I filed Bankruptcy in September 2009. I did not reaffirm my car loan. (2009 Toyota Camary worth about 16000). My debts have been discharged but the bank still has not contacted me to get the car. I have kept it my garage for safe keeping and have ...
If you are in default on your car loan, then there is no time limit for the lender to repossess the vehicle.
Keep in mind that your car may not have been repossessed because the repo man was unable to find it, considering that you have been keeping it in your garage.See question
Our refund came as a direct deposit. We filed in June 2009. Will the trustee send out a notice to pay him, or is this "clear" at this point since we already received our return?
First, there is an issue as to whether your tax refund is exempt in your Chapter 7 bankruptcy case. In all likelihood, the answer is that it is. That's because you filed your case in the middle of the year when your entitlement to any tax refund was most likely very modest.
For other people reading this answer, if you have a NON-EXEMPT tax refund, then the trustee does have the ability to direct the IRS to issue the refund to him. However, this is very rarely done.
For more information about protecting your tax refund in bankruptcy, please see some of these links, which are articles that I recently wrote on my bankruptcy blog:
My husband and I have both been laid off and we can not make ends meet I was ondering if we are now able to file chapter 7 anfter the chapter 13 what are the waiting limits and so forth. We are overwhelmed once again, but this time we do not have...
The answer is YES; you can file for Chapter 7 bankruptcy at this time. That's because more than six years elapsed since you filed your previous Chapter 13 case.
Here's part of any article I wrote about refiling, entitled, “Can I File Bankruptcy Again?”
This is the question I get from every one of these clients. Fortunately, the answer is YES! However, when the bankruptcy laws were changed in 2005, various waiting periods were imposed. In every case, you can file bankruptcy again; it’s just a question of how long you have to wait.
Four Important Notes About Filing a Second Bankruptcy Case
The first important note you need to know is that the waiting period starts from the date you filed your prior bankruptcy petition and ends on the date you filed your second bankruptcy petition.
The second important note is that you only have to wait if you received a discharge in your prior case. If you did not receive a discharge, you can file immediately. For example, if you filed a Chapter 13 bankruptcy case, and it was dismissed because you were unable to make payments, you do not have to wait at all to re-file a second case (provided, of course, that you meet other necessary criteria — speak to an attorney about this).
The third important note is if your prior case was a Chapter 13 bankruptcy case in which you paid back your unsecured creditors at least 70%, then you do not have to wait at all.
The final important note is that the waiting period does not prevent you from filing again; it just prevents you from getting a discharge. You can still file without waiting — you just do not get the benefit of the discharge. Why would you do this? If the sole purpose of re-filing is to stop foreclosure, you probably do not need to wait several years, as you still get the benefit of the bankruptcy stay in a Chapter 13 case as well as the ability to cure arrears with a payment plan.
The Waiting Periods Are 2, 4, 6 and 8 Years
If your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 13, then the waiting period is only two years.
If your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 13, then the waiting period is four years.
If your prior case was a Chapter 13 bankruptcy case and your new case will be Chapter 7, then the waiting period is six years.
If your prior case was a Chapter 7 bankruptcy case and your new case will be Chapter 7, then the waiting period is eight years.
Important Note for homeowners in foreclosure: Even if you do not qualify to file again based on the above criteria, you can still file for Chapter 13 if the primary concern is curing mortgage arrears. In this instance, you will not receive a Chapter 13 discharge, but you will be able to cure all of your mortgage arrears and stop foreclosure.
The Above Waiting Periods Can be Tricky, So Get Good Bankruptcy Advice
Since the new bankruptcy laws made repeat filings somewhat complicated, it makes sense to meet with an experienced bankruptcy attorney who can give you the appropriate advice about filing a second bankruptcy.
These Waiting Periods to Re-File Bankruptcy Apply In Every State
A number of my blog readers located outside of New York have asked if these guidelines apply in their home state. They do. The waiting periods are the same no matter what state you file in.
For more info about repeat filings, see my full-length post that was published in the Suffolk Lawyer – Consumer Bankruptcy Debtors Face New Limitations for Repeat Filings . That post also contains info about specific issues concerning multiple filings in Chapter 13 cases.
The October 2005 BK modifications to the Bankruptcy Law affected the time you had to wait to file again. Did that law become retroactive to cases discharged prior to 2005 or did it pertain to cases filed after October 17, 2005?
Anyone who files for Chapter 7 bankruptcy cannot obtain a discharge if they had a prior discharge in a case that was filed within the prior eight years. Thus, there is no retroactive provision.
Anyone considering filing again after a prior bankruptcy filing should read the detailed article that I wrote about repeat bankruptcy filings which is posted on my bankruptcy blog.
The article is available at this link:
We own quite alot of assets but also alot of credit card debt, if we file chapter 13 bankruptcy and are able to sell some assets after filing, what happens to the money we would get from the sale. Can we use that to pay off our cars or property o...
You can sell assets in a Chapter 13 case. However, if you want to technically comply with the Chapter 13 law, and you want to sell something valuable, you need to make an application to the court.
If you are selling small stuff, and you do so regulalry, for example, if you regularly sell items on eBay or at garage sales, then you do not have to get the court's permission.
If you sold something valuable, a trustee could require that you pay some or all of the proceeds into your plan. However, discussing that any further would require an in-depth analysis of your financial situation. You should consult with a local experienced bankruptcy attorney in your home state.
You may benefit from looking at some of the hundreds of bankruptcy articles that I've written on my bankruptcy blog. Here's the link. . . . . .
My aunt is 83 and on Social Security and Retirement. Fixed income. She had a stroke several years ago.
It is hard to tell what you mean by saying your Aunt is a "secondary holder."
If your Aunt is a "co-obligor" with you, meaning that each of you signed the application to get the account, then each of you is legally obligated on the account. If you file for bankruptcy, then the bank can go after your Aunt.
However, if your Aunt merely has a "courtesy card" and didn't sign any credit application, then you can file for bankruptcy and the bank cannot go after your Aunt.
If your Aunt is obligated, then she may be judgment proof, meaning that even if she is sued, the creditor may not be able to enfoce the judgment against her. If she is not judgment proof, then your Aunt may consider filing for Chapter 7 bankruptcy also.
In any event, your Aunt should seek some guidance from a local bankruptcy attorney in your home state.
For more information about bankruptcy, please see my bankruptcy blog for several hundred articles about every aspect of bankruptcy.
I am probably going to lose my home and my car is old and I need a new one, I really need my tax return now more than ever I have two children and my newer vehicle I use to have got reposessed and now I find that the trustee could request I send i...
You live in New York where a single person can only protect a total of $2,500 of liquid assets. This includes cash, money in the bank and entitlement to tax refunds. It sounds like your liquid assets added up to more than $2,500.
When that happens, the trustee can make you turn over the difference. Your personal situation is quite compelling. However, a trustee has very little discretion in collecting non-exempt assets.
Either an asset is exempt or it isn't. If the asset is not protected, then the trustee can take it for the benefit of your creditors. It does not matter that you badly need the funds.
It also does not matter that you already received a discharge. That is not related to a trustee's duties to pursue assets.
It is too late now, but you could have engaged in some pre-bankruptcy planning to avoid this result. Had you known or anticipated that you would receive a large tax refund, you could have waited to file, so that you could have collected the refund first, and then spent it down in a manner consistent with filing for bankruptcy in good faith.
These are all issues I wrote about at great length recently on my bankruptcy blog. Tax refunds becomes a major issue at this time of year that I wrote a series entitled: BANKRUPTCY and TAX REFUNDS -- EVERYTHING YOU NEED TO KNOW. The link to this is below.
I do wish you good luck!
I filed chapt 7 and my wife is not involved in the bankruptcy at all. I am going to file seperately just in case, but I am wondering if I will have to forfeit my return...I am unemployed and really need any return I may or may not be entitled to....
First of all, all or most of your tax refund might be exempt. However, you should have claimed an exemption for the tax return in the Schedule of Exemptions in the petition.
Second, a portion of the refund is also protected because it belongs to your wife. Each state is different as to how the refund is apportioned with a non-filing spouse. I wrote a detailed article for a bar association periodical about this. The link is below.
You say that you've received a great deal of different answers to your questions. I urge you to take a look at the series of articles that I recently wrote for my bankruptcy blog entitled: TAX REFUNDS and BANKRUPTCY -- EVERYTHING YOU NEED TO KNOW.
You can click the link below to see it.
I am also including some other links to related tax-bankruptcy issues.
I wish you good luck!
I want to know if my husband and I will be able to keep our tax refund even though we have filed chapter 13, but are in the process of going chapter 7 in a few days because we can not afford the chapter 13 payments.
PROTECTING YOUR TAX REFUND IN BANKRUPTCY
Almost all debtors can protect a tax refund when filing for bankruptcy. However, the amount you can protect is dependant on the exemption statutes in each particular state. Sometimes a large refund will not be totally exempt. In some states, like New York, you cannot protect a tax refund if you need to protect a large amount of equity in your home. I do not believe that applies to your state of Georgia.
The issue of tax refunds and bankruptcy is very hot right now, so I just wrote a series of articles on my bankruptcy blog entitled: TAX REFUNDS and BANKRUPTCY -- EVERYTHING YOU NEED TO KNOW.
You can click the link below to see it. I also discussed ways to do the pre-bankruptcy planning and acceptable ways of spending the tax refund before filing.
I am also including some other links to related tax-bankruptcy issues.
I wish you good luck!
Our attorney told us we could spend it on IRA, car ins (for 6 mths), carpet for our home, dishwasher, appliances & attorney fees. We could not pay tuition for our daughters school. What else can we spend it on? Medical expenses? Our refund is ...
Mr. Bordeaux gave some good tips above.
I just wrote a detailed article on my bankruptcy blog covering this very issue. It is part of a series of articles entitled: BANKRUPTCY and TAX REFUNDS: EVERYTHING YOU NEED TO KNOW.
You may find it helpful to take a look at the article. Here is the link: