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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Hi Jeremiah,
It is true that the market situation is pretty bad these days but filing bankruptcy should always be your last option. You can get various other debt relief options. You can contact a credit counselor who may help you in dealing with your situation and give you other options. You can also consult a debt settlement firm. They can negotiate with your creditors so that you have to pay a lesser amount.
As far as I know, there is no such rule which clearly states that you cannot file bankruptcy more than twice. With the coming up of the new Bankruptcy laws in 2005, it is expected that the consumers should learn from the consumer budgeting and counseling. However, there are certain rules which one has to know. You can file Chapter 7 only after 8 years of your previous filing. In case of Chapter 13, the waiting period is of 2 years. The waiting period in between Chapter 7 and Chapter 13 is 4 years.
Take Care. |
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RobnNick
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| Hello there…I'm new to this forum and I've a question. I've heard that borrowers can file a motion for the bankruptcy case to be reopened. Is this true?? What are the grounds on which a bankruptcy case can be reopened? Suppose a consumer does not include one of the creditors in his bankruptcy filing… does it mean that the creditor can start collecting the dues from the consumer? |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Hi RobnNick
There are various grounds on which a bankruptcy case can be reopened. The consumer may have not listed a creditor in his/her bankruptcy. The consumer can thus request the bankruptcy court to reopen the case and include that creditor. In a Chapter 7 bankruptcy, the consumer may reopen the case to file a motion to avoid a lien that he/she forgot to include in the papers. Chapter 7 can also be reopened to file Form 23 to prove that the consumer has completed budget counseling. If a consumer did not include one of his creditors in the bankruptcy, then that creditor has the right to collect the debts. You should also note that a creditor can dispute a bankruptcy discharge.
Thanks.
_________________
Good is the Enemy of Great. |
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soldier
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Post subject: car |
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| if i file chapter 7 , when do i give the car up if i;m surrendering it. |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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As you are filing Chapter 7, I guess, you are including the car as well. If you are including the car, you can first file bankruptcy and then the bankruptcy trustee and your attorney will decide when to give up your car.
_________________
Good is the Enemy of Great. |
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rjfrn
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Post subject: chap 7 |
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| i am filing chap 7 alone. real estate deed is in spouse's name for > 10yrs. Motgage is joint, however. Must I list this as real property even though deed is in spouse's name? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4189
Location: nevada
492.91 Dollars($)
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Hi rjfrn,
I suppose you won't be able to list the property in bankruptcy as it is not in your name. You may include the mortgage in your bankruptcy. You other assets would be liquidated and the bankruptcy trustee would check if your mortgage can be paid off.
Thanks |
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Jammy
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| Hello there… Filing bankruptcy has become more stressful that before…I'm facing a weird situation and hope if anyone of you can help. We've filed for bankruptcy sometime ago. My husband was working overtime during that time so that we could come up with the payments regularly. However, things have changed now. The overtime pay has stopped coming and from next month onwards he would also have a pay cut. This will leave us with barely enough for our bills and Chapter 13 payments. What I want to ask here is whether or not our payments could be lowered or say reworked… Thanks for your time and help. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Hi Jammy,
There are options in Chapter 13 plan which may help you in reducing your payments. However, payments can be reduced only with the approval of the court. Thus, you'll have to file a "motion to modify plan payments". Your attorney will be the best person to help you with filing the motion.
However, you should note that if you've filed Chapter 13 bankruptcy in order to payoff the delinquent mortgage payments, then that amount should be paid back in full. If you don't, you would lose the property. Thus, the court won't reduce beyond a particular amount which is required to pay back the mortgage.
If you're paying the delinquent federal or state taxes, you'll be required to pay back the full amount of the tax liability. This will not be reduced as far as I know. If you're planning to pay off a vehicle with this plan, then it would be impossible to lower the plan payment. To lower the payments, you would have to surrender the vehicle.
Take care. |
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julia
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Post subject: relaesing home |
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| I just filed chapter 13 in March. I received a letter today setting a court date July 20 to release my home. How long do I have before I have to leave my home? How will I know?? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Welcome julia,
If you file Chapter 13 bankruptcy, you'll be able to save your property. The lender would give you a repayment plan. If you successfully pay off the mortgage dues according to the plan, your bankruptcy will be discharged and you would also be able to save the property. I don't think you'll have to leave your home. You should speak to your bankruptcy attorney and he would be able to help you in this regard.
_________________
Procrastination is the enemy of your financial sucess |
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julia
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| I voluntary released my home, I had tried to sell but because of the declining area, along with drugs and violence in the area my house would not sell,except for way below what I still owe. So I filed to release it. I just received a letter stating there is a court date set for July 20 Th to start with the proceedings. Is there an estimate to how long I will have before I am forced to leave. How will I know when I need to be out by? Thank You! |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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anonymous229
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Post subject: Filing bankrupty with a court collection case pending |
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| Can a person file bankruptcy if there is a court collection case pending on you? I was served with papers but was planning to file bankruptcy anyway and these came in just today. |
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curious
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Post subject: bankruptcy |
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| I am getting married in a few months, will filing for bankruptcy have any affect on my future husband? |
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