chapter 7 bankrupcy No comments yet

Chapter 7 or 13 Bankruptcy?

By on

Many have often wondered what the difference is between filing Chapter 7 and Chapter 13 bankruptcy and which one applies to their specific situation.

First and foremost, only individuals are eligible to file under Chapter 13 of the bankruptcy code. Corporations or partnerships CANNOT file under Chapter 13, whereas individuals, partnerships and corporations are all eligible under Chapter 7.

What is the procedural difference?

Under a Chapter 7 bankruptcy filing, a Trustee is appointed to each case and put in charge of the bankruptcy estate. this means that the Trustee is in charge of gathering all of the debtor’s nonexempt assets, selling those assets, and using the proceeds to pay creditors.

Under Chapter 13, the debtor must present a plan wherein the debtor must use his or her “best efforts” to pay creditors for the duration of the plan, which is typically five years. one of the advantages of filing under Chapter 13 is that the debtor can pay off arrearages owed on real property secured loans over a period of five years.

Only individuals, as opposed to partnerships or corporations, can receive a discharge under Chapter 7 and remember, discharge is only for unsecured debt. Liens are never discharged and can be enforced despite a Chapter 7 bankruptcy filing. Also, even if an individual is eligible for a discharge of his or her debts, certain types of debts cannot be discharged (e.g., child support arrearages).

Under Chapter 13, the debtor receives a full discharge ONLY if he or she completes the terms under his or her proposed plan.

Remember, each case is different. to determine if bankruptcy is the right choice for you, you should seek the advice of an experienced attorney. Call (714) 497-3150 today to schedule a free consultation and debt evaluation with Attorney Maria T. Reid.

chapter 7 bankruptcy laws No comments yet

For my Chapter 7 bankruptcy, is my surrendered car considered a secured claim?

By on

I voluntarily surrendered my car to Chase and it just sold today. I don't yet know how much it sold for or what I will still owe, but meanwhile I'm filling out the various schedules for my Chapter 7 bankruptcy and have a question: although I no longer have the car in my possession, do I list this debt on Schedule D – "Creditors Holding Secured Claims?" Is the car still considered a secured claim? the other option would be to list it on the unsecured priority claims form or on the unsecured nonpriority claims form.

Also, the form wants to know the date that the claim was incurred. Would this be the date that my car was purchased and the loan began? there is an "unliquidated" column on this form that I am supposed to check if it applies. I'm not sure what this means or the "contingent" column. I've waded through a lot of terminology with my bankruptcy and feel good about my progress, but I need to be careful and make sure I am understanding these schedules correctly.

Thanks!

No. If you have surrendered the collateral it is no longer a secured claim. If they claim that you owe a deficiency (your car sold for less than what you owe) that is an unsecured claim.

You need an attorney. you should not be looking to anonymous strangers on the Internet for legal advice. MUCH of the "legal advice" regarding bankruptcy that is offered in response to questions on Yahoo!answers is inaccurate or incorrect. you don't know whether it is a teenager "guessing" at the answer or somebody who actually knows what they are talking about. Whats more, some people answering questions here have been known to claim credentials they don't actually have (for example, "I'm a doctor," stated by people who aren't actually doctors, etc.).

Make an appointment with a local bankruptcy attorney. EVERYONE filing bankruptcy "thinks" they can't afford an attorney because they're broke. That is the nature of bankruptcy — people filing bankruptcy tend to be broke. But bankruptcy attorneys are very familiar with that dilemma and can help you figure out how you can afford to get the legal advice you deserve from an attorney licensed to practice law in your jurisdiction.

For my Chapter 7 bankruptcy, is my surrendered car considered a secured claim?

chapter 7 bankruptcy No comments yet

Chapter 7? – Yahoo! Answers

By on

After you file chapter 7, are creditors still allow to harrass you by mail or calling on your job or contacting people that know you?
If no, should I contact my lawyer and sue them?

This is a state by state matter. It should be dealt with in banruptcy court. Chapter 7 is bankruptcy is when a company liquidates. I am not sure you mean Chapter 13.

Yep, you should.

If you have a lawyer he should have sent them all letters of your filing chapter 7. This should stop the calls ASAP. if it hasn't by all means call him ASAP as this is now illegal for them to do anymore. Unfortunately, I know this from similiar personal experiences. As soon as your lawyer contacted each creditor the calls should have stopped. That's not to say that thaey will all accept the chapter 7- some may try to contest it at your official hearing or anytime until the day it becomes final. (They usally don't though). They may try to work out a deal with you though before it goes through. A lot of them try to set up really good ways to pay them and then your credit with them is still good. However, even though they often reduce your total debt to pay off they'll want it in large sums which you probably don't have or you wouldn't be doing this in the 1st place,plus the attorney fees are very high and stressful alone. Good Luck!! Been there, Done that!!

Contacting your job and people you know is against the privacy law. They are not allowed to threaten you in any way when you do speak to them. You should contact a lawyer to see what your damages may be, and he also can help you to write letters to cease and desist to help stop them from the harassment.

no they cant bother you about things that you had resolved into the chapter 7 but other exsiting bills they can

If they have been told you are in Bankruptcy court they are not supposed to call you anymore. Be nice and just tell them to call your lawyer.