Debt and Bankruptcy

Bankruptcy court records are public records, unless the court has impounded some or all the information for some good reason. There are banking publications, like Banker & Tradesman, that publish all filings in their area. Some local newspapers still publish bankruptcy filings from their communities. And you can check out the bankruptcy filings at the bankruptcy court for your area. There is usually a public access computer in the clerk's office where you can look for filings by name. A deputy clerk will be happy to assist you.

Assuming the bankruptcy has gone to discharge, the debtor can apply for a car loan almost immediately, as long as the income is enough to qualify. You will pay a high interest rate, though, if you make the payments on time for a year or so, you may be able to refinance. Watch out for "we finance here" dealers. They are often not licensed as lenders and will have you sign a document with a lot of blank spaces. Don't do it.

Go to a credit union or a small local bank, if possible.

If the bankruptcy is still pending, you need permission from the court.

You should check with your c 13 trustee. In general you can make a partial payment, but if the next payment is also a partial payment, or if you do not make up the difference, the trustee will file a motion to dismiss your case. It is always a good idea to let the trustee's office know your next payment will be short and why, and when you expect to get caught up.

If you will not be able to continue the c. 13 payments as set forth in the plan, you may be able to end your c. 13 early or convert to a c 7. Consult your bankruptcy lawyer.

Look at the date your bankruptcy was filed. 10 years from that date it should be off.

A Sheriff's sale usually is to sell off property that has been seized by a large judgement against someone or a repossession that has taken place.

Any Chapter 7 Bankruptcy should include ALL debts owed. Do not make the same mistake that I did and forget any little ones along the way,,,forgotten small balances on credit cards, retail store credits, loans of any kind(you may lose friends over that one but if you want to be debt free then include them also.

Yes, nothing in the bankruptcy law prevents you from opening an LLC.

not at the same time, and you'll have to wait a certain period of time after being dismissed/discharged from one before filing the other.

Yes. It is the most common reason for filing a chapter 13.

Assuming it is federal bankruptcy, 8 years, the same in every state.

yes

No. The A4V method is a tortured reading of the UCC (Uniform Commercial Code) except for certain commercial transactions. The method claims that you can send a payment to a creditor that modifies the contract, reducing the amount you owe.

No, you can't. And your payment will then be in arrears, accruing late fees and interest.

Debt is an amount of money that has been borrowed and is supposed to be repaid (metaphorically, the term is also sometimes used to refer to other obligations; you saved my life, therefore I owe you a debt of gratitude). A debtor is a person who owes a debt. The person to whom the debtor owes a debt is a lender.

Unless you are very confused, you know that a trust deed is what some states call a mortgage. A voluntary surrender, if done carefully and probably with a lawyer's help, can result in the mortgage being terminated with no further liability to you. The tricky part is to make sure there is no tax liability on your part due to the cancellation of the balance due on the note.

If it is a Chapter 7 Bankruptcy, you have to wait 8 years before you can file it again.

I am going to stick my neck out and say, Probably Not. I do not think a lending institution would like someone who is making loan decisions to be a delinquent when it comes to their own debts. Most places(financial institutions especially) will run credit checks on perspective employees.

Within days after your discharge. You will have to find one of those dealers that arrange financing, and you will pay a high interest, but it can be done.

You cannot do it after filing but before discharge, except in a chapter 13, with permission of the court.

Deducted from what? If a house is sold at foreclosure, expenses related to preparing the house for a normal sale are not relevant. Generally, expenses to prepare a house for a voluntary sale are not recovered in the sale, except for a few markets where demand for houses exceeds the supply, and even then the seller is better off just cleaning up cluttered rooms and making coffee or baking something chocolate while showing the house.

If, by some chance, your house sells at auction for more than you owe and the fees for the foreclosure, it is unlikely any of the expenses would qualify as increasing the basis (how much you paid for the house), thus lowering your taxable gain.

A car is not totaled in a chapter 13. A car may be totaled while the owner is in a chapter 13. If the car was fully exempted, nothing happens. If you need to buy a new car, you will have to get permission from the bankruptcy court after you file a specific purchase agreement (car loan) which should not seriously affect your plan payments. Why are you not asking your lawyer?

I assume that you live in the United States...

Don't think that you can "pick and choose" debts to include in your bankruptcy case. A lot of lawyers get this wrong. When you file bankruptcy, all your debts must be listed...under penalty of perjury.

A Chapter 13 bankruptcy allows you to keep your house, cure your missed mortgage payments, and resume your future mortgage payments. You must have sufficient income to get a Chapter 13 plan confirmed by the court.

In Chapter 7 bankruptcy, you don't have to give-up the equity in your house (as long as the home equity doesn't exceed applicable dollar-limits, and the house otherwise qualifies as your "homestead" under applicable law). The discharge order relieves you of your personal liability for the mortgage loan (as long as you don't sign a reaffirmation agreement). The mortgage lien survives the case. Chapter 7 can temporarily delay foreclosure, but it doesn't help you cure past-due mortgage payments if you are trying to save your house.

nothing

It's like a bad country song, you will lose everything son.

I must respectfully disagree with the above statement. People do not lose all their belongings when they enter into bankruptcy proceedings.

When a person(s) need to declare BK for whatever legitimate reason they are allowed to exempt certain property. For example, the BK filer(s) is almost always allowed to keep their primary residence and vehicles. There are many other personal items/property that can be subject to exemption including livestock and pets. The listing of exempted items will be included in the BK filing documents and/or explained by the filer's legal representative.

BK is a federal action, but several U.S. states have implemented their own exemptions in conjuction with the allowed federal exemptions. You can check your state's exemption laws by doing a simple search (i.e. "name of state" bankruptcy exemptions).

Please note: If the BK filer(s) have defaulted in the payment of home and/or vehicle they must reaffirm the loans with the title/lien holders to protect the property from BK.

Strictly speaking, you can move out of state at any time after notice of a foreclosure or after the foreclosure sale (or entry for breach of condition in those states not requiring an auction or sale). It would be nice if you gave the keys to the law firm or other foreclosing entity, but it's not required.

1st bankruptcy = 7 years

2nd bankruptcy = 20 years

3rd bankruptcy = life

If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.