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Sometimes, there is usually a choice on what one can keep after the conclusion of a bankruptcy case. This is commonly referred to as the exemption scheme in which an individual chooses the items or assets they choose to retain.
Can you please tell me how long after one files bankruptcy can they own assets without the risk of loosing them e.g. vehicle? Thanks!
Posted from: Ontario
In some cases a bankruptcy may still make sense, if it reduces your other debts and therefore frees up enough cash to allow you to get caught up on your support payments. Labels: bankruptcy, FRO. posted by Questions @ 2:22 PM …
My new employer wants to direct deposit my paycheque but I have been refused an account at the bank because I am in bankruptcy. What can I do?
Posted from: Alberta
If you are facing financial difficulties and you live in Massachusetts, you need to know the laws that pertain to you in filing a Massachusetts bankruptcy. You need the help of a Massachusetts bankruptcy attorney who can assist you in understanding how Massachusetts bankruptcy laws will affect your case.
The most common type of personal bankruptcy that is filed in Massachusetts is Chapter 7. In Chapter 7 bankruptcy, you surrender your non-exempt property to a bankruptcy trustee who then liquidates the property and distributes the proceeds to your unsecured creditors. In exchange for this, you are entitled to a discharge of some of your debt.
Chapter 7 bankruptcy does away with all of your unsecured debt, such as medical bills and credit cards. It is designed to wipe the slate clean and give you a new start.
The other personal bankruptcy that is filed in Massachusetts is Chapter 13. In Chapter 13 bankruptcy, you continue to have possession and ownership of all of your assets, but some portion your future income is given to repaying your creditors. Usually, this is over a three to five year period.
If you make more than the median income that is based on household size in Massachusetts, you may not be able to file Chapter 7. Your income is put to a “Means Test” to determine if you are eligible to file Chapter 7. If your income level is too high to automatically qualify for Chapter 7 bankruptcy, a Massachusetts bankrupcty attorney can explain to you the special circumstances where you may still be eligible to file Chapter 7.
You have to decide whether you will take the federal bankruptcy exemptions or the exemptions allowed under Massachusetts and federal non-bankruptcy laws, if you are eligible to file Chapter 7. This is an important decision that a Massachusetts bankruptcy attorney can help you make. The nature and value of the property that you have will be what determines this decision.
The homestead exemption is one of the most important exemptions if you decide on taking the Massachusetts and federal non-bankruptcy exemptions. Veterans’ benefits, Social Security benefits, personal pensions and property and other things are in this choice.
Again, a Massachusetts bankruptcy attorney can help you decide which set of exemptions is best for you. He or she will know the limits and amounts of these exemptions. Your Massachusetts bankruptcy lawyer can also help you determine whether Chapter 7 or Chapter 13 bankruptcy is better for you if you can choose between the two.
The attorney who will be able to give you the most pertinent advice is a lawyer who is experienced in bankruptcy law in Massachusetts. Massachusetts bankruptcy lawyers work with bankruptcy cases day in and day out. They keep abreast of the latest updates and changes to Massachusetts bankruptcy law.
BankruptcyHome.com is where you will find a good Massachusetts bankruptcy lawyer. BankruptcyHome.com is the Web site where you will find a trusted Massachusetts bankruptcy attorney who will help you make the bankruptcy decisions that are right for you.
This decision may affect you and your family for the rest of their life. BankruptcyHome.com can put you in touch with a bankruptcy lawyer in Boston, Cape Cod or Western Massachusetts. You deserve the best advice possible from a Massachusetts bankruptcy attorney near you.
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My common-law spouse and I applied for bankruptcy in Nov 2006. We did not complete the requirements and as a result the trustee opposed discharge of bankruptcy. My spouse and I broke up in 2008. He said that he did not want to continue with the bankruptcy. Where does that leave me?
The trustee submitted my tax return for 2006. I just submitted my tax return for 2007 & 2008. The 2008 return will reach Revenue Canada before the 2007 because it was e-filed and the 2007 had to be sent by mail. I contacted Revenue Canada to find out if I was set up for direct deposit and they advised me that there were instructions on my file from the trustee to forward any refund to them. There was also a `keep code` on my file that has to do with the substantial amount of taxes my ex-spouse owes for a business that he had. Before we filed for bankruptcy I was not legally responsible for this debt.
My questions are:
- Because we did not follow through with the bankruptcy does this mean that it is like we never filed or is the bankruptcy in `limbo` until we complete the requirements?
- Am I now legally responsible for all the debts we listed in the bankruptcy even though many of them were not legally my responsibility?
- If the trustee receives my tax refund for 2008 is he allowed to keep it?
I know that I will need to contact my trustee but I would like to have some information before I do.
Thank you.
Posted from: Alberta
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