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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


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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: en.wikipedia.org/wiki/Jubilee_(biblical)


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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.


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



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