881 FAQs where found , 30 in this page
The application time depends on the type of bankruptcy for which you applied the first time, sometimes you have to wait at least six years to settle back in bankruptcy again. The right to bankruptcy is very important so it is recommended to consider the case well before filing bankruptcy. Learn More
No, the debtors are not going to prison for having accounts payable with creditors, unless they have committed a federal crime of fraud. Creditors may only collect debts through the court and asking the judge for a claim against the debtor for a money judgment. If the creditors succeed with the demand, 10% of the wages of the debtor could be removed, checking bank account may be cancelled before the debtor withdraws the money from it. The creditors can also seize some of the debtors properties, but what they cannot get is an arrest warrant for debtors, this is impossible. Learn More
There are few disadvantages that exist with respect to the bankruptcy process. The bankruptcy will remain on your credit history for roughly a 10-year period after going bankrupt, which sometimes results in the disapproval of new loans and student loans and even renting an apartment. With chapter 7 bankruptcy the individual might lose some of the properties that were declared not exempt because they would be sold to make the payments. Learn More
The cost of the bankruptcy varies depending on the lawyer to advice and how complex it can become. The individual filing bankruptcy might need to do some fixed payments to court ranging from $200 to $300 depending on the type for bankruptcy and there are some government agencies that fund this type of cost for those with low incomes. Learn More
If a person files for bankruptcy property Miami, the probabilities of qualifying for a mortgage are not good. Being bankrupt does not preclude you from buying a home after a few years of rebuilding credit, but if you are in the process of filing for bankruptcy means you will probably not be able to finance a mortgage loan. There are other options to purchase a home: Wait two years: If you want to buy a house, you must wait two years after filing bankruptcy in order to qualify for a loan. Rebuild your credit: The best way for a mortgage after bankruptcy is by the Federal Housing Administration. They will have less stringent credit standards, but still need to have a credit score of 620 or higher. Saving for a high down payment: When a person is in bankruptcy, he or she will need to put a high enough down payment to buy a house. Pay in cash if possible. You can find a home with a reasonable price to be able to pay a lower price in cash. Have a friend or a family member with good credit score to apply for the home loan. Consider a rental with option to buy. Learn More
The processing fees charged by the court are $ 274 to file for bankruptcy under Chapter 13 and $ 299 to file for bankruptcy under Chapter 7, whether for one person or a married couple. Learn More
In a Chapter 7 case, you can keep all property which the law says is exempt from the claims of creditors. Exemptions are determined by state law. Learn More
Low-income or struggling individuals, traders, retirees, professionals, housewives, and people who have a large income that allows them to pay for electricity, rent, insurance, food, etc. These individuals can pay the plan as set out under Chapter 13. It is not mandatory that the accounts are paid only with your salary. Bankruptcy lawyers will help you to recognize if you are a good candidate for Chapter 13. Learn More
Chapter 13 bankruptcy is preferable when: The individual that owes money wants to repay his or her debts in a specific amount of time. The person will lose prized, nonexempt property under Chapter 7. Under the mean test, there is no eligibility for Chapter 7. A person is ineligible for a Chapter 7 discharge because it was already received in 8 years. The debtor has a considerable amount of debts not dis-chargeable in Chapter 7 but still qualifies for Chapter 13 discharge. Learn More
The money to pay depends on the debt and the monthly payment plan established by your attorney. These can vary according to your income. It also depends on the duration of the plan to make your payments. Learn More
With bankruptcy, many people have the opportunity to restore their economy and eliminate their debts. Through the bankruptcy court, greatly indebted individuals have the possibility to recover economically. Learn More
After filing for bankruptcy you have the right to maintain those properties that were considered exempt; if you have inherited properties, you may have to sell some in order to start paying for the goods that are considered non-exempt properties and comply with the debt. Learn More
Yes, you can get new credit cards. With bankruptcy, you will be able to restore your credit again long before you finish the set payments. You only need the approval of the bankruptcy court. Sometimes the interest on loans is higher due to the bankruptcy. Learn More
With bankruptcy, a high percentage of debts are eliminated but there are some that depending on the established chapter cannot be canceled. These include student debts, certain taxes and fines, fraudulent customer debts, debts of food handling and custody, debts for driving under the influence of drugs and alcohol, debts that were not eliminated in previous bankruptcies, and so on. Learn More
A Chapter 13 bankruptcy trustee is an attorney who is selected by the United States Trustee. They must act as the trustee to the bankruptcy estate of every one who is filing for bankruptcy. In addition, his or her responsibilities are to make sure that the payment plan is followed, to collect the entire debtors payments, make the payments to the creditors, and finally control the case until it is closed. Learn More
Only individuals can file for Chapter 13 bankruptcy. This is because by law limited liability companies and corporations are consider a separate entity from the owner and its not consider an individual asset. When you file your taxes, they are both filed separately: personal and business. Other options can help business owners who wish to file for bankruptcy. Learn More
In order to file Chapter 13 bankruptcy, the debtor must take a credit counseling course by an official credit counseling agency to complete the process. After completing the course, the debtor will receive a certificate that he or she must present. The price of this course is approximately $50.00 and it usually lasts around one hour in course time. It is absolutely necessary to take this course if filing for bankruptcy. If not competed, the case will be dismissed automatically. Learn More
It varies from case to case. In most circumstances if the bank or credit union has to withstand a loss, it will close any accounts. On the other hand, if the debtor reiterates the debt to the bank, then the bank may not take action. It is important to discuss the different options with your bankruptcy attorney. Learn More
Ten years is an estimate time in which bankruptcy remains in the credit bureau report of public records. Depending on the employment and income conditions, car and mortgage financing might be available with a considerable down payment. Also, credit card solicitations may also be taken into consideration. These steps can be accomplished once the discharge is entered. Learn More
If the debtor is temporarily unable to make the payments from the payment plan due to certain situations, such as loss of employment, insured, or ill, the plan can be adapted to allow the debtor to make the payments when he or she can continue. If none of the reasons above are fulfilled or the debtor can no longer make the payments, then the case can be dismissed or adapted to a Chapter 7. Learn More
Your student loan can be paid with no interest as part of the payment plan. This is only accurate for Chapter 13 bankruptcy and not Chapter 7. Learn More
In order for an individual to file under Chapter 13, repayment of all secured creditors before debts in its entirety must be completed. A part of the amount that is owed to unsecured creditors must also be paid. Learn More
Both individuals and businesses can qualify for this type of bankruptcy. In contrast with Chapter 13, Chapter 11 provides no limit to the amount of debt discharged or repaid. Plans under Chapter 11 bankruptcy can be longer than the 5-year period under Chapter 13. Learn More
Both chapters include reorganizing debts into repayments plans. Nevertheless, there are a few differences between the two types of bankruptcy. The main difference is the debt limit Chapter 13 enforces. There is only a certain amount of secured and unsecured debt when filing under chapter 13. Learn More
Yes, its the most expensive form of bankruptcy in the U.S. Only the filing fee can cost over $1,000, which is triple the cost of Chapter seven bankruptcy. Moreover, negotiations can involve a lot of obstacles, and high legal fees. A small Chapter eleven bankruptcy will cost as much as $10,000. Larger cases can cost way more. Learn More
Yes, unlike Chapter 13, there is no time limit. There are different repayment plans and the length of the plan is based on court preference and the specific case. Consequently, repayment plans under chapter 11 can be quite long if the court determines so in order to give plenty of time to the debtor to reconcile their current debts. To obtain chapter 11 bankruptcy information, contact Gallardo law Firm. Learn More
Yes, this is a matter of public record therefore the public has access to these files through the courts. For example, if you own a business and are currently filing for Chapter 11, your customers will have access to this information. This information will appear on your credit report for 10 years. Learn More
Yes, they can receive a formal discharge. Usually, after the repayment plan has been established and approved, the remaining debts are discharged. From there on, debtors are accountable to make payments as instructed by the court. Its different for individuals as their debts are only discharged when the plan has been successfully completed. Some non-dischargeable debts include marital debts, student loans, and civil lawsuit judgments. Learn More
Debtors are usually able to convert their case from one chapter to the other. This occurs when the debtor-in-possession cant propose a plan accepted by the court. Yet the conversion can only be requested by creditors through filing a motion with the court. Learn More
Individual debtors have no discharge under Chapter 11 unless the debtor makes the required payments. The proposed plan can be objected and payment in full can be forced or a receipt of all disposable income can be obtained. The cost is another issue to think about. Chapter 11 bankruptcies can be costly and time consuming because they are quite complex. A courts approval is required in order to dismiss a Chapter 11 whereas a Chapter 13, for example, can be dismissed at any time. Hiring a Chapter 11 lawyer can save you time and money. Call Gallardo law Firm today to find out more about how we can help you navigate through your case with ease. Learn More