There were substantial changes made to qualifications for bankruptcy in 2005. To qualify for bankruptcy you must meet a number of different requirements which vary greatly depending on the type of bankruptcy the individual or corporation is attempting to file for. Factors that are taken into consideration include current occupation and salary, monetary amount of debt, property owned, etc. The attached article lists for specifics per type of bankruptcy.
Cuba qualifies as such.
Puerto Rico qualifies as such.
bankruptcy
chapter 13
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There are General Federal Laws that govern Bankruptcy. Each state may have additional laws regarding bankruptcy. So Is Best to consult an attorney or financial adviser in your state.
Sure. It is currently an asset...you just don't have the cash yet. Added: Check into this with the bankruptcy judge or ask the Clerk of The Court's office. There are SOME streams of income that are judgment free in a bankruptcy. You will have to check further to see if your particular one qualifies.
That would be dependent on the amount of debt you have accrued that you think qualifies you for bankruptcy. Refinancing is of course possible, and may allow you to pay off all of your debts at once, depending on the amount you owe. You should contact a professional with options.
Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
Chapter 11 is for corporations or other legal entities, or individuals with more debt than qualifies for a Chapter 13. Otherwise businesses file Chapter 7 the same as individuals.
The bankruptcy petitioner retained an attorney as legal counsel and representation, therefore it would be in his or her best interest to follow the advice given. It is possible for a MTD to be dropped if the petitioner can present the court trustee with a filing schedule that qualifies for the type of BK that is in question.
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