- Scherlokk 3 3 – Find And Compare Files Bankruptcy Separately
- Scherlokk 3 3 – Find And Compare Files Bankruptcy Settlement
- Scherlokk 3 3 – Find And Compare Files Bankruptcy Chapter 7
- Scherlokk 3 3 – Find And Compare Files Bankruptcy Chapter 11
A going-out-of-business sign at a Circuit City store that declared bankruptcy in 2010
- When you file for Chapter 7 or Chapter 13 bankruptcy, you must compare your family income to the median income in your state for the same household size.In Chapter 7 bankruptcy, this is an important part of the means test—the test you must pass to receive debt forgiveness (a discharge).
- Prepare and file chapter 13 bankruptcy cases online with CINcompass, the leading cloud-based software for the modern attorney. CINcompass delivers access to all the essential bankruptcy forms, powerful due diligence integration for importing credit report data as well as ECF compliant e-filing capabilities and court notice integration.
- This category is for companies who have filed for Bankruptcy in the United States under Chapter 7 of the U.S. Bankruptcy Code. Pages in category 'Companies that have filed for Chapter 7 bankruptcy' The following 123 pages are in this category, out of 123 total. This list may not reflect recent changes.
- Chapter 7 bankruptcy eliminates most of a person’s unsecured debt, i.e. Debt that is not secured by property. Examples of unsecured debt include credit card and medical bills. Chapter 13 bankruptcy, on the other hand, does not eliminate debt but restructures it with a new monthly payment plan that is affordable.It can help prevent foreclosure or car repossession.
What is Chapter 7 bankruptcy?
A Chapter 7 bankruptcy petition can also stop foreclosure proceedings, wage garnishments and repossession actions. With the help of a lawyer, in Kentucky, a Chapter 7 bankruptcy proceeding can generally be completed in 3 to 5 months. Chapter 13 Bankruptcy.
Under Chapter 7 bankruptcy, all of the debtor's assets (except some exempt assets such as the primary residence) are sold and the proceeds are used to pay creditors. Creditors generally are not paid in full but the remaining debt is discharged (eliminated). The debtor has no liability for discharged debts and can get a 'fresh start.' Not all kinds of debt can be discharged and not everyone is eligible to file under chapter 7.
What is Chapter 13 bankruptcy?
In a chapter 13 bankruptcy (also called a wage earner's plan), the debtor restructures all outstanding debt by proposing a repayment plan with monthly installments for a period of 3 years (if the debtor's income is less than the state median) or 5 years. During this time, creditors cannot attempt debt collection. The debtor does not lose any assets; no property is sold to pay creditors.
Eligibility
The debtor must receive credit counseling from an approved credit counseling agency within 180 days before filing for bankruptcy. This is a requirement for all chapters of the Bankruptcy Code. If a debt management plan is developed during required credit counseling, it must be filed with the court.
Who is eligible for Chapter 7 bankruptcy?
A debtor can file for bankruptcy under chapter 7 irrespective of the amount of the debts or the debtor's solvency. However, there is a means test for filing under chapter 7. If the debtor's income and means — after subtracting living expenses and monthly payments for child support, secured debts like mortgage — are found to be sufficient to support a repayment plan under chapter 13, then the court usually will not approve relief under chapter 7.
Who is eligible for Chapter 13 bankruptcy?
Debtors (even if self-employed) are eligible for filing for bankruptcy under chapter 13 if their unsecured debts are less than $360,475 and secured debts are less than $1,081,400. Corporations and partnerships are not allowed to file under chapter 13.
Process of Bankruptcy
Filing the petition
With both Chapter 7 and Chapter 13 bankruptcy, the debtor must file a voluntary petition with the bankruptcy court. Some documents are also required to be submitted, such as:
- schedules of assets and liabilities;
- a schedule of current income and expenditures;
- a statement of financial affairs; and
- a schedule of executory contracts and unexpired leases
- a certificate of credit counseling and a copy of any debt repayment plan developed through credit counseling.
- a copy of the tax return or transcripts for the most recent tax year as well as tax returns filed during the case
- evidence of payment from employers, if any, received 60 days before filing;
- a statement of monthly net income and any anticipated increase in income or expenses after filing;
- a record of any interest the debtor has in federal or state qualified education or tuition accounts
The debtor must provide the following information:
- A list of all creditors and the amount and nature of their claims;
- The source, amount, and frequency of the debtor's income;
- A list of all of the debtor's property; and
- A detailed list of the debtor's monthly living expenses, i.e., food, clothing, shelter, utilities, taxes, transportation, medicine, etc.
For a bankruptcy filing under chapter 13, additional documents include a proposed repayment plan for debts to be paid in 36-60 monthly payments.
Filing Fees
Filing fees for a chapter 13 bankruptcy include a $235 case filing fee and a $46 miscellaneous administrative fee. Filing fee for a chapter 7 bankruptcy is $306, which includes a $245 case filing fee, a $46 miscellaneous administrative fee, and a $15 trustee surcharge. If the debtor's income is less than 150% of the poverty level, the court may waive this fee. In both cases, fees may be paid in installments.
Bankruptcy proceedings
Filing a bankruptcy petition automatically stays (stops) most collection actions against the debtor or the debtor's property. Chapter 13 also contains a special automatic stay provision that protects co-debtors. This includes any foreclosure proceedings. In both chapter 7 and chapter 13 filings, an impartial trustee is appointed by the court.
How Chapter 7 bankruptcy works
The trustee holds a meeting of creditors usually between 21 and 40 days after the petition is filed. The debtor must attend this meeting and answer questions under oath. The trustee and creditors may both ask questions regarding the debtor's financial affairs and property. The trustee is appointed by the court to administer the case and liquidate (sell) the debtor's nonexempt assets that are not under lien. Most chapter 7 bankruptcy filings do not involve any non-exempt assets that can be liquidated. For cases that do, creditors file a claim with the court and the trustee divides the proceeds from the sale of assets among the different creditors.
How Chapter 13 bankruptcy works
The trustee holds a meeting with creditors usually between 21 and 50 days after the petition is filed. Like chapter 7, the debtor is obligated to attend this meeting and answer questions under oath about his or her financial affairs. The goal of the meeting is for all creditors to agree to the proposed repayment plan either during or shortly after the meeting.
Scherlokk 3 3 – Find And Compare Files Bankruptcy Separately
Impact on Credit History
A Chapter 7 bankruptcy stays on an individual’s credit report for 10 years from the fate of filing
A record of Chapter 13 bankruptcy stays on an individual’s credit report for up to 7 years. You may apply for new credit cards after 12-24 months, a new FHA mortgage loan 24 months after discharge, and a new Fannie Mae and Freddie Mac loan after 36 months.
Debts Covered
Chapter 7 bankruptcy covers all unsecured debt, meaning that individuals can emerge from it with no debts except a mortgage, car payments, student loans and unpaid child support. Covered debts include credit cards, medical bills, payday loans, utility bills, some tax debt, and some personal loans.
Debts dischargeable in a chapter 13, but not in chapter 7, include debts for willful and malicious injury to property, debts incurred to pay non-dischargeable tax obligations, and debts arising from property settlements in divorce or separation proceedings.
Payment
With Chapter 7 bankruptcy, the trustee does not receive payments, but you may continue to make payments for mortgages and car loans.
Chapter 13 bankruptcy involves payments to the trustee, beginning 30 days after the case is filed.
Risk to Personal Assets
Property can be lost during Chapter 7 bankruptcy, but most filers don’t, as bankruptcy allows individuals to keep necessities. If you have little, you will be able to keep most of it, unless property, such as a home or a car, was pledged as collateral for a loan.
Time and Cost
It typically only takes 3 to 6 months from the day you file with the court to your discharge with a Chapter 6 bankruptcy.
Chapter 13 repayment plans range from 36 to 60 months.
Scherlokk 3 3 – Find And Compare Files Bankruptcy Settlement
Other Ways to Void Unsecured Debts
Bankruptcy is not the only way to get debts discharged. This forum post has some great information on how to use provisions of the Fair Credit Reporting Act (FCRA) to get unsecured debts voided. Many of these techniques take advantage of the fact that evidence of the debt is often unavailable to the collection agency. When debt cannot be documented, FCRA mandates that it must be voided.
References
Scherlokk 3 3 – Find And Compare Files Bankruptcy Chapter 7
Below is a list of general questions the chapter 7 bankrutpcy trustee asks at the hearing; there will be variation from one trustee to the next, but the questions touch on most of the topics the trustee covers. Trustees may ask additional or tailored questions depending on the facts of the case.
SAMPLE QUESTIONS THE BANKRUPTCY TRUSTEE ASKS:
![Compare Compare](https://cdn.episode.ninja/file/episodeninja/season/514622.jpg)
1. Do you still live at the address listed on your bankruptcy petition?
2. What is your marital status?
3. Have you or your spouse ever filed bankruptcy before?
4. Did you review and sign your bankruptcy filing?
5. Did you understand the contents of your bankruptcy filing?
6. Did you receive the trustee’s information sheet? – This document is provided at your office visit.
7. Did you list all of your assets?
8. Did you list all of your debts?
9. Does anyone owe you money?
10. Do you own any insurance policies with cash value or with value you can borrow against?
11. Have you taken any loans from pensions or retirement accounts in the past 2 years? If so, how did you spend the money?
12. Do you pay any domestic support obligations (alimony or child support) to anyone? Does anyone pay them to you? If so, give the name and address of the other party.
13. Taskpaper – plain text to dos 3 8 1. Do you have any potential legal claims against any people or any companies?
Scherlokk 3 3 – Find And Compare Files Bankruptcy Chapter 11
14. Have you recently been in a car accident?
15. Has anyone recently died from whom you might inherit money?
16. Do you understand you must notify the trustee’s office if you inherit anything (or have any other dramatic financial improvement such as winning the lottery) during the 6-month period after your bankruptcy discharge?
17. Have you filed your tax return for this year?
18. Have you received your tax refund for this year?
19. If you received a tax refund, did you spend it? If so, how did you spend it?
20. If you did not list a car on your assets schedule, the trustee may ask you what you do for transportation.
21. Did your payments to any one creditor total $600 or more during the 90 days before you filed bankruptcy? (The answer will usually be “yes” for secured property you are keeping– examples include car loans and mortgage payments.)
22. Have you been self-employed in the past 2 years? If you have, the trustee might ask you about property owned by the business.
23. Have you owned real estate in the past 4 years? If so, what is the status of it? (You still own it, you sold it, foreclosure, short sale, deed in lieu, etc.)
24. If you sold real estate within the past 4 years, did you make a profit? If so, how did you spend it?
25. Have you refinanced and taken cash out or taken a second mortgage on your real estate in the past 2 years? If so, how did you spend the proceeds?
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26. If you have not yet lived in Oregon a full two years, the trustee will ask you some questions about your previous state of residency to determine if you are using the correct state’s exemptions.
27. The trustee’s other questions will depend on the specific contents of your petition.