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No, any money taken out of your estate would require BK approval. And the court is unlikely to approve such a request (it might be possible if your ch. 13 plan is 100% creditor payment).

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Q: Can you help a family member purchase ahome with 401k monies if your going through chapter 13 bankruptcy?
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Can you purchase a business to help support your income if either a loan from family or an investor while being in chapter 13?

Discuss this with your bankruptcy lawyer, since the answer may differ from one bankruptcy court to another. I would discourage such a move since it would involve incurring more debt and probably require the approval of the trustee and the court. A "loan" from family would be subject to a trustee claim or objection. Better to take a family loan to pay the balance of the plan, closing the chapter 13.


What is chapter 8 bankruptcy?

There are six types of bankruptcy under the Bankruptcy Code, located at Title 11 of the United States Code: * Chapter 7: basic liquidation for individuals and businesses; * Chapter 9: municipal bankruptcy; * Chapter 11: rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets; * Chapter 12: rehabilitation for family farmers and fishermen; * Chapter 13: rehabilitation with a payment plan for individuals with a regular source of income; * Chapter 15: ancillary and other international cases. The most common types of personal bankruptcy for individuals are Chapter 7 and Chapter 13. As much as 65% of all U.S. consumer bankruptcy filings are Chapter 7 cases. Corporations and other business forms file under Chapters 7 or 11. Source: http://en.wikipedia.org/wiki/Bankruptcy#Chapters


How many bankruptcy chapters are there?

The most popular that I know if Chapter 11 which is rehabilitation or reorganization, used primarily by business debtors, but sometimes by individuals with substantial debts and assets. Chapter 12 is rehabilitation for family farmers and fishermen and Chapter 13 is rehabilitation with a payment plan for individuals with a regular source of income. Chapter 7 is basic liquidation for individuals and businesses; Chapter 9 is municipal bankruptcy; Chapter 15 is ancillary and other international cases.


Can you file bankruptcy if you are current on your bills?

Yes, you can. If you are current, but struggling with credit card debt, medical debt, or other unsecured debt. If your income is less than the median family income for your state, you can probably file chapter 7. If over that amount, you may have to file a chapter 13. Consult an experienced bankruptcy lawyer in your area.


Where is the best place to find bankruptcy lawyers?

There are many places one can a bankruptcy lawyer. One can research it in the local yellow book, online or referral through friends and family members.


Why would one need to file Chapter 12 Bankruptcy?

There are both advantages and disadvantages to filing for bankruptcy. Chapter 7 is often known as debt liquidation bankruptcy and is a good options for many individuals are couples that are in dire financial straits. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over. It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.


Where can one hire a bankruptcy lawyer?

There are many places a person may find a bankruptcy lawyer. For instance, a person may find a bankruptcy lawyer through a friend or family member. Additionally, websites such as Consumer Action Law Group and The Morris Law Group specialize in helping individuals find bankruptcy lawyers.


How can a family best dismiss huge unsecured debts and survive on a small income?

The only option for becoming debt free is filing for bankruptcy. A chapter 7 bankruptcy is considered a total liquidation when it pertains to unsecured debts. A chapter 13 is a consolidation BK, in which the debtor is placed on a payment schedule usually 3-5 years for repaying all debts secured and unsecured, according to their priority. With the new bankruptcy laws in effect filing a chapter 7 is a little more difficult than previously, but most people will still qualify under the new regulations.


Bankruptcy Attorneys Can Help You Start Over?

Few people look forward to filing for bankruptcy. This is a truly dramatic decision to make in your financial life. It is never easy, but there are times when it is the best option. Bankruptcy Attorneys can help you start a new future. The global economy has been troubled in recent years, and this has led to a series of layoffs in the U.S. and around the world. People are losing their jobs everywhere, and there are millions that are still unemployed. There comes a time when your finances are in such disarray that it is best to wipe the slate clean. Bankruptcy attorneys can help you decide which filing is best for your situation. A chapter 7 or chapter 13 bankruptcy are the two most common bankruptcy types. A chapter 7 filing allows you to wipe the slate clean totally. A chapter 13 is basically a repayment plan that is adjusted to fit your current situation. Legislation in 2005 changed many of the bankruptcy laws, it is important to find bankruptcy attorneys that are experienced with these new laws. The changes in these laws can make a big difference in your case. People do not have as much control over the type of bankruptcy they can file anymore. The court uses a certain calculation to determine your eligibility for filing. You must meet a certain income level before you can qualify for a chapter 7. If you do not, you will be permitted to file the chapter 13 bankruptcy. The new legislation also required filers to undergo some counseling. You must go through this financial counseling six months prior to filing for bankruptcy. Your bankruptcy lawyer can advise you on the different ways to accomplish this. Some classes are available online. There are two main financial counseling sessions that must be completed prior to your final discharge. The first session is prior to filing, and the other session is prior to be discharged. The court wants to be confident that you are ready to make better financial decisions the second go around. You can find bankruptcy attorneys by looking on the internet, talking to family and friends, or a referral service.


What is the means test to file bankruptcy?

One of the first steps you must take when filing for bankruptcy is to complete a "means" test. You must submit the results of this means test to the Bankruptcy Court. The means test checks your income in order to determine your eligibility to file for bankruptcy. If your income is below the average for your state, then you can file for Chapter 7 bankruptcy without any problems. However, if your income is above the state average, the calculations for the means test become more complex. The means test looks at your disposable income (the amount left over after paying your expenses). If your disposable income is too high, the Bankruptcy court may decide that you can pay off at least some of your debts, and prevent you from filing for Chapter 7 bankruptcy. You are still able to file Chapter 13 bankruptcy, however.


You just sold property can you still file chapter 7?

Yes. If the sale was within two years of the bankruptcy filing or was to an insider, like a family member, the trustee can undo, or avoid the sale, particularly with real estate.


I have no icome and all assets are in boyfriends name should I file bankruptcy because of credit card debt?

As long as you have not recently transferred assets to your bf to become insolvent, it would be a great time to file Chapter 7. If you are living with him, his income will count towards the means test, so if his income is above the annual median family income for your state, you may have to file a Chapter 13. Be sure to check with an experienced bankruptcy lawyer.