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Explaining the Different Types of Property Liens
Knowing what type of lien a creditor holds is important for determining how you can deal with the lien in bankruptcy. This can get confusing, especially where the creditor has a non-consensual lien, which is a lien that you did not agree to. Here's a primer on the types of liens you may encounter.
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A judgment lien is a type of security interest that a judgment creditor can obtain against your property. Below you can learn how a creditor gets a judgment lien, what property the lien can affect, and more.
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Exceptions to the Automatic Stay: Repeat Bankruptcy Filings
When you file a bankruptcy case, the automatic stay prevents creditors from trying to collect debts from you. The creditor can't contact, bill, or sue you. Creditors also can't undertake other collection activities like repossessing your property or garnishing your wages.
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Will Bankruptcy Stop the IRS From Collecting Tax Debts?
The automatic stay will stop the IRS from collecting taxes debt that you owe once you file a Chapter 7 or Chapter 13 bankruptcy. But depending upon the nature of the tax debt you owe, the IRS may be permitted to collect from you later.
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The Role of the Chapter 7 Bankruptcy Trustee
When you file for Chapter 7 bankruptcy, the court assigns a bankruptcy trustee to your case. The Chapter 7 bankruptcy trustee handles the case until it's closed, which usually takes about four months but could be as much as a year. During that time, the trustee evaluates your financial condition, sells property, investigates assets that could be liquidated for creditors, and more.
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How Does the Bankruptcy Trustee Get Paid?
When you file for bankruptcy relief, the court appoints a bankruptcy trustee to review your paperwork and oversee your bankruptcy. The trustee is entitled to compensation for administering your case. But how the trustee gets paid depends on whether you filed for Chapter 7 or Chapter 13 bankruptcy.
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Questions to Expect at the 341 Meeting in Your Bankruptcy Case
During your bankruptcy case, whether you file under Chapter 7 or Chapter 13, you will have to attend a meeting with your creditors and the bankruptcy trustee in charge of your case. Find out what questions the bankruptcy trustee must ask you, and the topics the trustee and creditors might ask about during the 341 meeting of creditors.
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Documents Needed For The Meeting of Creditors
When you go to the 341 meeting of creditors, you must bring certain documents to verify your identity. You'll also provide documents before the creditors meeting to prove the information in your bankruptcy petition and schedules. Read on to learn more about the documents you should bring to your 341 hearing, what you'll provide before, and the documents you might be asked to give the trustee afterward.
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Understanding Secured, Unsecured & Priority Claims in Bankruptcy
When you file bankruptcy, each creditor (the person or company to which you owe money) has a claim against your bankruptcy estate. If there's any money in your estate, the bankruptcy trustee will use it to pay the creditors' claims. To get paid, each creditor must file a proof of claim form indicating how much you owe and the type of debt.
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My Chapter 13 Bankruptcy Was Dismissed for Nonpayment. Should I Appeal?
Can you save your Chapter 13 bankruptcy case if the court dismisses it because you didn’t make your monthly plan payments?
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Appealing the Dismissal of a Chapter 13 Bankruptcy
The bankruptcy court can dismiss your Chapter 13 case for many reasons. In most cases, you can file a new bankruptcy right away. But sometimes it can be in your best interest to appeal the dismissal order to a higher court for further review.