Examples Of Affirmative Defenses In Civil Cases
Description
How to fill out Answer By Defendant In A Civil Lawsuit Alleging The Affirmative Defense Of The Cause Of Action Being Barred By The Appropriate Statute Of Limitations?
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FAQ
As long as the money in your account is protected by an exemption, your bankruptcy filing won't affect it. Your case trustee may want to see some bank account statements as part of their review of your case but they won't contact your bank, instead relying on you to provide the statements.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
A Chapter 7 bankruptcy is a type of bankruptcy that can quickly clear away debts. It's also called a liquidation bankruptcy because you will have to sell nonexempt possessions or assets to repay your creditors. Another name for it is a straight bankruptcy because there are no drawn-out repayment plans.
More than 95% of all Chapter 7 bankruptcy filers in the United Stateskeep all of their belongings. That's because the law protects certain property ? called exempt property ? from your lenders/creditors.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.
A filing fee of $338.00 for a Chapter 7 case or $313.00 for a Chapter 13 case must be paid at the time of filing. You may be eligible for paying the filing fee in installments, or, for Chapter 7 cases, a waiver of the Chapter 7 filing fee.
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
Cons of Filing Chapter 7 Bankruptcy A bankruptcy stays on your credit report for up to 10 years. ... You can only file bankruptcy once every eight years. ... You are only allowed a certain number of exceptions. ... The legal process can be daunting and some find it embarrassing. ... Secured debts are dis-chargeable.