0
Can you declare bankruptcy on credit cards and doctors bills only?
Wiki User
∙ 15y ago
No.
Bankruptcy involves everything you owe and everything you own. No exceptions.
YOU DO NOT PICK AND CHOOSE.
Basically, your assets are used to pay your debts. Obviously, it is unfair, and not the intention of BK to let you keep the assets of value you want, and escape paying for the things you don't want to pay for.
After all things are listed, they are given different legal priorities. Somethings of each are excluded (like your personal furniture can't be taken, nor can child support be discharged). They must be listed to be given the proper handling by the court. not doing so has severl very bad implications: First, you swear to the court that you are doing so and not doing is a criminal act, prosecuted as fraud. Anything not listed isn't protected...and the entire case can be dismissed.
Wiki User
∙ 15y ago
Wiki User
∙ 9y agoYes. If you declare bankruptcy you must declare all cards, loans, assets and debts.
Add your answer:
Earn +20 pts
What bills does bankruptcy cover?
Bankruptcy cover credit card bills. Bankruptcy can also cover outstanding debts from doctors, utility bills, and bank loans, as well.
When is it necessary to declare bankruptcy?
It is necessary to declare bankruptcy when a person cannot afford to continue paying for bills and other things they need. A person may declare bankruptcy if their business is not making any money.
Can you just declare bankruptcy on your home?
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
How do you repair credit after bankruptcy?
Pay bills on time. Nothing else.
What worse bankruptcy or debt relief?
If you have a pile of unpaid credit card bills and simply can't pay the total amount due. Then you have two options for dealing with the debt you've accumulated: liquidation or bankruptcy. When you declare bankruptcy, you're asking court to wipe your financial slate clean.
Does the credit owner will get in prison if he or she did not pay the bills?
No, unless he or she committed fraud in some way. Simply declare bankruptcy, the court will decide how your remaining assets will be used to pay creditors and which you keep. After declaring bankruptcy you cannot do it again for a certain number of years.
How can one improve their credit after bankruptcy?
Once an individual has become bankrupt, the next step is to file Chapter 7, which means to declare bankruptcy. The process by which one can declare bankruptcy varies from state to state. However, there is generally some form of paperwork that needs to be filled out and filed. The paperwork should reveal how the individual should proceed from there.
What can be done to build credit history after filing bankruptcy?
After filing bankruptcy, it is extremely important to be very careful to pay bills in full and on time. Missed payments or carrying credit card balances can negatively impact credit scores.
How hard is it to get credit after bankruptcy?
It is quite difficult to get credit after bankruptcy because after one declares bankruptcy one has to be significantly behind one ones bills to be able to do so. However after this one should be able to build their credit back up by paying things on time and not applying for loans.
Due to Medical bills and credit card debt you may have to declare bankruptcy so can you still cosign for your children's college government loans as you have been doing so far?
If they'll accept your co-signature as having any value, sure.
How long are unpaid medical bills on your credit score?
Unpaid medical bills are on your credit score until they are settled with the company that issued the bills or written off of the credit report. This could be for many years if you are making payments on the account or might end more quickly if you have declared bankruptcy.
What can you do if you are being sued for medical bills but are unemployed?
Talk with the people trying to collect and see if you can work something out. Or declare bankruptcy so the debts can be written off.
