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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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Can Bankruptcy's Automatic Stay Stop Wage Garnishment?
If you can’t repay your debts and you’re getting nonstop calls from debt collectors, or a creditor filed a lawsuit against you and is garnishing your wages, bankruptcy could be the answer. The automatic stay order put in place when you file for bankruptcy stops most collection actions, including wage garnishments.
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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 comes from a pool of neutral bankruptcy trustees. The bankruptcy trustee handles your bankruptcy case from the beginning until discharge -- which is typically three to four months after filing.
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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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What Happens If the Bankruptcy Trustee Files an Objection to Your Discharge?
Under certain circumstances, the bankruptcy trustee appointed to administer your case may challenge your right to receive a bankruptcy discharge. If the trustee believes that you should not be entitled to a discharge, he or she will file an objection with the court and ask the judge to deny your discharge.
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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
Whether you file for Chapter 7 or Chapter 13 bankruptcy, you must attend a mandatory hearing called the meeting of creditors (also called the 341 hearing).
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Filing a Proof of Claim for a Creditor in Bankruptcy
If you file for bankruptcy, most of your creditors will file a proof of claim -- a form that provides information about your debt -- in order to get paid. Sometimes a creditor doesn't file a proof of claim. In rare instances, you might want to file a proof of claim on that creditor's behalf. Here's why.
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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.
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Can I Reopen My Bankruptcy Case?
Once you file for bankruptcy relief, there are many steps you must take to complete your case successfully. If you satisfy all requirements, the court will issue a discharge and close your bankruptcy case. But if you don’t do everything you are supposed to, the court may dismiss and close your case
