Bankruptcies can be done by someone asking for the protection of the court...a voluntary one...or by creditors asking the court to act and protect their interests, by taking the assets of the debtor and using them to pay the debt, even though the debtor doesn't want it to happen.
Most all BKs are done voluntarilarly.
The World Religious Travel Association filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado on Jan. 7, 2011.
A Chapter 7 case is commenced by the debtor filing a voluntary petition or at least three creditors filing an involuntary petition. A husband and wife can file a joint petition. 11 USC § 302.
A bankruptcy usually stays on your credit report for 7 years. If you forgetadebt on the bankruptcy petition, it may may be 7 years from the time the bankruptcy petition was amended, but otherwise it is from the time the bankruptcy became file.
Voluntary insolvency, also known as voluntary liquidation, is a type o liquidation or bankruptcy that is supported by the members of the Board of the company and is not forced by Chapter 7 bankruptcy.
If the party involved is participating in a Chapt. 13 filing; no major financial transactions can be made without the approval of the bankruptcy trustee. If the Chapt.7 has been discharged in most cases there will be no restrictions to refinancing, except it is doubtful a lender would be found.
No, unless you both filed a joint BK petition.
Generally, but the extent to which funds will be exempt depends on your jurisdiction. Check your local state bankruptcy exemptions.
Court Fees: $299 Pre Filing Education: $65 Attorneys or Bankruptcy Petition Preparers: anywhere from $100-3000
In a chapter 7, no post petition income constitutes property of the bankruptcy estate. So to answer, no. In a chapter 13 or 11, all post petition income constitutes property of the estate.
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
File a change of address with the clerk of the court where you originally filed the petition
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html