JannaG's Journal

7 years. If your bankruptcy was discharged seven years ago and you haven't had a major financial problem since then, it may have come and gone from your credit report already. However, if you still have problems with debt, it can take up to ten years for a bankruptcy to fall off of your credit report . Bankruptcy is typically removed from your credit report seven years after the filing date of the petition in your case. If you filed, received a discharge and it still hasn’t come off, call the credit repair attorneys at this law firm for a free consultation: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-13-bankruptcy-utah/

Maybe. It is possible to take out a student loan under chapter 13 bankruptcy protection . You would need to get permission from the court, which would require you to file a motion to incur debt. This can be complex and you do need to know bankruptcy law to do this and have both a factual and legal basis for doing so. I suggest speaking with a bankruptcy lawyer to make sure it’s done correctly. It makes sense when you think about it—if your goal is to make sure the loan will be repaid, why wouldn't the lender want to make a deal with you? After all, if they don't lend money to those with sizeable assets, then their chances of getting repaid go down. The government has a rule which says that those who file for bankruptcy cannot be denied federal aid and other things they were receiving prior to filing. In other words, if you were eligible for a federal loan before filing bankruptcy but were not given one due to credit issues and so got one from another source instead, then t

If you've been discharged from your chapter 13 bankruptcy, it's a good idea to know what that means and what you're now responsible for. The Discharge is the official removal of your obligations to make payments on the debts you owed when you filed for your bankruptcy. In essence, this means you are not legally responsible to pay for the debt that was “discharged” or listed in your chapter 13 plan. If you fail to comply with any term of the Discharge, then the court may "re-open" the bankruptcy case, which means that your debts will once again be in effect. A common way to fail to comply with the Discharge is by not maintaining current monthly contact with your chapter 13 trustee or not completing a debt repayment plan within five years of receiving your discharge. You must also keep in mind that even though you are no longer responsible for payments on the debts included in your bankruptcy plan, there will be certain debts that have not been discharged. For ex

As you are probably aware, a Chapter 13 bankruptcy offers many opportunities to put your financial life back on track. If you are facing a mountain of debt and aren't sure how to handle it, consider Chapter 13 as an option. It may be just what you need to make a fresh start. When you do Chapter 13, what you do is come up with a payment plan and then repay all of your creditors over three to five years. You have to pay back everything that you owe and then some interest, but it's better than having them put a lien on everything that you have. Talk to a bankruptcy lawyer to help you - this one does free consultations: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-13-bankruptcy-compared-to-other-debt-solutions/  

The short answer is Yes, it can, but there are some exceptions. Like if you have prior filings so there is no stay or if you are barred from filing or if you are not on the loan and not on title to the property. When you ask for how long, that totally depends on your situation. You really need a chapter 13 bankruptcy lawyer to look at your specific circumstances. Chapter 13 bankruptcy is designed to help people who earn enough money to make monthly payments on their debts. While you're paying back your debts in your bankruptcy plan , you can stop foreclosure proceedings and even get rid of liens that might have been put on your house by creditors. Chapter 13 also allows you to keep assets that might have been taken away under chapter 7—like a home or a car—though this will depend on whether or not they're secured with a lien. If you are in Utah, call this bankruptcy law firm for a free foreclosure consultation , they can help you: Ascent Law LLC 8833 S Redwood Rd Ste C W

It’s typically those won’t don’t make their payments, don’t qualify, or don’t show up to their hearings (like the 341(a) hearing - also known as the First Meeting of Creditors), or those who may have filed more than one case before. The reason for this is that even if it is known that the debtor has a regular income, they are only allowed to file again in three years . A Chapter 13 bankruptcy proceeding is a form of debt consolidation and reorganization wherein the debtor repays their debts over time to the trustee, instead of the creditors themselves. This prevents a lot of the legal procedures that come with foreclosure and garnishment , as well as the constant stress associated with those procedures. This can be especially helpful for those who qualify because a lot of things are taken out of the hands of creditors when it comes to Chapter 13 proceedings ; however, if someone has filed more than one before, then they do not get to proceed with such proceedings. I hope this has been

It depends on the situation, but it can result in some additional fees or even a potential dismissal of your case. I recommend that you speak with a bankruptcy lawyer immediately if you fall behind on your Chapter 13 payments or other secured payments being made outside of the Chapter 13 plan. In order to be eligible for a Chapter 13 bankruptcy , you must meet certain criteria. One of those is that you must have a regular income that allows you to pay back your creditors over time. That doesn't mean that you need to make the same amount every month, only that there should be some sort of regularity—you can't just make more in December than in May and then nothing at all until February. If you're on an income-based repayment plan, you'll need to have sufficient income to cover the projected monthly amount due each month. If the court determines that there's been non-payment (or insufficient payment) due to either insufficient income or other reasons, it can dism

May I suggest that you get a bankruptcy lawyer ? The forms are found on the bankruptcy court’s website but if you fill them out incorrectly or don’t apply for the exemptions right on Schedule C, you could lose property or wind up in trouble. It's more than possible to declare a Chapter 13 bankruptcy so long as you qualify. It can be a good option for those who have assets they want to keep and are looking for an affordable way to get out of debt. Chapter 13 bankruptcy allows you to take a fresh financial start under the supervision of a court-appointed trustee. During this period, your creditors must accept payment plans that you work out with your trustee. You will most likely have to make monthly payments for three to five years , but the payments are much lower than those for Chapter 7 bankruptcy. When your debts are discharged, you'll have the financial freedom to start over without the pressure of overwhelming debt hanging over your head. A Chapter 13 bankruptcy can be

Yes. If you don’t list a debt, that is bankruptcy fraud . Chapter 13 bankruptcy has a lot of rules and regulations. Here are some factors to consider: 1. Is it a secured debt? If it's a secured debt, like a car loan, then the trustee will sell the asset and use the proceeds to pay off your debt. If the amount recovered from the sale isn't enough to cover the cost of repaying your loan in full, then you might have to pay the difference yourself. 2. Is it an unsecured debt? If it's an unsecured debt, such as credit card balances or medical bills, you can generally keep those payments going while you repay your debts through Chapter 13. This can help you rebuild your credit score once you're discharged from bankruptcy.   3. How much are you paying to creditors each month? If the total amount of all of your payments combined is more than what is allowed under Chapter 13 guidelines (which vary depending on where you live), then some creditors may not be included i

Each state is unique in how it administers Chapter 13 of the United States Bankruptcy Code. Chapter 13 bankruptcy may be the best option if you have a steady income and want to keep your property but have too much debt. A Chapter 13 bankruptcy is designed to give you a fresh start by creating a repayment plan that allows you to pay back some or all of your debts over time. This lets you get out of debt while keeping your property, such as your car or house. This can be useful if you have too much debt. A Chapter 13 bankruptcy is also called a wage earner's plan because it requires that you send the majority of your paycheck to the court on a regular basis. After the court reviews your repayment plan, any money left over after paying for basic necessities will go toward paying back creditors. If you are approved by the court and follow the terms of your repayment plan , your debts will eventually be discharged or erased. Chapter 13 bankruptcy is a bit of an oddball. It's d

Nothing happens to them. You still have them and you are still an owner or stockholder of the company. When a company files for Chapter 11 bankruptcy, it means that the company and its creditors are working together to restructure the company's debt in order to continue operations. The most common way this happens is through a restructuring plan that's approved by the bankruptcy court. At that point, all of the company's creditors will be paid off, and whatever is left over (which may be nothing) will be distributed to shareholders. If you hold your shares in a brokerage account, you're likely to get an email from your broker telling you whether your shares have been affected by the bankruptcy filing. If your shares have been affected by the bankruptcy filing, you'll need to decide whether to sell them or hold onto them until after the restructuring plan is approved.   A company filing for Chapter 11 bankruptcy actually doesn't mean the end of your stock

Typically, the lawsuit gets put on hold. Most lawsuits do not go away just because the company files for bankruptcy. What happens to the lawsuit depends on what stage it is in . It might eventually get dismissed, but usually, the automatic stay will stay the proceedings. In Utah, they typically stay a court case for a year and then check on the status of the bankruptcy case. You may just have to wait for your case to be addressed again after the bankruptcy proceedings are complete. The specifics of the cases matter so call this law firm and get a free consultation to understand your rights and responsibilities more fully: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-11-bankruptcy-lawyer/

It depends. It can take 6-8 months on the short end and it can take 5 years or longer. While there are many factors that influence how long it will take for the Chapter 11 process to be completed, there are some general rules of thumb you can follow. The first thing to know is that in most cases, filing for Chapter 11 does not mean that a business immediately closes its doors. In fact, a business will typically continue to operate as usual while a plan is being formulated and confirmed by the court . The court's main concern is getting the company back on its feet and in a position to pay back any creditors and/or investors who may be owed money. Therefore, while the business will continue to operate as usual, you should expect that there may be some changes made in your day-to-day routine at work. For example, you may find yourself having to report to someone else who has been appointed by the court rather than your previous supervisor. If you have more questions about a C

It depends. The company will either close and cease to exist or it will continue operations. The chapter 11 plan and order from the court will tell you what will happen. Chapter 11 itself isn't necessarily easy—the process can be long and complicated and requires a lot of paperwork—but it's often more viable than a total shutdown or liquidation . It allows struggling businesses to keep paying their employees, suppliers, and other expenses while still restructuring their debts so they can eventually recover and resume business as usual. If you have more questions about a chapter 11 bankruptcy, call this law firm for a free consultation. Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-11-bankruptcies/  

Chapter 11 bankruptcy should not affect employees. Typically, all employees will get paid in chapter 11, so long as the business intends on continued operations . Think General Motors Corporation – the employees kept getting paid – however if the business is closing and is not moving forward, there is a chance the employees will all lose their jobs - think Enron.  If you have more questions about a chapter 11 bankruptcy , call this law firm for a free consultation. Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-11-bankruptcy/

Chapter 11 Bankruptcy is a legal procedure in which the assets of a person or business are evaluated, placed under the control of a trustee , and then used to pay creditors. It's often used as a last-ditch effort to reduce the overwhelming debt of an individual or business, but it's not appropriate for everyone: The process requires time and money, and it has substantial consequences for credit, assets, etc. Bankruptcy is generally divided into two types (or "chapters"), depending on whether the debtor's assets are liquidated or sold off. In Chapter 7 bankruptcy, the debtor's nonexempt property is liquidated (sold) and the proceeds are distributed to creditors. In Chapter 11 bankruptcy , the debtor remains in control of their business operations while reorganizing their debts under court supervision. If you have more questions about chapter 11 bankruptcy, get a free consultation from this law firm. Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT

A " stay relief " is a mechanism in a Chapter 11 bankruptcy that stops creditors from continuing collection efforts. The term "stay" refers to the automatic stay provision of the Bankruptcy Code , which prohibits most collection actions against a debtor during the bankruptcy case. In general, if you owe a creditor money and you file for bankruptcy, that creditor cannot collect on its debt from you. The automatic stay protects your assets from creditors, who are now prohibited from taking any action against you until such time as your bankruptcy case is resolved. For example, if you have an account with $100 in it and file for bankruptcy protection, your bank cannot seize that $100 because of the automatic stay. The stay relief only applies to debts related to the debtor's business or household, so credit card debts and other personal debts are not protected. If you have more questions about bankruptcy or the automatic stay in bankruptcy, how it works, and when

Yes. Chapter 11 bankruptcy will protect the company while the case is pending - this is called the automatic stay . Chapter 11 bankruptcy is a type of reorganization for companies. It allows them to continue operating in a structure different from their previous one. The purpose of the restructuring is to allow the business to return to profitability, which may allow it to repay some or all of its debts. When a business becomes overwhelmed with debt, it can be tempting to think that declaring bankruptcy is the only way to save the company. But there are other options for businesses out of financial trouble — Chapter 11 bankruptcy is an option for certain kinds of companies, and it works differently from Chapter 7 bankruptcy. In order to come up with a plan to repay all of its debts, the company has to work with its creditors in coming up with what's known as a "plan of reorganization." A plan can take many forms, but generally involves a payment structure: how much m

The broad answer to who qualifies for Chapter 11 bankruptcy is that anyone can file for it, but whether your case will be approved or denied depends on a lot of different factors. Chapter 11 bankruptcy is designed for businesses and individuals who are unable to pay their debts and need time to reorganize their debts and get back on track . The chapter is specific to business and the idea behind it is that if a business is unable to keep up with its bills, the court can allow the business to reorganize its debt with the help of a bankruptcy trustee so that it can be paid off more fairly. Some companies that you might recognize that have filed for bankruptcy are GM and Delta Airlines (among others). Chapter 11 bankruptcy has more lenient requirements than other chapters because it's intended for businesses that want to continue operating as usual and have enough money coming in to pay off some or all of their debt. If you want to get a free chapter 11 bankruptcy consultation, ca

Chapter 11 bankruptcy is the most common type of business bankruptcy in the US and is a powerful tool for restructuring a corporation, but it's not the only option. In chapter 11, a corporation that is insolvent can continue to operate normally while it works with a trustee and creditors to restructure its debt. That might mean extending payment terms, changing payment schedules, or modifying interest rates. Individuals can also file a chapter 11 bankruptcy, but it’s very expensive and costly for them to do so. If you’d like more information about a chapter 11 bankruptcy , call this law firm for a free consultation: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-11-bankruptcies/  

Yes. Immediately after you file for Chapter 7 bankruptcy, you can begin the credit repair process . When you file for bankruptcy, your credit score will likely drop drastically. This can make it difficult to get a loan, rent an apartment, or even get a job. But it's possible to rebuild your credit after filing for Chapter 7 bankruptcy. I’d recommend that you speak with a credit repair attorney – call this credit repair and bankruptcy law firm before for a free consultation: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-7-bankruptcy-in-utah/  

The automatic stay, which is sometimes called an injunction , is a court order that goes into effect when you file for bankruptcy. It's designed to protect your property and give you a fresh start. The next time you go to your house to get your mail or drive by to see whether the lights are on, remember that the automatic stay has stopped creditors from taking any action against your house without permission from the court. The automatic stay does more than just protect your property. It also stops most collection actions against you , and it gives you time to find a lawyer and file a bankruptcy petition without being hounded about money. It stops creditors from selling off your property and stops them from taking any legal action against you to require payment on old debts. If your house is up for foreclosure and you file a bankruptcy before the sale, it will stop the sale or invalidate the sale if the trustee sells it anyway. If you have other questions or concerns about ba

The short answer is 10 years. Sometimes a little earlier and sometimes a little later. Chapter 7 bankruptcy is officially called "bankruptcy" on your credit report. Your credit report will list the date you file, not the date you get a discharge. Even if your case is dismissed, it will report usually within 24 hours of filing your case.  The shortest amount of time I’ve seen a Chapter 7 bankruptcy stay on credit was about six years. That's the minimum amount of time you'll have to wait until your chapter 7 bankruptcy is removed from your credit report. However, it could stay longer if you don't pay off a debt listed in your case during this period. A Chapter 7 bankruptcy can be removed from your credit report in one year, but there are a few things you should know about how it's done. The first thing to note is that the record of your filing will be listed on your credit report for ten years. This means that after you've had your bankruptcy for one y

So, I’m not a lawyer, but it’s my understanding that you can file a chapter 7 bankruptcy as long as you have an iTIN or SSN. The trick is to find a lawyer who knows immigration law along with bankruptcy law , so they can ensure that you don't run into any issues after you file. If you do run into trouble, keep in mind that you are innocent until proven guilty. So as long as you report to your immigration appointments and maintain your status, you shouldn't have to worry about deportation. I think there is also an exception to this if you are in the middle of a student loan repayment program. Whatever you decide to do, make sure that you file with a bankruptcy lawyer . If you have other bankruptcy questions about Chapter 7, please call this law firm for a free consultation: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/chapter-7-lawyer/

Yes. Chapter 7 bankruptcy is a fresh start for people who can't pay their debts. But it's frequently misunderstood as a way to wipe out any sort of debt—when really, it only wipes out certain types of debt . If you have no valuable assets like an apartment or a car, then you might have a hard time convincing the court to let you file Chapter 7. It might sound like a catch-22: how can you get rid of your debts if you don't have any property to liquidate? It's true that there are some types of debt that are impossible to get rid of in bankruptcy court and other debts that should be eliminated by liquidating your assets (selling them), but there are other ways around those debts as well—you just have to find the right solution for your situation . Do you have more questions? Call this law firm for a free consultation, they want to help you: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfi

I would say a minimum of $10,000.00 in debt. The criteria that every person will use will be different. I used to think that I’d only file a chapter 7 bankruptcy case if I could never in my lifetime pay back the money I owed. But the truth is: life is hard and bankruptcy laws are in place for people like me and you. Once your income is less than your expenses, you are clearly in over your head in terms of debt. Since this is the case, it's time to seriously consider filing for Chapter 7 bankruptcy . The average American has more than $10,000 in credit card debt alone, which is much too much to be considered normal. A good rule of thumb is to live on no more than 50 percent of your income; with that in mind, ask yourself if you could survive on just $500 per month if you had no access to credit cards. If not, then it's time to get rid of all unnecessary debts before filing for Chapter 7 bankruptcy.   When you need to talk to a Chapter 7 bankruptcy lawyer , call this law fir

There are pros and cons to everything. PROS: get rid of unmanageable debt, like credit card bills, medical bills, and other debt. CONS: It's not an easy process, and it stays on your credit for 10 years. Chapter 7 bankruptcy is the most common form of personal bankruptcy in the U.S. It's a way to discharge many kinds of debt, including credit card bills, medical bills, and student loans. It's available only to people who earn less than their state's median income (it varies by state), though some states have exceptions for certain types of debts. For example, California allows filers to include up to $250,000 in home mortgage debt (Oregon waives all limits). If you can afford it, filing Chapter 13 bankruptcy may be the better choice for you: It lets you work out a payment plan with your creditors instead of completely wiping out your debt.   Chapter 7 doesn't get rid of all your debts: It covers unsecured ones like credit card debt, but not secured ones like

Chapter 7 bankruptcy is a process that allows you to eliminate most of your debt. But it's different from other kinds of bankruptcy like chapter 11, 12, 9, or 13, because you're allowed to keep certain assets that you would have had to surrender in other cases, like Chapter 13 bankruptcy – so long as those items are exempt. It can be a helpful option for those who are struggling with too much debt and want to get rid of it quickly. Chapter 7 also gives you a fresh start, eliminating all (or most) of your debt. The first step in the Chapter 7 process is filing a petition with the court . This is usually done with the help of an attorney, and it takes place at the courthouse where your case will be heard. The petition is basically a request for the court to authorize you to file for Chapter 7. You also need to file schedules and statements . There are Schedules A, B, C, D, E, F, G, I, and J; there is also a Statement of Financial Affairs (or SOFA) . But before you even file an

Chapter 7 bankruptcy is more complicated than chapter 13. You need either $1,010 or $10,000 in assets and debts of $194,175 or less to file this kind of bankruptcy. If you have between $1,010 and $7,020 in assets and debts totaling between $194,176 and $394,175, then you might be able to file a chapter 7 case. If your assets and debts both fall within this range, then your situation will be reviewed by a judge or a trustee before you can go through with the case. In order to determine whether you're eligible for chapter 7 bankruptcy or not will depend on your income, your assets, your debts, and your liabilities. The means test is completed to see if you can file. Don’t file a chapter 7 bankruptcy until after you’ve done the means test and you have passed it; otherwise, your chapter 7 case won’t go through, and it will be thrown out (or dismissed). Remember, the laws and rules change frequently and they are different for each jurisdiction. What they do in Idaho is different

The short answer is straight liquidation . In a Chapter 7 case, most of your debts are erased (or discharged) and the trustee assigned to your case can seize and sell all of your non-exempt assets and use those funds to pay back a portion to your creditors. When we think of bankruptcy, the first thought that comes to mind is usually a person who has made some very poor financial decisions and winds up in a situation where they owe more money than they can pay back. And while this will most definitely happen to some individuals every year, it's important to remember that not all forms of bankruptcy are created equal. As with any type of legal proceeding, there are different kinds of bankruptcy and each one serves a different purpose. In fact, Chapter 7 bankruptcy is often used by average Americans as an opportunity to start fresh by discharging certain debts they could never pay back, even during their entire lifetime. The Chapter 7 process can be complex and tricky if you d

Usually, no. But it depends on the circumstances of the case. If you are suing a person who already declared bankruptcy, it's a good idea to find out what type of bankruptcy they filed for and how long ago that was. Once you know this information, it will help you determine if you can file a lawsuit against them. You absolutely need to speak with a bankruptcy lawyer because if you file a lawsuit against someone and the “automatic stay” is still in effect, you could be subject to federal fines and penalties and end up having to pay their attorney’s fees. You don’t want that. So please call this law firm for a free consultation before you file a lawsuit against someone in bankruptcy: Ascent Law LLC 8833 S Redwood Rd Ste C West Jordan UT 84088 (801) 676-5506 https://g.page/AscentLaw https://www.ascentlawfirm.com/bankruptcy-lawyer-salt-lake-city-utah/