Bankruptcy IS debt relief. After filing bankrupt, you HAVE no more debts. No credit, either, but that's the way it works.
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.
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.
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.
There's no maximum amount. If you can't make your payments you file bankruptcy.
Yes, the debts protected under a bankruptcy proceeding are enumerated when bankruptcy is filed. Any debts accrued by the bankrupt party in the future are not protected by a previously filed bankruptcy.
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.
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.
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.
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.
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.
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.
No, only unsecured debt is discharged.
id say 20,000 or higher.
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.
No, lawsuits do not prevent a person from filing bankruptcy. The lawsuit will be stopped when the BK is filed and the debt or judgment can possibly be included in the filing. It is at the discretion of the trustee as to whether a BK or any portion of it is allowable according to bankruptcy law. The BK petitioner has the option of appealing any trustee ruling with which they disagree.
of course you can. One does not inhibit the other. If you filed for bankruptcy as a couple, then the bankruptcy will proceed during the divorce, it just may complicate things. If you filed for bankruptcy as an individual then there should not be too much of an issue because you were only filing for bankruptcy as to your individual debt.
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.
yes, you are eligible, but be careful not to get back into debt.
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.
Chapter 13 is more of a repayment plan than a debt wipeout. Because of that, if there is a change in your financial circumstances after filing for bankruptcy then the court needs to be aware of it.
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
No, this is considered a post-petition debt. It would not be covered by the bankruptcy, you would legally owe this debt. Bankruptcy only covers charges up to the filing date. Not the meeting date,not the discharge date and not the closing date.
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.