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In the state of Florida if a person has signed a promissory note for a loan from their 401k pension plan when you file chapter 7 bankruptcy is that loan payment considered to be a secured debt?
Wiki User
∙ 16y ago
First, it's under Federal law.
Yes, I would call it secured.
Now, you need to get some advice...you are in a terrible situation....your 401k would have been exempt from seizure in BK to any amount...however, the loan money from it is not. You may well end up losing the money you took out, and having to pay back the loan, but more importantly, if you can't, or if you lose your job and the loan then becomes due (common under 401ks that allow loans), and you can't pay it back....even if they use the account to pay the loan - it will all become taxable income, and you will have to pay the early withdrawal penalty...which can come to about 50% of the amount. So your setting your self up for another financial (and tax) major problem.....get some advice now.
Wiki User
∙ 16y ago
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How long does chapter 7 bankruptcy stay on your credit in Florida?
10 years
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
In a Chapter 7 bankruptcy a person filing for relief is called a?
In a Chapter 7 bankruptcy, a person filing for relief is called a
Will you get your tax refund if you file for bankruptcy?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Can an unsecured promissory note be discharged in California under Chapter 7 Bankruptcy?
Yes.
Are annuities exempt in chapter 7 bankruptcy in Florida?
yes
Can you be considered unqualified for a chapter 7 bankruptcy?
Yes.
How long does chapter 7 bankruptcy stay on your credit in Florida?
10 years
Do you have to be working to file for bankruptcy?
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
If you filed chapter 13 bankruptcy and it was discharged can you file chapter 7 bankruptcy now?
Yes.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Can you protect a structured settlement in a chapter 7 bankruptcy?
Yes you can protect it under chapter 7 bankruptcy
Does a promissory note with a family member get discharged in a chapter 7?
Yes
What is Bankruptcy Chapter 4?
What qualify u for bankruptcy
Can a lawyer provide you with bankruptcy information?
A lawyer is actually one of the best resources for information about bankruptcy. There are even bankruptcy lawyers who specialize in Chapter 7 and Chapter 13 bankruptcy law.
Where can I go online to find chapter 7 bankruptcy forms?
Chapter 7 Bankruptcy forms can be found on various reliable websites. A few of the sites that has Chapter 7 Bankruptcy forms are: www.uslegalforms.com/bankruptcy/, http://www.freebusinessforms.com/free-bankruptcy-forms.html and http://legal-forms-kit.com/.
