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It's not a "can"...it's a must! ALL of your assets, of all types, MUST be disclosed and reported in BK, and ALL of your liabilites/debts must be too. No exceptions, no picking and choosing. The court will then order each of them in priority according to the laws, some things may be exempt from use or discharge (like your personal furntiure and retirement accounts are exempt and child support cannot be discharged) - and the rest may be used. With one to pay the other. Debts secured by an asset (say a car) have first call or right to the money received from that asset. If it isn't enough to pay the debt, the remainder becomes a general or unsecured claim against the BK. Not disclosing all items is frequnetly easily discovered, in which case - as you are swearing under oath to the court you included all info - your case is dismissed, and regularly, fraud charges are pursued. (Courts don't take to being lied to well).
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What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
Can a husband file for personal bankruptcy and not his spouse?
YES, but joint assets will be included in the filer's bankruptcy, and other assets and payments to other debt might be included depending on actions involving them in the previous 2 years. An excellent book for a perspective on filing chapter 7 or chapter 13 bankruptcy, with description of key criteria: "The New Bankruptcy, will it work for You?", 3rd edition, by Stephen Elias, published in 2009 by Nolo; found in the Colorado Springs public library at 346.078 E42N (Dewey decimal system)
Can you pay your car loan off while its included in your bankruptcy?
If you are in a Chapter 13 plan, you have to get permission to pay off a vehicle or sell a vehicle that is included in your plan.
Will foreclosure hit credit report after it was discharged at chapter 7 bankruptcy?
Yes, it will show as included in bankruptcy and also foreclosure. You get a double whammy. Sorry probably not what you wanted to hear.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
When filing Chapter 7 bankruptcy should a car that is not paid off be included on the schedule of personal property?
no
If your home is included in chapter 7 bankruptcy is there any chance in saving your property?
Yes. But of course, if you pay for it.
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
Can medical bill included in a chapter 7 bankruptcy?
yes it is
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
Can college debt be included in a bankruptcy?
No. Educational loans will remain with your during and after the bankruptcy is completed. This holds true regardless of whether you decide to file for Chapter 7 or Chapter 13 bankruptcy.
Can you get a personal loan with an open chapter 7 bankruptcy?
maybe
How soon after Chapter 7 bankruptcy can you have property given to you?
I think chapter 7 bankruptcy at least take 5 to 6 years to clear the bankruptcy so its automatically remain on your name for those years.You will get your property only after this case is complete.
Can you place a lien on a persons property who is in chapter 7 bankruptcy?
No, unless you get relief from stay from the bankruptcy court.
After discharge on a chapter 7 bankruptcy can the trustee take your truck which is paid for?
If the vehicle was not included as non-exempt property in the BK petition it is considered exempt from sale and seizure.
