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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.

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[First Debt and Bankruptcy page]

Will BK affect an account set aside about 11 months ago for your grandchildren in a grandsons name but with your wife as a signee?

It is dependent upon how the trust or account is established and if the spouse is a part of the BK. The state of residency...

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Can a person who has a Durable Power of Attorney in Missouri file and appear in Bankruptcy Court for aged parent who has no assets?

11 U.S.C. 341(d) states that "Prior to the conclusion of the meeting of creditors or equity security holders, the trustee shall...

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Can you get a rental lease for an apartment after the chapter 7 is discharged?

Sure. Just find an apartment that will allow a tenant with a discharged bankruptcy.

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How can you get a job after filing chapter 7?

Federal law prohibits employers from using bankruptcy as a reason for not hiring or discharging an employee. However, the law...

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While in a chapter 13 how much can you deposit in a secured credit card account?

Once a 13 has been approved and the plan has been implemented the trustee only has power concerning major financial decisions. If...

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Are outstanding attorney fees dischargeable?

AnswerAttorneys fees do not receive any special treatment and are dischargeable in bankruptcy.They may receive special treatment...

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If you reinstate on your first mortgage after discharge do you have to reinstate on your second mortgage?

Answerthis is a bit difficult to answer you question seems incomplete. When you discharge out of bankruptcy that mean one of two...

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If the trustee declared your case a no-asset case even though there was an asset listed that the trustee overlooked it is your attorney obligated to bring it to his attention?

Bring it to the attention of the BK attorney immediately and have the error corrected. If this is not done in a timely manner the...

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Why is debt a cheaper form of finance than equity?

This can be easily explain using financial theory. Debt financing is cheaper than equity will hold true only when; 1) your...

Popularity: 30 • Tools: Recategorize

If you work for a bank is it legal for them to fire you if you declare bankruptcy?

No, it isn't legal for an employer to fire an employee who files BK or has wages garnished, home foreclosure, etc. If the...

Popularity: 30 • Tools: Recategorize

In Texas what is the time limit for moving out of a foreclosure when a minor child is involved?

A minor child has nothing to do with the foreclosure. Best option, talk to the judge maybe he will have simpathy and give you 30...

Popularity: 30 • Tools: Recategorize

If your wife's house is in foreclosure and the note is in her name but you have made payments on it in the past will it hurt your credit or only hurt hers?

I would say it should hurt her credit only. But i guess that would depend on if the house is in your name as well. Hopefully...

Popularity: 30 • Tools: Recategorize

Can you file bankruptcy on a rental house and keep your home?

You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in...

Popularity: 30 • Tools: Recategorize

Can you file bankruptcy on check advance?

A basic, rough primer: BK is always done under FEDERAL Laws, in a Federal Bankruptcy Court. Basically State makes little...

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Can you purchase a house if you pay off your chapter 13 early and have permission from your Trustee?

If you pay off your Chapter 13 early and receive your discharge, you won't need permission from the trustee for anything. The...

Popularity: 29 • Tools: Recategorize

If your chapter 13 was dismissed how can you find out which creditors were paid off with the money that was paid to the trustee?

After the entry of the dismissal, the Chapter 13 trusee will send you a final accounting of how much was paid to each creditor.

Popularity: 29 • Tools: Recategorize

Can a collector still collect a debt from January 1966 or does a statute of limitations apply?

The Fair Credit Reporting Act established statute of limitations for how long derogatory information, like collection accounts,...

Popularity: 29 • Tools: Recategorize

How do you find out if you have to pay a debt to a company that is out of business and was shut down by the federal govt due to illegal actions?

I am assuming that you are looking into this because you got a notice. Let's separate what the company did from your...

Popularity: 29 • Tools: Recategorize

If a Chapter 13 filed in August 1999 was dismissed in March 2000 but not discharged when does the bankruptcy fall off the public record?

The bankruptcy will never fall of the public record, which is kept at the courthouse. It will be shielded from view on your...

Popularity: 29 • Tools: Recategorize

Where can you find the law that says foreclosures and bankruptcies must be HAND DELIVERED to the credit bureaus?

You can't because there is no such law.

Popularity: 29 • Tools: Recategorize

If a car is reaffirmed and the secured to lender amount is 7500 and 3086 is unsecured is the secured paid under bankruptcy or owed by the buyer?

Reaffirmation of a secured loan means the borrower is responsible for repaying the entire debt. Not certain what "3086 is...

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If you filed bankruptcy can you move to another state within 2 years?

Yes. Having a bankruptcy discharged does not mean you are under "house arrest".

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With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?

NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations...

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What does it mean when a Chapter 7 is dismissed?

"Case dismissed" means the same as any other time you hear it. Dismissed means that the case has no merit or means to go forward...

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With your mortgage up to date what issues can you expect if one of the credit cards you want to include in chapter 7 is held by the same company?

I think the answer to that question may vary depending on what jurisdiction you file in. In Indiana, many lenders have a clause...

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Can you file for divorce before your chapter 13 bankruptcy is discharged?

The judge handling the divorce proceedings would rule on what portion of the 13 payments would be the responsibility of each...

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How do you get a dismissed Chapter 13 it off your credit?

I may be wrong about this, but it is my understanding that you CAN'T get a Chapter 13 off your credit report until it...

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How long do you have to wait before you can file Chapter 7 if you filed it twice?

11 U.S.C. 727(a)(8) says that a person may file a Chapter 7 case unless that person "has been granted a discharge under this...

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Can you file bankruptcy if you just purchased a home and want to keep your home?

Yes, one can normally keep a home in bankruptcy. When discussing losing a home in bankruptcy, there are two potential entities...

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How do you find out a filing date for a bankruptcy case?

One can call the Bankruptcy Clerk for the Division in which a bankruptcy case is filed to get case information such as filing...

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If you filed bankruptcy 18 months ago but it was dismissed and now you would like to purchase a home and your credit score is not that great what can you do?

A bankruptcy, even a dismissed bankruptcy, will lower your credit score 75 to 150 points. There's really no way to raise it...

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How would you find apartments in your area that rent to people with a bankruptcy on their record?

The person might want to try a search at www.rentnet.com

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Can you be an authorized user on a parent's account after filing a chapter 13?

Probably, but that would be at the discretion of the creditor/card issuer.

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How is it determined if you file chapter 7 or chp 13 bankruptcy - is it a ratio?

A Chapter seven is a total liquidation bankruptcy, which means the person will have to forfeit all nonexempt property. A chapter...

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When you file for bankruptcy how do you get all your bills together if you do not know exactly who you owe?

Start by getting a credit check.

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If you filed a ch 13 in 2002 while single marry in 2004 and are still in the ch 13 will the credit of the spouse who did not file be affected at all in Louisiana?

No. The state of residency is not relevant.

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If the cosigner of your credit card files for bankruptcy will this effect your credit rating as well?

Yes. It's possible that the financial transaction that the cosigner was involved with (liable for) might also be affected.

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Can you file bankruptcy if you have a rental property?

Yes, we recently filed a chapter 13 and were able to keep both our rental properties. When determining our net worth, both rental...

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If you marry a man with previous IRS debt are you also responsible; can the IRS or any other debtor of his put a lien on your property in your name only?

No, his tax problems belong to him alone, nor can any property belonging solely to you can be seized/attached by any of his...

Popularity: 29 • Tools: Recategorize

How do you collect from a person who has declared bankruptcy?

If the debt is included in the bankruptcy, the only option is to petition for the stay to be lifted. This is seldom granted...

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If a credit card company has sued you and the judge has your wages garnished can you include that credit card in your bankruptcy?

AnswerYes! That's one of the most important parts of bankruptcy filing, the Automatic Stay, which STOPS garnishments,...

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If you have a judgment of 50 million and a 10 year cover lien how can you get a loan with this judgment and lien against you?

Sorry, not going to happen, with that kind of debt and legal entanglement.

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What do you do when you forgot to list a creditor on your bankruptcy and it has already been discharged?

The normal procedure is to file a motion to reopen the case so you can add the crediotr that you forgot to list. A great deal...

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If your assets are over ten thousand dollars can you declare bankruptcy?

hide the assets then file.

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Can you reopen a Chapter 7 to add debt incurred prior to filing but that you were unaware of and could therefore not list it in your original petition?

Generally a BK is reopened to include assets not previously included rather than creditor debt. It is difficult to add creditors...

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If you cosign on a credit card that was included in bankruptcy by the applicant can the balance be collected from the cosigner 20 months later?

Absolutely. If the cosigner did not file bankruptcy, the creditor has every legal right to try to collect the money from them. ...

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Can you sue a credit reporting agency for repeatedly putting a bankruptcy on your credit report that is not yours?

You can sue ANYBODY for ANYTHING............winning is another story. 04/13/07 - Yes, you can sue them..problem is, you won't...

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How long after filing a Chapter 7 bankruptcy that included your home will you have to wait to purchase another house?

There is no legal waiting period, so theoretically you could buy a new home the day after the Chapter 7 is closed. However,...

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If you co-signed on a car and the primary went bankrupt can a lien be placed on your home even though your husband's name is on the house too?

Yes, they can but first they have to sue you, have the court grant a judgment against you and utilize local law enforcement to...

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If you filed bankruptcy a year ago and cleaned up your credit report how long will it take for trade lines to appear on your credit file if you use your mother's merchant accounts?

If by "piggybacked" you mean that you can use the card, doesn't mean that these accounts will show up on your credit...

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Is it possible to buy a house if you've already had a foreclosure?

Yes, you can. If you show good credit worthiness after foreclosure. Usually two years after. With at least 3 new accounts and...

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Does irs get involved if you file bankruptcy on credit card debt?

The Internal Revenue Service typically gets involved with a bankruptcy estate when it gets to get in line in front of certain...

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Can a collection agency that bought your account threaten to keep calling you until you pay the debt?

Yes. Although it isn't really a threat, simply the way they do business. They do, however, have to abide by the FDCPA. It states...

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If you are trying to clear up your debt do you pay the collection agency or the original business you owe to and have them try to buy back your debt?

Your main consideration is that your credit report should be at its most favorable. Therefore, whomever you contact, make sure...

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Must you answer Yes to the question Have you filed for bankruptcy on an apartment rental application if it was filed and discharged over 15 yrs ago?

AnswerNO I am answering this after someone else. Having rented properties I know that renters have various issues with this...

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In Utah when filing for bankruptcy can the creditor legally take your one and only vehicle?

The Utah vehicle exemption is $2,500.

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Are there any bankruptcy answers for Canadians for double Bk's?

Popularity: 28 • Tools: Recategorize • Needs Answer

Can child support be discharged by bankruptcy?

No.

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What do you answer when asked for your reason for filing bankruptcy?

A person should be absolutely truthful in everything they include in their bankruptcy petition. They should always keep in mind...

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If I have a joint account with a friend can the creditors cease the money if only one of us are wanted?

It is possible. The trustee might decide that the BK filer was attempting to defraud creditors of their rights. The account could...

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What happens if you do not pay your debt within 7 years will you still be obligated to owe that if it falls off your credit report?

Many consumers assume that the time to collect a debt corresponds with the time the debt remains on the credit report this is not...

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Could a financial employee lose their bonding if they file for bankruptcy?

according to our corporate attorney, under 11 USC sec 525 an employer cannot terminate an employee because that employee filed...

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If you are making sporadic payments to a collection agency and they cash them can they still sue the cosigner?

Unless you have a specific repayment plan that the collection agency agreed to, there is no legal reason that cannot sue the...

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What happens when chapter 13 is involuntarily dismissed?

That really depends on the reason for dismissal and whether the court made any orders beyond dismissing the case. Sometimes...

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Can a collection agency attempt to collect a debt that's 15 years old from 1991 where the company Chase was listed in bankrupt with one account and discharged but another account from 1991 came up now?

If they were two different accounts from the same creditor, the debt was discharged. In any event, the statute of limitations...

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Can a company file bankruptcy to get out of a settlement or lawsuit?

Yes. History is full of examples.

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If you owe a thousand dollars to chapter 13 but are behind paying what will happen if you do not pay?

The trustee/bankruptcy court can dismiss the chapter 13. Creditors would then be able to pursue collection including filing a...

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How much does your credit score increase once a bankruptcy comes off your credit report?

Credit scores are calculated and affected by the consumer's overall credit history. After a bankrkupcy entry is expunged the...

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What if an authorized user files bankruptcy does it hurt the card holder?

No, because an AU is not legally responsible for repayment of the debt incurred on the account.

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Can you bankrupt new debt like credit card debt that's only 6 months old?

Probably not, the basic rule is that any debt over $1,000 that has been incurred sixty days or less before a BK filing is not...

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Can a joint account in Texas be garnished even if all the funds came from direct deposit wages?

Yes, Texas is a community property state therefore all joint marital accounts can be garnished regardless of which spouse...

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If you just purchased things on your credit cards is there a waiting limit to file bankruptcy?

Yes and no. There is nothing that says you can't file the bankruptcy immediately after using the credit card, but it is risky to...

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Why would your home be listed on all 3 credit reports as included in the bankruptcy if it was not included in the bankruptcy?

Because the credit bureaus are notorious for reporting credit inaccurately, from addresses you never lived at to wrong spellings...

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Can you get a home loan if you have recently filed a chapter 7?

Not if the bankruptcy is pending. Once it has been discharged (preferably closed) then it is possible to apply for...

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Will a mortgage lender know about a past foreclosure if it is no longer on your credit report?

AnswerA lender might not know at the time the credit is pulled but it may show on the title report. Depending on the state, a...

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Can you include payday loans in a chapter 7 bankruptcy?

Yes.

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In a chapter 7 will the trustee take your children's toys such as video game systems action figure collections baby swings or walkers?

Highly unlikely. If those items belong to the children, then there is no chance the court will take them since the childrens'...

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Can you refinance your mortgage while it's in foreclosure?

If you are in foreclosure it will be very hard to refinance out of it. If you are able to get current I would say there's a...

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What banks in Colorado will open an account after bankruptcy?

open an account online at bofa.com . FREE CHECKING ONLINE AT BANKOFAMERICA.COM. ACCESS ATMS , DIRECT DEPOSIT, YOU CAN ORDER BANK...

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Can you include a judgement filed against you in a future bankruptcy?

Yes. A discharge will depend on whether the claim involved fraud.

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If someone defaulted on a VA loan in mid-1994 and the foreclosure is not on a credit report anymore would asking the VA a question about the loan renew the 7 years?

I'll start off by saying that I'm not an expert on this, and my answer is based on general principles. Asking a question, by...

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Does the seven years start only when you have paid the debt or when they have sold the car or when?

The seven year stipulation is usually calculated six months from the time of default on the debt.

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How much do you need to put down on a home loan if you have a 2 year bankruptcy with a current reaffirmed car loan and no other credit?

The amount of a down payment would be the decisions of the lender. That decision would be based in part on your current credit...

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Can a credit card company you just got a card from argue with the Ch 7 if you recently transferred a balance over to them due to lower interest rates?

Any creditor can ask to be excluded from the bankruptcy discharge. It is up to the judge to decide if it would be allowed. That...

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What will happen to your bankruptcy after your car which was the only thing you were paying in your Ch 13 was totaled and paid off by insurance.?

This can be a complicated issue. You should speak with an attorney in your area. If the vehicle was completely paid off by...

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If you declared bankruptcy can a creditor continue to mark your report as a charge off even after the date of your bankruptcy?

The account will or should be changed to read "included in bankruptcy". It will still however remain on the report until the...

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Do you have to report an unexpected inheritance if you are a few years into your bankruptcy plan?

Popularity: 27 • Tools: Recategorize • Needs Answer

Does a bankruptcy trustee check records on insurance and vehicle titles?

No. All information that is submitted in bankruptcy is presumed given under oath. There are specific documents that must be...

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Is it still legal to be called at work concerning a debt and if so can they find out where you're working if you change employers?

It is legal until you notify the creditor/collectors that you cannot be contacted at your place of employment. The majority of...

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Can you file bankruptcy if you own a car?

Yes, how the bankruptcy will affect the ownership of the vehicle depends on the state vehicle exemption amount and if the lender...

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Is it legal for a mortgage lender in Maryland to add 300 per dependent as a monthly expense in determing debt ratio when attempting to qualify for a mortgage?

Yes, unless you are suggesting that they are discriminating against you or those similarly situated. However, remember that you...

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Is it better to file for bankruptcy or just wait for foreclosures to be removed from credit report?

The answer will vary on a case by case basis, so you might consider consulting with a lender if you are thinking about getting...

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If you filed for bankruptcy with an attorney how can you check to make sure they did it?

Attorneys are presumed to be officers of the court and are bound legally and ethically to represent their clients best interest....

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Do all of your debts have to be listed in your bankruptcy filing?

Yes, if you deliberately fail to enter a debt on the bankruptcy schedule the BK can be dismissed with prejudice. When...

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When a creditor has sold your account can they later put a judgment against you for that debt?

A third party collector generally attempts to collect or settle on the debt by using conventional means, such as mail and...

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Can you sell your house before your chapter 7 bankruptcy is discharged if you're not including it in the filing and your payments are up to date and you're only filing on medical bills and credit card?

I am not an expert by any means, but from what my attorney told me, I would definitely not do this. The trustee could decide...

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If you come into a large sum of money after you file for Chapter 13 bankruptcy are you liable to tell the trustee about it?

This is tricky but can be answered easily. All depends on wether trustee has access to your Income tax report. if he\she...

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If a loan is not reaffirmed in bankruptcy but you continue to voluntarily make payments can the loan company report you to the credit bureau if you're late with these payments?

According to my mortgage company, "no." However, the bad part is that you continue to accrue late charges and in the event you...

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If you just found out that you have a public record filed against you for an older debt what exactly does this mean and how do you fix it?

First thing is that you need to contact the person/business that filed the suit and see exactly what the debt is for. In most...

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Can a debtor in a chapter 13 sell their home to payoff their bankruptcy?

While participating in a chapter 13 all major financial transaction by the debtor(s) must be approved by the bankrupcy trustee. A...

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