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Perhaps. It will depend entirely on the debts you owe.
Creditors other than those who hold liens against the property cannot seize a primary residence and request a forced sale when it is protected by the homestead exemption.
The above does not apply to first mortage lien holders, but it does apply to other creditors who may have a lien against the property as well as those who have not filed judgment liens. If the equity in the property exceeds the exemption amount it is possible for a judgment creditor to file a judgment writ as a forced sale to recover the debt owed. It is rare that a judgment creditor will take such action as it is time consuming and costly for all parties. In addition, there are a sine U.S. states that do not allow the forced sale of a primary residence by a judgment creditor(s), either by direct statute or laws based upon how the property is titled.
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Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?
If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.
If you filed bankruptcy in Dec of 2004 can you get your refund that has already been taken for 2002?
No, the IRS will get to keep it. And, even if you could get it back, the bankruptcy trustee would probably take it to distribute to your creditors.
How can bankruptcy help stop a foreclosure?
Filing for Chapter 7 bankruptcy forces all of your creditors to stop harassing you, as all proceedings are temporary put to a halt while the bankruptcy is processed. However, you typically have to take the initiative and show proof of your bankruptcy to the bank for them to stop harassing you.
If you have a home and you are buying a second home for investment is it better to refinance with higher rate or take a home equity loan?
Home equity Loans and Investment properties both come with high Interest Rates. However, if you were to claim bankruptcy with a rental property they would take the rental property and you can keep your home. Homestead law. On the other hand, if you file bankruptcy and have a second lien on your home you are still liable for payment and they would still take you rental property to pay off debt. (If their attorney is smart.) Depends on how stable your income is and if you have a chance of ever claiming bankruptcy. Ask yourself how big of a risk it is to get this investment property?
What are creditors holding secured claims?
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
I have a pending property damage claim on my home can I file chapter 7 and will they take my property claim money?
You should ask your BK attorney, however you cannot conceal those funds and yes, that would be assets considered in the BK to pay creditors. If you say nothing about it, they could go after you for bankruptcy fraud.
Can you have a catalog account after you are discharged from bankruptcy?
Yes, after bankruptcy your debt (that which was listed in the bankruptcy) is eliminated. It may, however, take some time to restore your credit rating to the point where creditors will take a risk on you.
Why can a trustee take your income tax return if you are filing a chapter 7 bankruptcy which relieves you of your debt and does the trustee give the money to the creditors?
The trustee may take the refund and distribute it to creditors because a tax refund is not considered an exempted asset under bankruptcy laws.
Can i sue someone if i am in the prossess of a chapter 7 bankruptcy?
Not as a rule. If the claim was something that arose after the filing, it will depend on the nature of the claim. If the claim arose prior to filing, you must have disclosed the claim in the bankruptcy documents and the trustee may take over the claim. Consult a lawyer knowledgeable in bankruptcy.
Can you sell your property in bankruptcy and what happens to the funds of the sale?
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.
How does a person file for chapter 11 bankruptcy?
To file chapter 11 bankruptcy one must propose a plan and then must find creditors to agree with this plan. Then, the person must take the plan and creditors to bankruptcy court where the judge will decide whether the plan can work or not. As long as the judge and all the creditors agree then that person can follow through with the plan and be in chapter 11 bankruptcy.
Will the bankruptcy trustee take all of your tax return refund?
I think it depends on when the bankruptcy is discharged, but it would be discussed at your meeting with the creditors and the trustee. If it wasn't discussed, then the refund is yours.
If you have an IRA can they take money from it when you go into bankruptcy?
IRA's are exempted personal property. Creditors can not touch this money to pay debths.
If you have never been late on mortgage payments and file bankruptcy can the trustee make you sell your house to have more income to pay creditors?
If you have a lot of equity they can take your house, but if your loan is about what the house is worth then they don't want it..... They want to be able to sell somthing to pay the creditors.... It is very rare for a home to be seized and sold in bankruptcy; generally it is done voluntarily by the debtor/filer because they cannot manage the mortgage payments or a reaffirmation agreement is not possible. The state homestead exemption is what protects a home from a forced sale in bankruptcy or in a creditor lawsuit.
If you file bankruptcy because of personal debts related to your business then sell your business after the bankruptcy can the courts take your proceeds?
== == YES. All of your property is considered in a bankruptcy. Your creditors have every right to get at ALL of your property including your business assets. I would be very surprised if the court didn't order the sale of the business to satisfy the creditors demands.
If you filed bankruptcy in Dec of 2004 can you get your refund that has already been taken for 2002?
No, the IRS will get to keep it. And, even if you could get it back, the bankruptcy trustee would probably take it to distribute to your creditors.
