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After bankruptcy are you still liable for old debts?


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2010-04-15 08:22:04
2010-04-15 08:22:04

It depends on which debts are discharged in your bankruptcy. There are several types of debts, such as student loans, which consistently persist through bankruptcy. Moreover, you may be liable even for debts that traditionally are discharged, such as credit card debts, where there is even of bad faith and manipulativeness on your part, i.e. you racked up thousands in credit card debt in the days before filing for bankruptcy.

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The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.

If she's 18, she's reached the age of majority and is an adult. You have no responsibility for her debts except as follows: * Anything you cosigned * Any debts she ran up before she was 18

If you love her, yes ---- Unless there is some special circumstance, the fact that you child has left the house does not change your responsibility for her. You would still be liable for debts incurred by your minor child.

As a responsible cardholder, you are generally liable for any credit card debt up to the statute of limitations as established within your state. This does not prevent a debt collector from continuing to pursue older debts, but it does generally prevent judgments on old debts as long as you advise the creditor or court that the statute of limitations has expired. Debt collectors may still pursue debt collection even beyond the statute of limitations.

If you received the service you are liable to pay it.

Yes, debts don't just go away. Not unless you've declared bankruptcy.

In seven year cycles, debts are released in the Old Testament. This may have something to do with our modern laws which allow for bankruptcy to happen only after sevens years have passed since the last bankruptcy. There is much more to this. For a more complete answer see:

Items obtained through fraud, child support, court ordered restituion and federal/state taxes (off the top of my head). ALL debts must be listed because you are swearing that you have listed all debts. If there are assets in the case, some of your debts will be paid, therefore, the Courts need to know of ALL of your debts, so you list EVERYTHING. However, some debts are non-dischargable such as: Items obtained through fraud; Domestic Support Obligations; Taxes that are less than 3 years old; Student Loans; Debts incurred in the process of a crime (such as a DUI accident). It should also be noted that there is a 90 day presumptive period. Any debt incurred within 90 days prior to filing a Bankruptcy is presumptively fraudelent. Any debt incurred with the intention of filing Bankruptcy or without intention of repayment is presumed fraudulent.

Yes, if the tax returns were filed when due or at least 3 years before the date of filing the bankruptcy. This is a complex area with a lot of exceptions or requirements to meet. Consult an experienced bankruptcy lawyer. Some income taxes are dischargeable in bankruptcy, such as 1040 tax liabilities, however some will remain with the bankruptcy, for example, 941 payroll tax liabilities and trust fund. The tax code is complicated, taxpayer need a better understanding of tax code and bankruptcy laws to deal with a tax debt.

In general, child support is based on net income - child support obligations are not discharged in bankruptcy.

Federal income taxes due in an amount certain 3 years or more before the bankruptcy filing date can be discharged along with other dischargeable debts. You cannot just file to discharge the taxes, unless you have no other unsecured debt.

Any unpaid debts will not be conducive to procuring future credit. Especially a mortgage. The time frame is irrelevant. Unless the SOL has expired and the debts are untraceable. It still wouldn't be a sure thing, however.

If the old bills are at least 10 years old they are probably not on your credit. I'm not positive but I think debts can only stay on your credit for the same amount of time that a bankruptcy can.

If she is still a minor and not emancipated then Yes, The Legal Guardian can still be held financially liable for the child's actions.

The bankruptcy court has not yet decided. The latest proposal is for it to be exchanged for warrants. Warrants sometimes have value. They can be traded for stock if the stock reaches a certain value before the warrants expire. However, a bankruptcy judge must approve all the proposals.

Please review the info at this Q... "A basic primer on bankruptcy". You cannot file BK on the things you mentione, only. YOU file BK and it effects everything you have, debts and assetts. Always. No picking and chosing. Generally, ONE reasonable car is considered exempt. (The law says $500 car, but most courts go with reasonable...a 3 year old Toyota...fine...a 3 years old Mercedes, probably not.

You file bankruptcy on all debts you owe. If you only owe money on credit cards you can file on them. Otherwise, if you owe money to a doctor, hospital, bank or other place you have to list them.

Not dischargeable in Chapter 7 are recent taxes; family support; debts to spouse arising from divorce; student loans ; drunk driving judgments; criminal fines or restitution; or debts incurred by fraud or intentional wrongdoing.The complete list of non-dischargeable debts is found at 11 U.S.C. 523(a) and is set out in table form here at Discharge of debt in Chapter 7Everything else is dischargeable: loans, credit card debts, judgments, medical bills, old income taxes. More on treatment of different kinds of debt in bankruptcy.Remember, liens and mortgages survive the bankruptcy: the debtor personally has no further liability for the debt, but the lien (a charge on the asset that is the collateral) survives as an interest in the asset. In appropriate circumstances, liens can be avoided because they impair an exemption or because the lien doesn't really attach to any value in the collateral. Talk to a qualified bankruptcy attorney or do some additional research.

Yes. If they were not included then the bankruptcy doesn't apply to any debt owed to them.

What effect will a five year old bankruptcy have on getting bonded that requires a credit check?

As I recall from my days in law school, many many years ago, Old Man Saloman was in the shoe business. Britain enacted a statute providing for the incorporation of businesses. A corporation then had to have at least seven shareholders. Old Man Salomon formed a corporation, with all seven shareholders being members of his family. The business of the corporation eventually went under, leaving considerable unpaid debts. (I think that by the time the case got to court, Old Man Salomon had kicked the bucket.) The creditors argued in court that the shareholders should be liable for the debts of the corporation, because they were all related to Old Man Salomon, and that the corporation was set up a mere sham. The court held in favour of the shareholders, Old Man Salomon's relatives. The fact that the shareholders were all related to Old Man Salomon was irrelevant in determining that the corporation legitimately existed as a separate entity, and thus the individual shareholders were not held liable for the corporation's debts.

AnswerYou have to report ALL assets. Any individual can file for Chapter 7, but the whether you are eligible for a discharge is another matter. Your ability to get a discharge depends on your assets, income, debts and monthly expense. Beginning October 17, 2005, it will also become much harder to file for bankruptcy. If you are seriously considering filing for bankruptcy, you should see an attorney right away.Often the bankruptcy court will determine that a structured settlement is an exempt asset, so it would not be available to creditors. However, if you don't report it, then there is a risk that at some point in the future the structured settlement will be seized by the bankruptcy trustee and/or the old creditors.

yes, once you're 18, your parents aren't completely liable for your actions =)

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