In its court filing on Wednesday, the IRS opposed Solyndra’s plan. If approved by creditors, a holding company would emerge from bankruptcy with no employees or business operations – but as much as $350 million in tax breaks that could be used by Solyndra’s investors, including Argonaut Ventures.
Source: batesline.com
Video: Chapter 13 Bankruptcy Information: Overview of Chapter 13 – FindLaw
Tax responsibility when my spouse filed Chapter 13 bankruptcy
If you did not also file bankruptcy, the answer to your question is no. Taxes that you jointly owe may be collected from either one of you and his bankruptcy only protects him from collection action while the bankruptcy automatic stay is in effect; it does not protect you.
Source: findlaw.com
www.sayfie.com: Consumer Bankruptcy: Basic Information
Under a chapter 13 bankruptcy filing, the debtor must promptly file a repayment plan and obtain the court’s approval of the plan. Any creditor may object to the plan. The debtor, along with the appointed trustee, must work out any objections to the plan before the court will approve it. The typical repayment period of a chapter 13 is 3 or 5 years. The debtor makes regular payments to the trustee and the trustee distributes these monies to creditors according to the terms of the plan.
Source: blogspot.com
Do You Need To File Personal Bankrupcy? Use These Great Tips! at Out of the Storm News
Once you have filed for bankruptcy, you will want to open a new line of credit, as soon as possible in order to start the credit repair process. This is sometimes difficult with bad credit, but secured credit cards are a viable solution. Even though these type of cards can be costly with rates alone, they are still a good option to rebuild your credit. You will be more likely to get new loans or credit facilities when you have a new credit line established.
Source: outofthestormnews.com
Chapter 13 Bankruptcy Time Bomb: Mortgage Modifications Revisited
So the foreclosure is stopped and your plan of payment has been confirmed by the Bankruptcy Court. But those payments are huge because they are designed to reinstate your mortgage by making up all your back payments and foreclosure costs as well as your current payments in the limited time of three to five years. You are struggling, but you will do anything to save your home. And then one day after about a year or so, the clouds break, the rainbows appear, and miraculously a mortgage modification arrives in the mail where the lender agrees to lower your payment and reinstate the mortgage as current if you just make your new payments on time. No back payments to be made up. Hallelujah!!! Salvation has arrived!
Source: bankruptcylawnetwork.com
Protecting your home from credit card debt
However, prior to filing for bankruptcy, debtors should continue to pay on their credit cards. Stopping payments and waiting for a repayment plan to be enacted could result in being sued by the creditor — which could result in more disastrous results, such a lien against your home or wage garnishment. Not paying on the debts takes the power out of your hands and puts you even more at the mercy of the credit card company.
Source: losangelescountybankruptcyattorneys.com
How to See Your Chapter 13 Payments Online
We encourage you to sign up for online access so you may view your case records at any time. You may confirm a payment has been received and you can see the trustee payments going out to your creditors. No need for time consuming telephone calls or waiting for the annual report from the trustee to get up to date information about your case.
Source: bankruptcykansas.info
Chapter 13 Bankruptcy Keep Your Property & Repay Debts Over Time
After a 341 hearing, a debtor or the legal representative needs to attend a hearing open to the public on the repayment plan. At the hearing, a judge will discuss a person’s repayment plan with the trustee, and ask the debtor or the attorney any questions to make sure the person is able to make the monthly payments under the plan. The creditors may object to the plan. Once a plan is approved, a debtor begins making payments pursuant to the plan. Part of the payments goes towards paying the trustee’s fees. When the repayments are complete, any remaining unpaid debts will be discharged in full.
Source: sbkass.com
Differentiating Between Chapter 7 and Chapter 13 Bankruptcy
Here again, the main benefit of Chapter 13 over Chapter 7 is that the petitioner will be able to keep his properties that would or else be sold off to repay the unsecured creditors whom you owe money. A debtor who will file Chapter 7 can only retain the non-exempt properties by paying the trustee with the cash value of the property. You can repay your debt according to the new repayment plan that will be set by the Bankruptcy court. You can even feel satisfied about paying back a portion of your debt through this type. You can classify your creditors according to the priorities but only if this is accepted and allowed by the court. The automatic stay that will be imposed on the debtor will also be extended to the co-debtors who have even guaranteed the loan on behalf of the debtor.
Source: thestudentappeal.com
Robert Kiyosaki, author of Rich Dad Poor Dad files for bankruptcy
The bankruptcy does not mean that Kiyosaki has gone personally bankrupt. On the contrary, he only made a business move to protect his personal and business assets outside Rich Global LLC. Companies file for bankruptcy when their liabilities are in excess of net realizable value of assets. Kiyosaki, in a business move to protect himself from the full impact of the judgment, has simply moved from doing business under the name of Rich Global LLC to doing business under the name of another company that he owns, Rich Dad Co.
Source: digitaljournal.com