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Recent Involuntary questions

In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I

In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I am still in Idaho and facing the possibility of having to file again. The laws have changed since, and I am reading conflicting information about being allowed to file again. Is filing for Chapter 11 possible?

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Maverick

Doctoral Degree

6,326 satisfied customers
I have a question about involuntary bankruptcies. Suppose a

I have a question about involuntary bankruptcies. Suppose a debtor only has two creditors--one being me. I want to file an involuntary bk on this debtor due to the fact she's not paying her bills and I will lose my secured equity position because of it.What is the minimum dollar amount she has to owe me in order for me to qualify to file an involuntary bk against her?

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Roger

Litigation Attorney

Doctoral Degree

33,418 satisfied customers
I have a bankruptcy law question. Suppose someone filed and

I have a bankruptcy law question. Suppose someone filed and discharged a chapter 7 bk 5 years ago. The waiting period is 8 years for another chapter 7. But what about an involuntary 7? If someone is not paying debts and squandering assets can I file aninvoluntary bk on someone before 8 years? I can't file an involuntary 13 and I can't afford to file an involuntary 11. Also, what happens if the debtor files a voluntary chapter 7 only five years after the first discharge? Is there an automatic stay at all?If so, does the court give a temporary automatic stay but order the debtor to convert to a 13 or an 11?

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mmdesq

Attorney

Doctoral Degree

924 satisfied customers
My sister-in-law and their husband are losing their house in

My sister-in-law and their husband are losing their house in foreclosure. They owe 80,000 they are 9,000 in the rears. he has a small retirement 1,000 a month and a part time job and she makes about 20K a year in a small business. This is a Freddy Mac or Fannie Mae backed loan. They are worried that they will be pursued for the difference after the property is resold for less. Should they be worried?

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5,184 satisfied customers
To Socrateaser: I have a question about involuntary

To Socrateaser: I have a question about involuntary bankruptcies. Can someone in a foreign country such as Mexico file an involuntary bankruptcy on a US Citizen? Any rules prohibiting this from happening?

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37,824 satisfied customers
Cooying/pasting a friends: question: How often can an

Cooying/pasting a friends: question: How often can an individual file bankruptcy? I have someone who filed chapter 11 buisnesses and was placed as a debtor as well. It looks like he failed to disclosure his current business which has been operating past 15 years - can he be reported ? Are there any repercussions failure to disclose?

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TJ, Esq.

Juris Doctor (JD)

10,574 satisfied customers
I am currently in a personal Chapter 11 BK......it was six

I am currently in a personal Chapter 11 BK......it was six years old as of two days ago....there was an initial payment plan filed in 2010 but that plan was not approved. Essentially, there are two big problems. 1) about $500k in IRS debt (90% of thatis penalties and interest for failure to file for several years....those returns were finally filed probably 5 years ago at least....2) there is a criminal restitution lien that I am having a hell of a time getting rid of....that stems from something thattook place way back in 1989. Anyhow, the court just sent out a request to either dismiss the 11 or convert to a 7. I have no assets. All of the real estate property I owned when the 11 was filed has been sold. 3 of the 4 properties sold were short sales andthe other was not a short sale but since there was no equity in any of the properties to speak of the only people that were paid were the attorneys, the IRS, the State of Arizona and the Attorney General. So here is my question, I prefer not to convert toa 7. I would rather just have the 11 dismissed and then negotiate some type of settlement with the remaining creditors (all credit card companines and one law firm) and the restitution lien. What do you think? Also, if I do convert the 11 to the 7, does thatthen become a whole new BK filing where I have to fill out paperwork all over again? And then I have to wait for 90 days before the 7 is dismissed. I am pretty sure that some of the taxes cannot be dismissed even in a 7 but since I have no assets, I figureI can do either an offer in compromise with the IRS or prove I am insolvent. I am located in the State of Arizona if that helps. Please advise.

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37,824 satisfied customers
I was awarded a settlement from a car accident, is this taxable? I

I was awarded a settlement from a car accident, is this taxable?I also just filed chapter 7, will this settlement be taken away?

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5,184 satisfied customers
Last year I made a purchase from a company which has entered

Last year I made a purchase from a company which has entered involuntary chapter 7 bankruptcy. I made my purchase around 9 months before this occurred, in which the guaranteed delivery date was missed and a refund was never processed. I would like to know if my proof of claim should show this debt as entirely unsecured or if some part of it would fall under 'Entitled to Priority under 11 U.S.C. §507(a)'.

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TJ, Esq.

Juris Doctor (JD)

10,574 satisfied customers
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