Debts incurred after a bankruptcy is filed cannot be added to the BK and therefore would not be discharged. Any debts not discharged in a bankruptcy are subject to collection by any means available to the creditor under the laws of the state where the debtor resides,
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.
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.
There's no maximum amount. If you can't make your payments you file bankruptcy.
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.
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.
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.
id say 20,000 or higher.
No, only unsecured debt is discharged.
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.
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.