shearie.com

Question by sparkle: Do you have to add a roomate bankruptcy forms?
I am filing for chapter 7, my roomate pays the rent and other household expenses but she is not filing, do I have to add her income.

Best answer:

Answer by golferwhoworks
no — you are not married

What do you think? Answer below!

Question by meagan_kidd: Filing bankruptcy! Is their a form I can file online, or what do i need to do? Please help…anyone????
I am trying to file bankruptcy, what do i need to do? Can i file online, anyone else had to do this with any advice?

Best answer:

Answer by j l
Well unfortunately I had to do this and found the best way is to go through a Banruptcy attorney. I try to cut cost also by looking on line for help but believe me the easiest was is through a attorney, my attorney let me make payments to him for this service so I did not have to come up with a large sum of money to get the bankruptcy process started.Good luck

Give your answer to this question below!

Article by Matthew Brown

In defining what is chapter 7 bankruptcy is one has to understand it is a provision in Title 11 of the US code or bankruptcy code that governs the process of insolvency under the United States bankruptcy laws. What is chapter 7 bankruptcy? It is the most frequently used by individuals and they have to be residing in or own property or a business in the states so as to file for chapter 7 bankruptcy. So, once again, what is chapter 7 bankruptcy, well it’s also known as liquidation.

As well it is the most common form of bankruptcy filed in the United States. It is so popular because it is a form of bankruptcy that can help you get out of debt fast. It is not instant but opens an easier avenue for dealing with a heavy debt situation.

Simply explained, chapter 7 bankruptcy allows the debtor to pay off their debts by selling his/her assets and using the proceeds among the creditors they may have. A court officer known as a trustee is appointed to oversee the process of what is chapter seven bankruptcy is. In some states, a trustee who oversees what is chapter 7 bankruptcy procedure is known as a bankruptcy administrator. The responsibilities of the trustee are to observe the filed cases and supervising the activities of the creditor and debtor.

A case under our research of what is chapter 7 bankruptcy it begins with the debtor filling out a petition in court. They also have to provide financial records to back up the need of filing the petition. The records submitted include a current balance sheet, financial statement and income statement. They are also supposed to submit a summary of tax payment to the trustee who is overseeing the exactly what is chapter 7 bankruptcy proceedings.

There are fees charged for filing a chapter 7 bankruptcy petition and they are paid to the court clerk once it’s filled. The payment for the petition under chapter seven bankruptcy code must be paid in not more than four installments and the full amount should be completed by the end of four months. The fees are meant to pay various court charges namely, the filing of the chapter 7 bankruptcy petition and the surcharge for the trustee. In the what is chapter 7 bankruptcy case where the debtor cannot pay the fees even in installments, the court can decide to waive the fees completely.

Once the court charges have been paid, a debtor applying for bankruptcy has to fill out a bankruptcy form that shows the list of creditors, frequency and amount of debtor’s income as well as the net amount of living expenses and assets the debtor possesses. This information is to help the jury in its ruling.

For one to qualify for relief under terms of what is chapter 7 bankruptcy code, the debtor has to be an individual, a partnership, a corporation or any other business entity. Apart from the case of individuals, relief under what is chapter seven bankruptcy case. It’s available irrespective of the amount of the debtor owes or whether the debtor is solvent or insolvent.

There is a test, known as the means test that seeks to provide a finding of abuse if the debtor’s disposable monthly income is greater than the specified floor amount or portion of their debt. If t is found that there is a presumption of abuse, under the means test, it can only be refuted in the case of special circumstances. In that particular case, debtors whose income is below the states median income are not subject to it. However any debtor who undertakes this test with more than $ 182.50 in monthly disposable income would face presumption of abuse under the formula of bankruptcy code of the United States.

Question by dagconst11: if i file for bankruptcy of my corporation can i form a new corporation and reestablish credit?

Best answer:

Answer by girlygurl23
The corporation is its own legal entity, basically its own person. You can cease that corporation, such as bankruptcy and start a new corporation. Just watch out, many small business loan agreements have personal liability attached, and if that is the case, you will be responsibile.

Give your answer to this question below!

Article by John Barry

What Happens to Bondholders, In the Event of a Company Filing for Bankruptcy?A public company filing for bankruptcy affects everyone that has a stake in it, right from its employees to its creditors to its bondholders. The following general information will serve to assist bondholders in understanding what could happen to their investments, in such an eventuality were to occur.

Ques. What exactly is bankruptcy?Ans. Generally, bankruptcy is the inability of a company to pay off its debts, as and when they become due. Public companies file for protection under the federal bankruptcy laws, whenever their liabilities or debts exceed the value of their assets, or they are unable to pay their bills. A bankruptcy filing allows the company to reorganize its business, in the hope of returning to profitability, or completely shutting down operations and selling off assets, using the sale proceeds to pay off debts, in a process called liquidation.

Ques. What happens when a company files for bankruptcy?Ans. Public companies are allowed to file for bankruptcy protection under either Chapter 7 or Chapter 11 of federal bankruptcy laws.

In order of priority…In a bankruptcy, assets and proceeds are distributed to satisfy claims in order of claim priority. Investors who took the least amount of risk receive payment first. This means, after legal and administrative costs have been covered, creditors and bondholders who lent company money will be paid, and then stockholders, who bought an ownership stake in it.

Under Chapter 7, a corporation is liquidated after federal courts have determined a company re-organization is not worthwhile. Court-appointed trustees liquidate all company assets and distribute the proceeds to satisfy claims. Claims considered in order of their priority are as follows:1. Secured creditors with claims protected by specific assets or collateral, such as real estate, get paid first.2. Next in line, unsecured creditors, such as, bank lenders, bondholders and suppliers get paid.3. Stockholders, who purchased a portion of the company, are paid last, if any money is available after secured and unsecured creditor claims have been paid.Under Chapter 11, a company attempts to re-organise and operate as before, with management continuing to run day-to-day operations, but only a bankruptcy court can approve all major business decisions.

The US Trustee Programme, a part of Department of Justice oversees the administration of bankruptcy cases, and establishes and oversees several committees to represent the interest of parties, including creditors, such as banks and bondholders, and stockholders. The committees work together with the company to develop a re-organization plan, which must be approved by creditors, and stockholders, including receiving confirmation from the bankruptcy court. However, even if some of the groups vote to reject the plan, the court can approve it, if it believes the plan treats creditors and stockholders fairly.

Ques. What will happen to my bonds?Ans. Bonds represent debt, a company has agreed to repay with interest. As such, when a company files for federal bankruptcy protection, bondholders have a better chance of getting repaid than stockholders. While, bankruptcy laws determine the order of repayment, stockholders, considered owners of the company, have the last claim on assets.

In a Chapter 7 bankruptcy, bondholders may receive a portion of the value of their bonds. After receiving notification of the bankruptcy filing, bondholders should file a claim, in order to receive a payment, if any cash is still available after paying off other expenses.

DefaultWhen a company fails to pay principal and interest when due, a default occurs. In a corporate bankruptcy or liquidation, although secured creditors, bondholders and holders of other senior debt issues may receive some distribution of corporate assets, it is rarely enough to make whole their total investment. In default company bonds trade at very low prices, if they trade at all resulting in liquidity disappearance.

Even after a company has filed for bankruptcy under Chapter 11, its bonds are allowed to continue to trade. However, bondholders stop receiving principal and interest payments, causing a default to occur. As well, the value of the securities could decline sharply and trading could be extremely limited.

In addition, as a part of court-approved re-organization, bondholders may receive new stock, new bonds, or a combination of new stock and bonds in exchange for their bonds. It is well to bear in mind that new securities may be worth less than the old ones.

Ques. How do I know if a company has filed for bankruptcy?Ans. Investors often learn of bankruptcy filings from various news reports. However, if you hold bonds through a broker, your broker will contact you and forward information from the company. If the bonds are held in your name, then you will receive information directly from the company. Contact your brokers or investment advisors, if you do not receive any information from the company.

As well, investors may be asked to vote on a company’s re-organization plan. Before doing so, a copy of the plan and a ballot, as well as, a court-approved disclosure statement and information on any court hearings on the plan’s confirmation and deadlines for filing objections to the plan should have been received by you.If securities lose their value due to bankruptcy filings, investors may be able to take an income tax deduction for worthless securities. An accountant, tax or bankruptcy attorney or investment advisor can provide additional information, or the Internal Revenue Service can be contacted for information and publications to find out if your securities meet the IRS criteria.

Visit http://www.irs.gov for information and forms on worthless securities.

Ques. How can I find out more information?Ans. The U.S. Bankruptcy Courts provides a listing of the bankruptcy courts in each region, as well as links to their Web sites. The Administrative Office of the U.S. Courts website also provides information on bankruptcy procedures, as well as, official bankruptcy forms, including a creditor’s proof of claim form.

Visit www.bondclass.com for getting information on tax free municipal bonds, corporate bonds, mortgages, government agency bonds, treasuries, commercial paper, money market instruments.

Question by Meliscious: Is it necessary to list every single book and cd I own on schedule b of the Chapter 7 Bankruptcy forms?
You’re supposed to list everything you own, but listing all 300 titles seems insane. Anybody know?

Best answer:

Answer by cookie
if it asks you to, then yes you need to

filing for bankruptcy sucks, but if they made it too easy more people would be doing it

What do you think? Answer below!

Question by HollyMarie: Is it okay to use whiteout on bankruptcy forms?
I’d like to avoid wasting a bunch of paper and ink printing new forms to correct minor mistakes, if possible.

Best answer:

Answer by Ginny Jin
no – you need to cross out mistakes then sign it manually.

What do you think? Answer below!

Article by Jay King

Individuals who are willing to pay their debts within 3-5 years qualify for the Chapter 13 bankruptcy. This chapter is crucial as it is helpful for individuals that want to retain some or all of their assets. This form of bankruptcy in some cases offers a better solution over the conventional form of bankruptcy as listed out by the Chapter 7 bankruptcy. The Chapter 7 bankruptcy can sometimes strip the debtor of his assets. This bankruptcy can be declared by individuals who have a limited regular income and can show ability to pay back a portion of their debts over time.

Understanding the negative aspects of this type of bankruptcy will explain the flexibility of the Chapter 13 bankruptcy. It is seen that a person who has filed for this form of bankruptcy would see it on their credit reports for a period of 7 years. Furthermore, it will be difficult to borrow large sums of money in the following years, as most of the creditors will question the worthiness of repayment of the debts. Besides this, one of the most persistent issues that surround the Chapter 13 bankruptcy is that it puts a filer on a strict and restricted budget thus, cutting off any unusual expenses that a person may have interest in. The Chapter 13 bankruptcy also does not include all debts under its influence, which means that a person with a variant case cannot file for this bankruptcy. Although, Chapter 13 is a feasible solution for filing bankruptcy, it should be understood that it limits the debt amount that a debtor can discharge.

On the contrary, this form also has its benefits in that it avoids the foreclosure of homes, as well as protection of the co-signers come under this chapter. Besides this, a debtor can still have their non-exempt as well as the exempt properties. The payment terms of most of the debts can get extended as per the rules under this bankruptcy form. Given these benefits, the Chapter 13 bankruptcy does seem to have its plus points that can be made use of judiciously.

This chapter is sometimes referred to as a repayment plan or a reorganization plan. To fully understand the depth and scope of this chapter of the US bankruptcy code, one should consult with a licensed bankruptcy attorney. Only bankruptcy lawyers can guide you through this stressful process.

Question by Cheryl A: What if a person put a value on their assets on the bankruptcy forms and the property is in no way worth that?
I know someone who just declared Chapter 13. They say property and business is Worth one figure but there is no way it is worth that now. Does the trustee get appraisals.

Best answer:

Answer by Dark Green Money
The trustee can if they think it’s wrong.

Not all plans are based on asset values.
It’s the highest of either Means test or asset value.

Add your own answer in the comments!

Question by HOPE0208: Should I include my credit card statements with my bankruptcy forms when filing?
I’m filing on my own and I’m almost done with the forms. I gathered all my credit card statements, should I submit those too? Should I put all my papers in a binder, a folder or a big envelope… I know I should not staple it, how should I present it?

Best answer:

Answer by Wolf
Yes (at least the information they represent), if you fail to list all information, this could come back to haunt you later. And just because you list something doesn’t mean that you considering it or not. Either way you will have to contact the creditor and discuss with them your intentions … to take them on your bankruptcy or to make arrangements with them. Each State is a little different. And bankruptcy is not always the best option. Seek advice through your local Legal-Aid office, these should be free sites. Also there are numerous sites on-line you can go for advice. But know ALL of your options prior to filing. A bankruptcy can follow you for 7-10 years, and not everything will be charged off, some creditors are now able to make you pay them something. Sometimes, doing some debt stacking or negotiating may be best. Get some more advice…

Give your answer to this question below!