Can you add furniture rental to your chapter 7?
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.
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Can you file a chapter 7 bankruptcy and a chapter 13 bankruptcy?
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.
Does a chapter 13 bankruptcy filing stall foreclosure?
Yes. It is the most common reason for filing a chapter 13.
How long do you have to wait to file bankruptcy again in Indiana?
Assuming it is federal bankruptcy, 8 years, the same in every state.
Can I really pay bills using A4V method Accepted for value?
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.
What does debt or debtors mean?
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.
What will happen if you voluntary surrender your house while in a trust deed?
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.
How long do you have to wait to file bankruptcy again in Georgia?
If it is a Chapter 7 Bankruptcy, you have to wait 8 years before you can file it again.
How soon after filing bankruptcy can you buy a car?
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.
Can expenses preparing a house for sale be deducted if foreclosure occurs?
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.
Can you get a loan officer license with a new chapter 7 bankruptcy on credit report?
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.
What happens if car is totaled in chapter 13 but no claim was filed for the car?
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?
What happens when you file bankruptcy on your house?
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.
Can you lose your horse in a bankruptcy?
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.
How long after foreclosure to move out Missouri?
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.
How long bankruptcy after discharged records stays?
1st bankruptcy = 7 years
2nd bankruptcy = 20 years
3rd bankruptcy = life
What bankruptcy can you file to keep your home if you are behind in payments?
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.
Why is the debt to tangible net worth usually higher than the debt-equity ratio?
Because for the calculation of the debt to to tangible assets ratio ONLY the tangible assets (machinery, buildings and land, and current assets, such as inventory, etc...) are taken into consideration for the calculation VS the debt ratio where ALL of the assets (tangible and intangible such as patents, trademarks, copyrights, goodwill and brand recognition) are taken into consideration for the calculation.
Why provision for doubtful debt is prepared?
Provision for doubtful debt account is created by company to steadly build the stream of money in a separate fund to handle the actual bad debts properly and to maintain steady stream of profits or loss as well.
How soon after a car purchase can you file bankruptcy?
If you bought the car with a car loan and you intend to reaffirm the debt, and the equity in the car is equal to or less than the exemption available, any time.
If you paid cash for the car and it's value is equal to or less than the exemptions available, no problem, especially if you had to buy a new car to get to work or some other good reason.
Can you lose your house if you file for a chapter 7?
Yes, if your equity in the house is greater than the exemption you can use and you cannot pay the trustee the difference, or if there is no mortgage on the house and its value is more than the exemptions.
If you are current with your mortgage when you file and get behind on your mortgage during the chapter 7, the mortgagee can foreclose.
Consult a local bankruptcy lawyer.