Debt and Bankruptcy

Surrender the asset (house) to the mortgage holder. Any deficiency will be added to the chapter 13 plan to the same extent as other unsecured debt. You may want to convert to a 7 if the 13 was to try to save the house.

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.

They must be listed as a debt, and they can be discharged. Some payday lenders claim to have a security interest in your paychecks until the loan is paid, but those may not be legally established secured loans. Consult a local bankruptcy lawyer to check your loan docs.

It depends on when the amended claim is submitted. If before the plan has been approved, it means you owe more - or less - than the original claim, and the plan may have to be amended.

If after, it may mean you have not paid all the payments due since the case was filed and your case may be open to a dismissal motion and order.

Talk to your lawyer.

Yes. Many people who do a bankruptcy by themselves or by inexperienced lawyers leave out doctor, dentist or friends' debts. If you omit them, you're committing fraud and can find your discharge revoked and going to federal prison for a vacation.

If you have accounts in the bank that holds your mortgage, the bank can take the money in your accounts to set off what you owe in the foreclosure.

You should never have bank accounts in the bank that you owe money to. If the bank requires an account, just open an account and put in the amount needed to direct-pay the bank.

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.