You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
Chapter 13 bankruptcy is different than chapter 7 in that you will essentially be reorganizing your debt and coming up with a payment plan. The creditors meeting involves filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Chapter 7 bankruptcy is a liquidation process where assets are sold to repay creditors, usually resulting in the discharge of most debts for individuals or businesses. Chapter 11 bankruptcy is a reorganization process that allows businesses to continue operating while developing a plan to repay creditors over time. Chapter 7 is typically more straightforward and faster, while Chapter 11 is more complex and costly but allows for more flexibility in restructuring debts.
The debts are still valid and creditors can continue with collection procedures including, in most cases, a lawsuit.
Assuming its a chapter 13 bk, if you dont make your plan payments the court will dismiss your bk- allowing creditors to resume collection efforts
Yes and no. If an account was already charged-off before the bankruptcy, it can be reported as a charge-off. By law, the creditors must charge-off accounts included in bankruptcy, BUT they can not REPORT that charge-off if it happens AFTER the bankuptcy. Negative reporting on discharged debts is a violation of the permanent injunction of the discharge.
Creditors can resume collection procedures against the debtor(s) including lawsuits to recover monies owed.
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
Owned assets are auctioned off to repay all creditors.
What do you think happens? The creditors have the money. They have to apply it to your debt balance, which will increase dramatically because they get to charge you for all the late fees, penalties and interest, not to mention any legal fees, that they could not add while you were in bankruptcy. I hope the dismissal was worth it.
Uneffected.