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Can you file a chapter 13 bankruptcy on a fraudulent debt with unemployment?
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∙ 14y ago
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Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
What is chaptur 7?
Chapter 7 is a "fresh start" bankruptcy. You are discharged from all debt included in the bankruptcy. There are some debt that you cannot discharge.
How poor is Detroit?
Detroit has among the highest unemployment rate of 15.8%. In addition, the City filed for Chapter 9 bankruptcy and was approved. Detroit's outstanding debt totals $18 billion.
Can college debt be included in a bankruptcy?
No. Educational loans will remain with your during and after the bankruptcy is completed. This holds true regardless of whether you decide to file for Chapter 7 or Chapter 13 bankruptcy.
What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
How does chapter 11 bankruptcy affect you?
Chapter 11 bankruptcy allows you to reorganize your debt so that you may pay it off. But it is not for everyone. You should contact a lawyer to see if you could even qualify for Chapter 11 bankruptcy.
Can you be current on your credit cards and file chapter 13?
Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.
Is a debt discharged if it was not listed on the schedule F on a no asset chapter 7 bankruptcy?
No
Can you file a chapter 11?
Yes, provided you meet the qualifications. Bankruptcy is a federal court process. It is designed to help consumers and businesses eliminate debt or repay debts under the protection of the bankruptcy court. Chapter 11 bankruptcy is a type of reorganization bankruptcy, like Chapter 13. Chapter 11 is available to individuals, corporations, and partnerships. It has no limits on the amount of debt, again, like Chapter 13. Chapter 11 is the typical bankruptcy choice for large businesses seeking to restructure their debt and become profitable again. Chapter 11 is the most flexible of all the bankruptcy chapters, which makes it generally more expensive to the debtor. The rate of successful reorganizations is very low.
Can credit card debt be erased in Tennessee bankruptcy?
A Chapter 7 BK can eliminate credit card debt.
What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
