against you for declaring personal bankruptcy.

In fact, you will probably be happy and relieved to know that your constitutional rights protect you from being fired for filing bankruptcy. Yes, it is a violation of your rights, not to mention a crime to fire someone for filing bankruptcy. So, don't worry your job is safe.

The fastest growing group of people filing for bankruptcy are those under the age of 25.

A bankruptcy filing or discharge in bankruptcy should not have any effect on your US passport.

Only if the car has not been sold, at auction usually. Some states require notice of the repossession and intended sale date. Consult a local bankruptcy attorney if you have filed pro se or pro per (without a lawyer), or your state Attorney General's office.

Seek advice from a professional. Your local bankruptcy attorney is there to help you.

i) When the capital structure of a company is complex and it is required to make it simple.

(ii) When there are huge accumulated losses and it is required to write off these losses to depict a better position of the company.

(iii) When a part of the capital is not represented by available tangible assets.

(iv) When change is required in the face value of shares of the company so that they can become attractive for future investors.

By the use of the word "required" one logical answer is when it applies for bankruptcy usually under Chapter 11.

Federal income taxes due in an amount certain 3 years or more before the bankruptcy filing date can be discharged along with other dischargeable debts. You cannot just file to discharge the taxes, unless you have no other unsecured debt.

Around $18.75.

It can, provided the trust is written properly and, often more important, the transfer of property to the trust is not able to be considered a fraudulent transfer. You should consult an attorney to see if it would work for you, because everyone's facts are different.

Todd H's experience: "I put a home in a SPA Trust a couple years ago and recently went through a business and personal bankruptcy. We disclosed everything to the bankruptcy judge and he said it was perfectly legal and a SPA Trust is not included in bankruptcy. I still have a home to show for it."

If the chapter 7 is still open, you cannot buy a house. If you have received your discharge and the case is closed (usually 6 months from the filing date), you should not have the cash to buy a house unless you lied on your bankruptcy documents about your assets. That can lead you to prison.

If you win a lottery or get a big inheritance within 6 months after the case is closed, you have to report it to the trustee. Your case will be reopened and the money will have to go to the bankruptcy estate to be distributed by the trustee.

If you have been able to pay all your new bills as they come due and put some money into a savings account for three or four years, you can start looking for a house and a mortgage lender, but if you do not have enough savings to make a substantial down payment, you will not find a lender willing to lend you money for a mortgage. You may find a better reception if you have your accounts in a local credit union and ask them about qualifying for a mortgage.

The most common form of a demand draft is a check. Checks have account numbers, not docket numbers. Other demand drafts may or may not have account numbers, but not docket numbers, unless there is a legal action that ordered the demand instrument.