Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.
In a Chapter 7 bankruptcy, a person filing for relief is called a
The best thing you can hope for as an individual in terms of debt relief is debt consolidation. Most debt relief programs are reserved for large corporations or even governments. I believe the only answer is really a debt consolidation aside from filing for bankruptcy.
If one requires tips on bankruptcy debt relief there are a few sites that offer some good information. One can find tips on sites such as "Bills" and Debt Relief Pros.
Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.
There's no maximum amount. If you can't make your payments you file bankruptcy.
No, unless the creditor gets relief from stay or the bankruptcy is dismisssed.
When an individual files for bankruptcy, he/she must list down all the creditors and debts that they have. If the bankruptcy has already been filed and the individual has incurred new debt but has not yet been discharged by bankruptcy, that new debt is not included in the bankruptcy discharge. For an official opinion, it is advised you seek legal counsel. It is really important to seek legal advice from the expert about filing for bankruptcy.
AnswerDebt settlement helps you in reducing your debt amount significantly, the debt settlement company negotiates with your creditors to reduce your debt amount. It is a better option than filing bankruptcy. I took help of Freedom Debt Relief and their debt reduction program helped me in reducing my debt amount.
That is up to the person filing the bankruptcy. You can include or omit any debt that you choose.
when filing any bankruptcy you must disclose ALL debts.
No, only unsecured debt is discharged.
id say 20,000 or higher.
can you file student loans on bankruptcy no. But yes you do have to list them in your bankruptcy. And No they will not discharge the debt on them, if they are federal student loans.
It would depend on the person as to how much debt one would have to have before filing for bankruptcy. Some people can have more debt than others and be ok with it, while others would feel the need to file.
Debt solutions or consolidation is something you should look into before filing bankruptcy. Consolidationg your debt allows you to make smaller payments over a set amount of time and can positively effect your credit.
Corporate Bankruptcy Filing is the name given to the process when a business becomes insolvent and unable to meet their debt commitments. This is in contrast to personal bankruptcy where an individual becomes insolvent.
Debt relief companies are usually approached in helpless financial situations and can help consumers get rid of their debt by assisting in foreclosures or filing bankruptcy. Instead, help can better be found reading books on self-help and finance such as the book No More Harvard Debt.
Yes, all creditors have the legal option of filing a Motion for Relief From Stay to allow them to be excluded from the bankruptcy petition.
yes, you are eligible, but be careful not to get back into debt.
For the most part yes. The only problem you could run into is if the creditor involved believes that you intentionally incurred the debt with the intention of then filing bankruptcy. If they can prove this the debt is determined to be bankruptcy fraud and nondischageable.
If you have forgotten to include a debt in your bankruptcy, you can amend your petition to include the debt in your bankruptcy. In case of a chapter 13 filing, you must amend your payment plan to include the forgotten debt. In some cases you may not have to file an amended petition in a Chapter 7 case especially if there are no assets for distribution. The court will allow you to write off the forgotten debt but you must provide proof of your bankruptcy filing to the creditor otherwise they will not be aware of your filing and will continue with the collection activity. If the debt was incurred after the filing but before discharge, you may have to file a new petition including the debt after requesting the court to dismiss your existing petition. For an official opinion, it is advised you seek legal counsel.
There is no limit to the debt you owe for filing bankruptcy. Chapter 13 may not be available if you owe a large amount. Since the amount changes from time to time, you will have to look it up on your bankruptcy court's website.
If the debt was incurred prior to the bankruptcy, then you cannot file a lien and your debt will be dealt with in the Chapter 11 plan of reorganization. If the debt was incurred after the bankruptcy, then any action you do take must be approved by filing the appropriate with the bankruptcy court first.
Absolutely not. That debt is null and void. First, make sure that debt was actually included on your bankruptcy filing, and was discharged properly. Second, send the debt collector a copy of the bankruptcy filing, and tell them to get lost. If they persist beyond this point, they are in contempt of the bankruptcy court filing. They are also violating state and federal laws by pursuing a debt that has no legal standing. File complaints with your local state attorney general's office, and think about suing them under the Fair Debt Collection Practices Act.