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Can you obtain money owed you if the persons file bankruptcy on you?

Updated: 8/16/2019
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Rijeja

Lvl 1
16y ago

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If you are listed as a creditor, you will get paid according to what the bankruptcy process determinesd and your type of position and credit extended. Generally, very high priortity items like payroll, get paid 100%. Secured creditors have the security of the item they have an interest in. Others get paid an amount, frequently a very small amount, as satisfaction of the debt. You are restricted from (and many times/ways the debtor is not allowed to pay) getting paid outside of the bankruptcy process.

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Q: Can you obtain money owed you if the persons file bankruptcy on you?
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If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.


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Always file for bankruptcy as soon after getting a large sum of money as you can.


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It costs money to file for bankruptcy. Usually the cost is added on as a credit towards your debt when you file. this site here will give you more information on bankruptcy http://www.boston-bankruptcylawyer.com/article-how-do-bankruptcy-lawyers-make-money.aspx.


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