Debt and Bankruptcy

he is someone who goes to taekwondo on mondays in my class i teach him, he is a green belt 6th kup

Chapter 7 is liquidation. All non-exempt assets must be given to the trustee to be sold at auction. All debts that can be discharged will be discharged. Some debts, like student loans and child support arrears, cannot (as yet) be discharged, absent unusual circumstances.

No, but this depends on what state you are in - If you are in CA, then the bank (or private party) will post a 3 Day Notice to vacate the home (after foreclosure) - depending on which bank, it sometimes will take them a couple days to coordinate this. On a more practical matter, they will generally offer you "cash for keys" and give you $1000-$3000 to leave within a certain time frame (7-14 days) and leave the home is "broom clean" condition. They do this because the cost of eviction and risk that the homeowner will steal things from the home or leave the home damaged is much greater then the cash for keys. If its not too late then check the details to stop or avoid foreclosure or contact some professional.

It takes most folks about a month to file and a total of about five months from intake to discharge. Of course, much depends on how responsive you are to your bankruptcy attorney's requests for documents and other information.

No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.

about a year or two

Past bankruptcies may indicate a history of poor financial management and excessive debt. Financial difficulties increase the risk of fraudulent behaviour.

In Canada, the Office of the Superintendent of Bankruptcy provides an Insolvency Name Search. It includes reports of all personal and corporate bankruptcies and proposals filed since 1978 and records of all receiverships since 1993.

For the U.S., Lexis provides a Combined Bankruptcy Filings database that has summaries of personal and corporate bankruptcies for all U.S. states, District of Columbia, Guam, and Puerto Rico. Westlaw provides a similar database, Bankruptcy Filings Combined.

AutoTrackXP by Choicepoint provides detailed reports on individuals and companies formulated from their large database of U.S. public records. Bankruptcy information is included.

"Cheque is an instrument in writing containing an unconditional order, addressed to a banker, sign by the person who has deposited money with the banker, requiring him to pay on demand a certain sum of money only to or to the order of certain person or to the bearer of instrument."

If there is a judgment in a court for the IRS debt, you do not need to file a motion to include it in your bankruptcy. If the tax due was determined more than 3 years before the filing date, you include it in your Schedule F.

If you have already filed your bankruptcy documents, you need to file a motion to amend Schedule F with the bankruptcy court. If the case has been closed, you will need to reopen the case, paying the filing fee, and then your motion to add the debt.

No.

The deficit is always smaller than the public debt.

If you have filed bankruptcy because you cannot afford to pay your debts, a lender will not loan you money to purchase a house and it just doesn't make sense. You cannot continue to acquire assets while your assets are frozen and in the possession of the trustee in bankruptcy in a bankruptcy proceeding.

I believe it is called the interest rate.

You spend time in jail for 15 years and you have to pay.

There is no set credit score that everyone is assigned after filing bankruptcy. How much your credit score drops depends on a lot of factors, including how many debts you discharged, what your score was before you filed, how many secured debts you reaffirmed, and what type of debts were discharged. Hope this helps!

The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.

There is not a real answer to this question. It can be either.

Debt and equity sum to the total assets. Either one could be more than the other.

The county recorder (clerk recorder) for your county will have the transfer deeds that were recorded for any foreclosure or sale.

Depending on the workload for your county, it may take several weeks for this information to be available.

While the record of the foreclosure is valid and should remain regardless of the fate of the bank, technically it may be possible to remove it from your credit. Like any other item on your credit report you must dispute it. If you can supply reasonable evidence that the debt item is not yours, the credit agencies (Trans Union, Experian & Equifax) have 30 days to verify that the debt item is yours and reporting correctly. If the bank is no longer operating this may not be possible. However, if the bank was purchased by another entity or its records are otherwise managed by an exisiting company, verification may be possible.

The United States of America currently has approx. 77 trillion dollars worth of assets and 113 trillion in debt that is including all the money in reserve. so no the Us does not have enough money in reserve to pay out its debt.

The time it takes from when you sign up with an attorney to when you actually file varies based on your situation and the attorney. In some cases, your attorney can file that day but it usually takes a few weeks. In the standard chapter 7 bankruptcy case, it usually takes about 90 days from the date you file until you receive your discharge (assuming you qualify and everything is done properly).

When an individual files for bankruptcy, he/she must list down all the creditors and debts that they have. If the bankruptcy has already been filed and the individual has incurred new debt but has not yet been discharged by bankruptcy, that new debt is not included in the bankruptcy discharge. For an official opinion, it is advised you seek legal counsel.

It is really important to seek legal advice from the expert about filing for bankruptcy.

If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.

In Illinois, Chapter 7 eligibility requires that one must not be able to pay at least $6,000 over the next five years, or $100 per month, to unsecured creditors after expenses. Chapter 7 will likely be denied if one can pay at least $10,000 over five years, or over $166.67 per month.

If one can pay unsecured creditors between $6,000 - $10,000 over five years, then Chapter 7 will be decided by a mathematical calculation. If one can afford to pay 25% or more of the unsecured debt, then a Chapter 7 will likely be denied. If one can't afford to pay 25% of the unsecured debt, Chapter 7 filing will likely be successful.