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If you filed bankruptcy in Illinois and have not made a car payment this month but notified the bank of the bankruptcy will the car be repossessed or will you be notified to return it?
If you are not going to reafirm the loan, in other words- keep and pay for the car, then yes the bank will want the car back. Usually they will try to get the car back shortly after your 1st court date when the court has oked your petition to go thru bankruptcy.
Can the bank seize assets in the bank during a bankruptcy?
If creditors believe the person is trying to remove funds from accounts to keep them from bankruptcy proceedings; creditors can petition the court to freeze all accounts/assets. A bank cannot arbitraily seize account funds unless the depositer has a loan with the bank which includes a set off provision. Even then the bankruptcy trustee can request the funds be returned and included as assets in the bankruptcy.
How would a person in working at a bank process chapter 11 bankruptcies?
They don't. The pre-petition accounts of the BK Company (C 11 is almost always a Corp), are frozen and no check can clear. Then depending on the BK, those assets are secured by the creditors and the accounts unfrozen, or new ones open...which as post petition...are not effected by the BK. In any case, other than following the instructions of the Court, like (freezing the accounts), the bank isn't involved in the BK. (Which is to say just because the term bankruptcy includes the word bank, doesn't mean it has anything to do with a bank, it is a Federal Court legal matter - filed with the Federal District Bankruptcy Court.)
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
While filing bankruptcy is your current bank notified?
Only your creditors should receive the bankruptcy notice. A careless petition preparer could have names and addresses on the list that do not belong there. If you don't owe your bank any money, they should not be on the list.
Can a credit union garnish your pay?
If you owe a debt to a bank they can seek a petition from the court to garnish your wages.
When in bankruptcy and bank wants to foreclose on your house what can you do?
If you're officially in bankruptcy, that puts a temporary hold on foreclosure proceedings. It doesn't matter what the bank wants, by law they have to wait with all your other creditors while the bankruptcy court sorts out who's going to get paid and how much.
Who becomes executor if no will?
The family can petition the court to appoint someone. While it could be a family member, the court may appoint a bank or attorney to serve.
Will a bank hire you if you have a bankruptcy on your record?
no they will not Yes. Each bank has its own rules but most will, unless of course they were listed on the bankruptcy
How can a civil judgment be placed after bankruptcy Mortgage included in bankruptcy and after discharge bank filed civil judgment for amount of mortgage Can they do thid?
Assuming a Chapter 7 was filed, if you did not surrender the property to the bank, the bank would file for relief from stay and be able to pursue foreclosure. If you surrendered the property, the mortgage balance was discharged and the bank was in violation of the automatic stay. A notice of the bankruptcy should have been filed with the court the bank sued you in. You cannot ignore legal procedures taken against you after a discharge. You have to respond appropriately.
Where can one find information on bankruptcy in the UK?
Bankruptcy in the UK is governed by Part IX of the Insolvency Act 1986 and by the Insolvency Rules 1986. In order to become bankrupt in the UK, either an individual can petition or the court will issue a bankruptcy order. To inquire additional information please seek professional advisement on declaring bankruptcy in the UK.
When you do not include your house in a bankruptcy and then get a loan modification but still cannot pay the monthly payment can the bank take your house if you pay something on it every month?
Yes, if you are not making payments on your home, the bank can foreclose. Even if you are paying something, if you are not paying the amount agreed to in the loan modification or original contract, the bank can foreclose. If bankruptcy is active, they may need permission from the court but if payments are not being made in a timely fashion the court generally grants permission to foreclose. The moral of the story - make your payments or the bank can foreclose!
