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What else can I help you with?
Will a judgment be dischared if you go bankrupt?
This really depends on whether the judgment is a dischargeable debt in bankruptcy. There are some debts that you cannot eliminate in bankruptcy and they will continue to exist after the bankruptcy. Generally judgments from credit cards, medical bills or personal loans can be discharged but they can become non dischargeable if the creditor claims fraud or misrepresentation within the bankruptcy.
Can you discharge a court settlement through declaring bankruptcy?
In general, court settlements can be discharged through bankruptcy, but it depends on the nature of the settlement and the bankruptcy type filed. For example, debts resulting from personal injury claims or fraud may not be dischargeable in bankruptcy. It's essential to consult with a bankruptcy attorney to understand how specific settlements and claims are treated under bankruptcy law.
Which should be statements regarding bankruptcy is false?
A false statement regarding bankruptcy might be that all debts are automatically discharged when someone files for bankruptcy. In reality, certain debts, such as student loans, tax obligations, and child support, are typically not dischargeable. Additionally, the bankruptcy process can impact credit scores for years, and not all individuals qualify for every type of bankruptcy.
What difference between ch 7 and ch 13 bankruptcies?
Chapter 7 is a complete discharge of all dischargeable debts. Chapter 13 is a repayment plan of the debts under the bankruptcy court's supervision and protection.
Can monies owed to the state of Maryland but not taxes be discharged in bankruptcy?
To be certain of the status of such debt you should check the state statutes if filing a state bankruptcy. If it is a Federal filing, debts owed to any state department or affiliate is only dischargeable in relation to the type of debt and when it was was incurred.
Will a judgment be dischared if you go bankrupt?
This really depends on whether the judgment is a dischargeable debt in bankruptcy. There are some debts that you cannot eliminate in bankruptcy and they will continue to exist after the bankruptcy. Generally judgments from credit cards, medical bills or personal loans can be discharged but they can become non dischargeable if the creditor claims fraud or misrepresentation within the bankruptcy.
Does chapter 7 bankruptcy cancel debts to foreign person?
BK cancels debts to a foreigner/resident alike- assuming the debt is dischargeable in the first place.
At what point in a Chapter 7 bankruptcy is it considered final with no new debts eligible for discharge?
When you file for Chapter 7 bankruptcy, you are responsible for listing all of your debts. Some debts are generally not dischargable (i.e. child support, most taxes, student loans, secured debts, etc.). When you receive a discharge for dischargeable debts, the discharge generally applies to debts listed in your bankruptcy filing and any subsequent amendments. The discharge does not apply to date incurred after you filed bankruptcy and generally does not apply to debts that you failed to list in the bankruptcy.
Will chapter7 bankruptcy clear dept?
A chapter 7 bankruptcy is the nuclear bomb of debt clearing. It will however, not get rid of certain taxes, preference payments, college loans, and other not dischargeable debts.
If you file Bankruptcy on your business can they take your personal assets?
Only if then can show that you committed fraud, by piercing the corporate veil (i.e. using the business as your personal property), or if you gave a personal guarantee for business loans/debts.
Will filing bankruptcy remove you from an existing lawsuit in which monetary gain is being sought?
Perhaps, but if it is a personal injury suit it is not likely. Debts that are dischargeable in bankrupcy are all subject to interpretation of the trustee in accordane with federal or state bankruptcy laws. Likewise, all such decisions by the trustee can be appealed in BK court.
What is the effect of a discharge in bankruptcy?
The effect of a discharge in bankruptcy is to release the debtor from personal liability for most types of debts. This means that the debtor is no longer legally obligated to repay the discharged debts and creditors are prohibited from taking any further collection actions against the debtor. However, certain types of debts, such as student loans and child support obligations, may not be dischargeable.
What difference between ch 7 and ch 13 bankruptcies?
Chapter 7 is a complete discharge of all dischargeable debts. Chapter 13 is a repayment plan of the debts under the bankruptcy court's supervision and protection.
Can bankruptcy wipe out child support?
No. Child support and government backed student loans are 2 of the (not many) obligations that are not dischargeable in bankruptcy. Of course, getting rid of other debts you have should make these easier to pay.
Petition for involuntary bankruptcy?
Is done by your creditors. They are forcing you (normally corporate) into bankrutpcy to recover the debts.
Do you have to pay back a private student?
Yes. Educational loans fall under the category of "non-dischargeable debts" and do not go away in any type of bankruptcy filing.
How can one declare corporate bankruptcy in the UK?
To be considered bankrupt, a court has to issue a bankruptcy order against you. One can apply to the court for bankruptcy if they are unable to pay their debts.
