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Creditors And Depositions
Can A Creditor Take My Deposition?
Many people have questions about creditors and depositions when filing for bankruptcy. A creditor may seek permission from the court to conduct a 2004 exam. The 2004 exam is basically a deposition under section 2004 of the bankruptcy code. You can be required to attend the 2004 exam and provide documentation to the creditor.
My Bankruptcy Case Just Got Dismissed, If I Refile Immediately Will I Get An Automatic Stay?
That depends upon how many cases you’ve previously filed. If you file one case within a year of a previously dismissed case, then your stay only lasts for 30 days. If you had two cases in the previous year you have no automatic stay. That does not mean all hope is lost, it’s possible to file a motion to impose an automatic stay as well as a motion to extend an automatic stay.
My Car Was Repossessed, If I File A Bankruptcy, Will I Get It Back?
If your car was repossessed and it has not been sold at auction, filing a bankruptcy action will stop the repossession. If the car is necessary for your reorganization you can get the car back in a chapter 13.
Do I Only Have To Pay The Fair Market Value Of My Car In A Chapter 13 Bankruptcy?
Yes, it is true in most cases, provided you meet the specific criteria, to only pay the value of your car in a Chapter 13 bankruptcy. This is called valuing the vehicle, it’s valued at fair market value, that is what the car would sell for at a dealership, there may be some adjustments for reconditioning.
Is It True That I Can Buy My Car Back From the Creditor For It’s Value In A Chapter 7 Bankruptcy?
Yes, it is true in a chapter 7 that you may redeem your vehicle from the creditor. The process of redemption is done by a motion where the value of the car is determined by the judge and an order is issued allowing the debtor to purchase the vehicle from the creditor at fair market value. Unless the creditor is in the business of selling vehicles, the creditor is better off having you purchase the vehicle at a discount then selling it at auction at a deeper discount. You are better off redeeming the vehicle rather than reaffirming the debt and paying the original contract amount.
What Do I Do If I Fall Behind On My Chapter 13 Payment Plans?
In bankruptcy, like life, things change. Debtors often have a change of circumstances and are not able to meet their regional payment on their bankruptcy plan. There are many things that can be done to adjust the plan payment, it all depends on what was being paid through the plan. But the good news is hope is not lost in most cases a new plan can be filed and approved by the court.
My House Has Gained In Value Since I Filed A Chapter 13, Can I Sell My House?
There are a lot of issues that go into the value of your house and whether or not you can sell your house during a bankruptcy. The questions go more to how much of your increase in value you would have to give to the chapter 13 trustee to pay your unsecured creditors. Many people are taking advantage of the increase in income and choosing to sell their house and pay all of their creditors that filed claims in finishing their bankruptcy case early.
I Was Paying For My Car Through a Chapter 13 But Now It Needs Repair Beyond It’s Worth. Cn I Sell The Car?
Perhaps selling the vehicle is not the best thing to do. It may be that simply amending your chapter 13 plan surrendering that vehicle to the creditor would be better for you. Many times, that is the case since vehicles if purchased used cost far more than they are worth. Many times, once a vehicle breaks down, a transmission goes out, the engine is blown, fill in the blank the vehicle is not worth keeping and since your Chapter 13 plan can be amended, choosing to surrender vehicle many times is the best idea.
Do I Have To Take Bankruptcy Counseling Prior To Filing Bankruptcy?
Yes, you must take a credit counseling course from an approved credit counseling company prior to filing to obtain a certificate of credit counseling that must be filed with your petition. Not all credit counseling companies are alike. Although they are all required to be nonprofit organizations, some of them charge exorbitant fees and some of them charge reasonable fees. If you’re paying more than $15 for a credit counseling course you’re paying too much.
For more information on Creditors & Depositions In Bankruptcy, a consultation with an experienced California Bankruptcy Attorney is your next best step. Get the information and legal answers you are seeking by calling (916) 685-7878 or by filling out our convenient online contact form today.
Mr. Cianchetta is an OUTSTANDING attorney. I was a little nervous about seeing an attorney for my case. Mr. Cianchetta and his staff made my wife and I feel right at ease. He took extra time explaining what to expect before, during and after our process. His advice was right on!- Jack M.