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Voluntary Bankruptcy Questions

What is voluntary bankruptcy?

The definition of voluntary bankruptcy is defined as the international result of the nonpayer to legally decide if they are not able to pay the debt. This type of voluntary action, is where the nonpayer to start the bankruptcy by looking for protection by the court from the creditors. In many cases there is a certain time in which the creditors are informed and then the claim will be looked into by the court. In that that time the decision will be made to either approve or deny the bankruptcy request.

In the state of Delaware if someone has filed a voluntary bankruptcy under Chapter 11 and the trustee has petitioned to change the claim to a chapter 7 and then court agreed without permission, can they dismiss the chapter 7 and does this now make it an involuntary bankruptcy claim?

In this case this does not make a person claim as voluntary bankruptcy into an involuntary claim. On the other hand the Chapter 7 bankruptcy cannot be dismissed without court approval. If the person qualifies for a Chapter 13 bankruptcy, they will have the right to change into a Chapter 13 and then the right to dismiss a Chapter 13. Now, if they do not qualify for the Chapter 13 they will need to receive a court approval in order to dismiss the Chapter 7.

In the United States are individual voluntary bankruptcy claims allowed, and if so who would handle these claims?

The individual voluntary bankruptcy claims are in fact known in the United Kingdom and other countries, but not in the United States. So, because of this reason a bankruptcy court will not manage a plan for this. In a Chapter 13 a repayment of debts under a plan is normally three to five years. The debts are reduced to the present market value, and other debts are paid at a lower cost, as ordered by the court.

In the state of Georgia, will the bankruptcy court have a hearing on someone’s voluntary bankruptcy motion is dismiss, and if so how long will it take?

In this case as if there will be a hearing process this will all depend on the facts of the case. If the individual has not dismissed a bankruptcy in the past, and if there doesn’t seem to be any harm to any of the creditors, and then possibly the judge will allow the motion without a hearing. With that being said, if it shows that the individual is abusing the bankruptcy process, or that the creditors have been harmed, then the judge will look into making a hearing, and require that the individual state why they want to dismiss the bankruptcy claim. In some cases, the judge many not even allow the dismissal. As for how long this will take, the hearing in many cases will be held in a few short weeks, but once again it will all depend on the facts of this case, and how overwhelmed the court is.

If someone is filing voluntary bankruptcy Chapter 7, and they have a truck loan, and the vehicle was repossessed will they need to file this under protected or unprotected possessions?

In this case even though the truck was repossessed the truck would still be considered a protected possession.

When filing for voluntary bankruptcy, or filing for a voluntary bankruptcy petition, the requirements and regulations can often times be confusing. For more information on how to file for a voluntary bankruptcy or if a voluntary bankruptcy is right for a certain person you will need to contact the Legal Experts online.
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