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Debt and Bankruptcy
State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.
4,664 Questions
Which basic assumption may not be followed when a firm in bankruptcy reports financial results?
Going concern assumption.
How long do you have to wait to file bankruptcy after last bankruptcy?
You have to wait eight years after filing for Chapter 7 and 4 after filing for Chapter 13.
Can a ucc 1 filing stop foreclosure?
In short, the answer is a resounding NO. Once someone actually understands how liens work, and how the foreclosure process works, one realizes that the UCC filing can not help, and anyone who says so either doesnt know better or is a scammer. The simplest way to know if something is a scam is to ask yourself this...
"If this truly cant be done, why isn't everyone doing this?"
When you buy a home, a lien is placed against it called a mortgage. This lien has 1st rights to the asset (your home) should you fail to make the payments. Should you get a 2nd mortgage against the property, this lien is called "secondary" and should you be sued by someone, that judgment lien is in 3rd position.
Now you foreclose. You are not making your payments. When the house sells at auction, the 1st lien holder gets all the proceeds. Should money be left over, the money pays the 2nd lien holder and other lien holders until nothing is left.
By filing a lien against your own property (which in itself is fraudulent, because you are impeding the due process of the foreclosure look up bankruptcy fraud and conveyance fraud.)
But for sake of argument, lets say you file this lien against your property. The 1st lien holder, or your lender can foreclose on you, without approval of the other lien holders. They have the first right. If they chose not to, the 2nd lien holder can supercede the 1st by presenting their own foreclosure case against you.
Ive been in this business for the past 5 years, and I have heard the craziest "loopholes" and theories on how to help struggling homeowners. None of them work, and those that have approached me with these schemes have all ended up in jail. I was approached with this ideal in early 2007, and that promoter is now spending 20 years in jail.
If you seek further advice on how to delay your foreclosure, feel free to email me at trusteedelayservice@gmail.com for non-biased and legal strategies that can help you.
How many years on credit history for bankruptcy?
10 years. If you are interested in buying a home you have to wait at least 24 months from the date it was released/discharged in order to qualify for a home loan. So, though it takes 10 years for a bankruptcy to be removed from your credit profile you can qualify for a home loan in as little as 2 years from the Date of Release or Date of Discharge.
You can stall a foreclosure. If you negotiate with the lender for a short sale, the lender may hold back on the foreclosure process to allow you to complete the short sale. You can also challenge the foreclosure process in court. If there are any irregularities in the foreclosure process initiated by the lender, the court can stall the foreclosure. You should ask the lender to produce the original note. Often the lender initiating the foreclosure is not the original lender. Most lenders sell the mortgage to other lenders and institutions. It is the subsequent lender who generally initiates the foreclosure. Often the subsequent lender may have problems producing the original note. Sometimes it can take months to produce the original note. Filing for bankruptcy also stalls the foreclosure. Negotiations with the lender can also buy you time. For an official opinion, it is advised you seek legal counsel.
ALL of these are false:
A amount of debt is less than the income earned
B after bankruptcy you can't get credit for 10 years
C everything you own goes into bankruptcy
What is a negotiated debt settlement?
Negotiated debt settlement is when a creditor agrees to close a debt and consider balance zero by accepting less than the full balance that is owed.
Let's say you owe capital one $10,000. You have $3,000 and offer them to consider the remaining balance forgiven.
If they accept, you have a negotiated debt settlement.
How much does the US have in debt?
The U.S. has a couple of trillion dollars in debt. All of this consists of loans from China, Japan, etc.
to much for the u.s. to be the ones making the money
Over 13 billion dollars
12.1 trillion dollars
a couple trillion dollars
$10,638,778,530,211.64
If the "America" (USA) is in "debt" and how "much" then why do people get
"Unemployment" like Raph Littler of Truckee,California 96161, & why is the Republicans wqn't do something about it.
as people who on Unemploment & no jobs have to pay for the "Debt'
me Sisyer Susan E izabeth & Ralph Littler pay for a new House & car on "Unmployment & Side jobs"
Marcus fischer the Son of JuneA. Richard H. Fischer OS Cathedarl,California 92262 So now I can see how the USA can go in debt, by people going om Unemployment in Truckee, California 96161
Can filing for bankruptcy stop an eviction?
If the eviction is for nonpayment of rent, yes, since it is a debt collection procedure. The landlord or property manager would have to move for relief from stay to proceed. However, this varies from state to state and even from one bankruptcy court to another, so check with a local bankruptcy lawyer.
Even if the eviction is not for past-due rent, the claim will include costs and lawyer's fees, so the landlord should move for relief from stay or wait, if it is a c. 7, until the case is closed.
Make sure the landlord is included as a creditor to discharge any money owed to the landlord.
In bankruptcy can they get into your bank account?
This is why your claim bankruptcy. The automatic stay will stop judgment holders from issuing a levy on goods and chattels.
Simply put, no. They can not levy an account from a debtor that is protected under the bankruptcy code.
How do you dispute a bankruptcy on my credit report?
It is not uncommon to come across errors in your credit report ranging from the spelling of your name, to social security number, to incorrect recording of payments. These errors can occur for several different reasons---but regardless of the cause, the burden is upon you to fix it.
If you come across errors, you absolutely should fix them. It is only to your benefit to have the appropriate information reflected. Even a misspelling on your name could cause later confusion. For example, taking out a loan, the creditor may wonder whether you have credit under those other names or not, creating another step in the loan process where you'll have to explain yourself.
While no one will catch errors other than you, the credit bureaus are required by law to investigate your claim of mistake and correct errors. So here is how you can go about clearing those errors up:
Here are the steps you should take.
- Write a letter to the credit bureau where you found the mistake. Explain the problem and provide the correct information.
- If applicable, contact the creditor or store that reported the incorrect information. Try to clear it up on that end, as they have a responsibility to report accurate information.
- Keep copies of all of your correspondence---chances are you'll be asked to produce it more than once.
- Get written confirmation that the changes have been made to your credit report. This way, if the problem does not get fixed or reverts for some reason, you don't need to go through all of this again.
- Check your report in another month or two and verify the changes have been made. It can take time for the changes to appear, so be sure to keep on top of it.
- Submit a statement to the credit bureau explaining the mistake, just for their files. Note that if you are actually late with payments or the information is true, a personal statement explaining your circumstances will not help matters. But in the instance that a mistake is being cleared up, it can help to have a personal statement on file.
How do creditors capture medical debt after death?
They place their claims with the estate. The estate is responsible for settling all debts, or as many as possible. If the estate does not have enough to pay all the bills, they will distribute it as evenly as possible.
What us states are going bankrupt?
Executive Summary - There are now 10 states in the USA that are insolvent and expected to file for bankruptcy in the fairly immediate future (2010).
Which 10 States - California, Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island and Wisconsin. These 10 states account for over one third of the USA population and this is significant. Think of it is more then 33% of the USA going bankrupt.
Other States on the Endangered Species List - Colorado, Georgia, Kentucky, New York and Hawaii. These states are in bad shape and can easily get pushed over into bankruptcy.
Approximately what percentage of federal spending now goes to pay the interest on the public debt?
9%; Everyone could enjoy about a 10% tax reduction simply by paying down the federal debt, which now stands at about 40% of GDP, but is expected to exceed 60% within 10 years.
What is Cash receipt number in demand draft?
The cash receipt number in demand draft is a 6 digit number. The demand draft receipts are issued in India.
Can i get a loan after a foreclosure?
Foreclosure can ruin your credit. When you apply for credit, lenders will look at your credit report. Foreclosure stays on your credit for 7 years. However this does not mean that you cannot get credit after foreclosure. You may not get credit immediately after foreclosure. However if you have taken steps to repair your credit immediately after foreclosure, lenders will be willing to consider your application positively. But you may have to pay more interest and provide collateral. Lenders understand that people go though financial up and downs. You must show that you have learned from your past financial mistakes. Even if you the general banks and lenders are reluctant to lend to you, there are lenders who specialize in lending to individuals who have been in foreclosure.
Legal Disclaimer:
The answer above should not be relied upon as legal advice. The information provided above is based on insufficient facts and only speaks to a general opinion based on those insufficient facts. No warranty is provided that the answer is correct. No attorney-client relationship has been formed with me until a signed written contract is complete. For an official opinion, it is advised you seek legal counsel.
How soon after Chapter 7 bankruptcy can you buy?
Some institutions require 2 years, while others require 3 years from the discharge date. Some local banks and credit unions have created special programs allowing only 12 months if certain criteria is met, but often the credit requirements make nearly all applicants with a recent BK ineligible.
Can home owners association fees be included in a bankruptcy?
Your bankruptcy attorney can help you decide what to include in your filing petition.
HOA fees foreclosure and bankruptcy?
We were granted a chapter 13 over a year ago in which we surrendered out house. The lender, GMAC, has not sold the home, but keeps putting if on the market and taking it off. No one has lived there for the last two years, yet our HOA still expects us to pay for the road maintenance fees - even though we no longer even drive there or live there.
Is this right? What can we do?
Sorry, but when I tried to enter this in as a question, it kept cutting me off after just the first two sentences.
Does having a cosigner help your credit?
Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.
What if you are a co signer on a house that is in foreclosure?
The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.
Why did southern states to object Hamilton's plan to pay off the national debt?
because the southerners did not like Hamilton dumb
