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credit card debt
Alfonso Mills
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Could you change your chapter 7 to chapter 13 after being discharged?
Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.
Can you file bankruptcy on a debt owed to the IRS?
Yes you can file bankruptcy. Whether or not it is dischargeable is another matter. In a Chapter 13, it could be included in your repayment plan. Not sure how it works in a Ch 7.
How could you improve your credit score after filing Chapter thirteen and converting to Chapter seven once the Chapter seven bankruptcy has been discharged?
On my website, I have an article on 10 tips to rebuilding your credit after bankruptch: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.html
How does personal bankruptcy affect your LLC?
A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
How to File Bankruptcy?
The U.S. Congress established federal bankruptcy laws so that honest but unfortunate debtors could make a fresh start. While any bankruptcy filing must be made in federal court, your local judicial district administration and bankruptcy judge will process your filing.Step One: Filing DecisionsDetermine what type of bankruptcy filing you should make. The six standard types of filings are: Chapter 7-- Liquidation; Chapter 13--Adjustment of Debts for individual wage earners; Chapter 11 Reorganization; Chapter 12 Adjustment of Debts for farmers and fishermen; Chapter 9 Adjustment of Debts for municipal entities; and Chapter 15 Ancillary and cross-border insolvency. Chapter 7 is one of the most common types of bankruptcy filed by private citizens.Step Two: Filling Out the FormsObtain the required forms from your bankruptcy lawyer, or if you are representing yourself, download the correct forms for your judicial district online at http://www.uscourts.gov/bkforms/index.html. Included in the paperwork is a petition for the discharge of your debts, a schedule of your assets and liabilities, a financial statement, and a list of your existing, unexpired leases. Also, you must include copies of your tax returns and pay stubs, a certificate of credit counseling, and a debt repayment plan.Step Three: File for BankruptcyFile your completed forms with the federal court in your jurisdiction, or if you are represented, have your lawyer do the filing. Unless you have already arranged to pay the court fees in installments, you must submit the case filing fee of $245, a $39 administrative fee, and a $15 trustee fee upon submitting your paperwork. These fees are accurate as of June 2011, but consult your lawyer or court clerk for verification.Filing a Chapter 7 bankruptcy petition automatically stops debt collectors from trying to collect.Step Four: Attend the Creditors MeetingPresent yourself at the official meeting of creditors. After a period ranging from 21 to 40 days, your trustee will contact you or your lawyer with the date and time. You must answer any questions under oath, and provide any additional records your trustee requests.Step Five: Wait for the Final DischargeWait for the bankruptcy to become finalized. Most bankruptcy courts take approximately 60 to 90 days after the initial filing to complete a Chapter 7 bankruptcy filing. According to the federal courts, 99 percent of Chapter 7 filings are granted full discharge of debts.
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.
What can be done to attain employment at 60years old after filing chapter 7 bankruptcy What if there is reasonable reason for filing chapter 7 Could the reason for bankruptcy be told to the employer?
How to get after job filing chapter 7 bankruptcy once it appears on the credit report
Could A company in chapter 11 bankruptcy be sued for discrimination?
Sure
If would have a corporate credit card debt of $20,000.00 and was under stress, could I file chapter 7 and be forgiven of that debt?
It would depends entirely on your financial situation, there is not enough information to determine. If you were to file chapter 7, the that credit card would be forgiven.
Could you change your chapter 7 to chapter 13 after being discharged?
Sometimes Chapter 13 debtors need or want to convert their bankruptcy case from a Chapter 13 to a Chapter 7 bankruptcy. And sometimes the bankruptcy court will force you to convert from Chapter 13 to Chapter 7 - this is often called a "forced conversion." The reasons for conversions vary. For the most part, if you are instigating the conversion, you have a right to convert your case. But that doesn't always mean you'll qualify for Chapter 7 relief.
In Illinois how do you obtain vehicle title after bankruptcy?
What could you possibly be asking? If the asset was sold during bankruptcy to pay creditors and your debts, its gone. Owned by someone else. That's how your debts get paid. Your assets are used. If there aren't enough assets to liquidate and pay your debts, some of the debts may be forgiven. But not always. Under any circumstances, to get a title to something owned by someone else, you buy it from them. Bankruptcy does not get you things.
What is meant by Chapter 14 bankruptcy?
Chapter 14 bankruptcy is quite new in the bankruptcy world, it provides companies the option to help themselves rather than being bailed out. This type of help could not only get the business back on it's feet but also keep employees working.
Can you file a chapter 7 after a chapter 13?
Believe it or not, the ploy is called a Chapter 20! A so-called "Chapter 20" bankruptcy is the process filing of a "Chapter 7" bankruptcy to discharge unsecured debts, followed by a "Chapter 13" bankruptcy to allow the debtor to catch up on mortgage payments. The 2005 Bankruptcy Reform Act attempts to limit "Chapter 20" bankruptcies by imposing limits on the filing of successive bankruptcies. Under current bankrupcy law a Chapter 13 bankruptcy may be filed only once every two years, and three years must pass after the filing of a Chapter 7 bankruptcy before a Chapter 13 filing. Some debtors attempt to circumvent this restriction by filing for Chapter 13 protection while the Chapter 7 petition is still pending. That option is not available in all courts. In a "Chapter 20" bankruptcy, debtors should be aware that missing even one mortgage payment after filing the initial "Chapter 7" petition may cost them their ability to save their home in a subsequent "Chapter 13" filing.
Who offers information and advice on backruptcy?
There are several places you could go to get advice on bankruptcy. I would check with a nonprofit credit counseling agency first, then possibly a bankruptcy lawyer.
Can you file bankruptcy on a debt owed to the IRS?
Yes you can file bankruptcy. Whether or not it is dischargeable is another matter. In a Chapter 13, it could be included in your repayment plan. Not sure how it works in a Ch 7.
Where could someone obtain Chapter 7 bankruptcy forms?
One can obtain a Chapter 7 bankruptcy form by contacting the local banking facility. One can also go online at visit one's local government website (for US citizen's it's the usa.gov) and get the form online.
Can you take on a second job after filing for chapter thirteen bankruptcy?
Sure. No one would object to you doing anything that could possibly help your financial ability to pay off the debts. In fact, it would be looked at favorably, as your serious intent to make good on your commitment, if anything.
