Your wife's bankruptcy should not affect you unless you have joint debt. In that case, the creditors can pursue collection efforts against you.
File the information with a collections agency, and they will pursue the debt. Most collection agencies will also place the debt on the individual's credit report.
Yes. The automatic stay in BK only means they can't actively pursue collection with you, that it must do through the court.
If the account the cosigner is on is included in the bankruptcy it will appear on their credit report. In most cases the cosigner will not be relieved of the debt when the primary holder files for bankruptcy. The creditor(s) can then pursue the cosigner for the collection of money owed.
The trustee can request the bankruptcy court to dismiss the 13, which would allow creditors to pursue collection of the remainder of the debt owed under whatever manner allowed by the laws of the debtor' state.
While it's possible you can refile (correct or amend whatever the problem was)...for at least while it is dismissed, you no longer have the protection of the Court from creditors and you can expect they will pursue collection vigorously.
When any bankruptcy action is dismissed for any reason the debtor(s) lose(s) bankruptcy protection. This means creditors may pursue collection of the debt, including, in most situations filing a lawsuit. A chapter 13 bankruptcy dismissal will remain on the debtor's credit report for 7 years.
The trustee/bankruptcy court can dismiss the chapter 13. Creditors would then be able to pursue collection including filing a lawsuit.
There are costs associated with bringing a civil lawsuit and collection agencies want to be sure of the following: * There is a good chance that the collection agency will win * The amount of money is significant - not small claims * All attempts to collect (legally via FDCPA) have been met with a lack of payment If the collection agency has one or more attorneys on staff, they will be more likely to pursue borrowers in court as the expense to do so is lower with in-house counsel vs. retained counsel.
The creditor can legally pursue collection of the debt owed from the non-filing spouse by whatever means they deem necessary, including filing a lawsuit.
Yes, if the student signed the loan papers too. Just because the parents took the loan down thru the Bankruptcy doesn't mean the student loan doesn't have to be paid if there were other signers responsible. Everyone signed on the papers would have had to gone Bankruptcy in order not to pay it. * They can pursue collection if you were a legal adult and signed the agreement. However, it is more than likely that the SOL for the loan has expired and therefore the collector would not be able to pursue litigation. They can continue to employ regular collection methods unless they receive a "cease and desist" letter from the alledged debtor.
No, once a bankruptcy is filed an automatic "stay" is in place, and creditors cannot pursue any collection action. Even outside of bankruptcy, a creditor cannot arbitrarily garnish a debtor's bank account. The creditor needs to file and win a lawsuit, be granted a judgment and then enforce the judgment as a bank account garnishment.
When a BK is dismissed with or without prejudice the debtor(s) lose the protection of the automatic stay which will allow creditors to pursue collection action including the filing of a lawsuit. Sometimes debts will be assigned in a dissolution of marriage to one or both parties. Creditors are not legally bound by the terms of a divorce as to which person they can collect the debt from if the debt is jointly held. Likewise, if the couple lived in a community property state terms of a divorce are irrelevant. Both will be held equally responsible for the debts regardless of whether they were incurred individually or jointly.
Theoretically, they can pursue you until you die or file for bankruptcy, regardless of how long either of those particular processes take. Your contract with the credit card company is similar to a vow of marriage, in that it has something along the lines of a "till death do us part" clause, but more so: "You owe us until you die!"
No one. Liens can only arise on valid debts. They can be statutory (such as a mechanics lien) or judicial ( a judgment lien). However, bankruptcy discharges the underlying debt, unless the debt was one not subject to discharge (such as taxes of a student loan). These creditors can pursue these debts, receive a judgment and enforce collection through a judgment lien.
Yes, in most instances a spouse can be held accountable. Texas is a community property state, both spouses are considered to be equal owners of assets and equally responsible for debts regardless of which spouse incurred that debt.
No, but the full amount of any joint debt will remain valid when included in an individual BK and the creditor can pursue collection from the non-filing debtor.
Typically the statue on collections runs out after 7 years. Which is the same amount of time it would take for a bankruptcy to clear from your credit record. So if you can handle the harassments and wage garnishings for 7 years go for it.
The judgment becomes an asset of the bankruptcy estate and thus the "property" of the trustee. The trustee may decide to abandon the judgment as not worth collecting, or may pursue its collection. Either call the trustee's office or check the docket and documents in the bankruptcy court. If by "fix" you mean pay, check with the trustee's office before sending any money or bank check to anyone. You may be able to settle the claim for less than the full amount. If you are uncomfortable doing it yourself, get a bankruptcy lawyer.
There is not a time limit on the collection of a debt. There are statute of limitations set by the state in which the debtor resides or in some cases where the debt was incurred that limits the time for which a lawsuit can be filed by the creditor/collector. It would seem that after the stated 13 years a lawsuit would not be possible with the exception of the debtor having changed the state of residency after the debt was defaulted.
A unpaid loan lasts forever or until it is lost. Basically if a lender is fed up with waiting to get paid it sells the loan to a collection agency which buys it at a fraction of the value. The collection agency upon purchase of the loan then has the right to pursue the person who's name is on the loan. Collection agencies are usually persistent and quite annoying, sometime even going out of their way to harass the debtor.
Dismissed without prejudice means the creditor cannot further pursue the debt.
Do not think that is legal because the minor is not able to borrow any money to collect.
One option is to send the creditors/collection agencies a cease-and-desist letter. It should be sent by certified mail. After it is received, the collector must stop contacting the requesting party. This action does not pertain to the original creditor--only collection agencies. OCs do not have to follow the FDCPA. The party involved also has the option of having an attorney remit letters to creditors explaining the debtor's situation. Once a creditor or collector has been notified that legal counsel has been obtained, they can only contact the debtor with the debtor's permission. This option does apply to both original creditors and third-party collection agencies.
Colorado is a full recourse state. Creditors may pursue a debtor for a deficiency judgment for 20 years after the debt was incurred. Moving to another state could result in the creditor domesticating the deficiency judgment and then the new state's statute of collection limitations would apply.