The best thing to do is to consult a lawyer specializing in that area.
The Federal Bankruptcy Court, in an official well regulated legal proceeding is the only one that can handle (hear, approve, settle, etc) anything to do with bankruptcy.
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
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.
File Bankruptcy or threaten to since they would yield nothing if you do. They will want to settle fast.
I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
Those are not included to what you have declared. So, you must settle them and be responsible for them.
You can often settle these debts for .30 on the dollar. Depending on the amount, it is better to settle. If it is something rediculous like $30k, than I would go BK. I do not recommend bankruptcy unless you tried to earn income from every single potential source including temporary job income. Only go for bankruptcy if and only if you know for a fact you will become homeless, and extremely hungry within the next month. In other words, try to pay debts off first.
form_title=Settle Your Debt form_header=Work with your creditors to consolidate and set up a debt repayment plan. What is the total amount of debt you owe?=_ Do you own your home? = () Yes () No Have you ever filed bankruptcy?= () Yes () No
Yes. It is an asset. It may have value. The bankruptcy court has the right to sell off most all of your assets to settle debts. Certain assets are protected or otherwise not subject to a sale as you will still need some basics. The laws for bankruptcy do vary by state so check with a bankruptcy attorney if you need precise answers that apply in your specific situation.
Unfortunately, you will have to pay your income taxes from 2008, even after your bankruptcy is finalized. Federal law prohibits income tax debt from being discharged, so you will still owe, but you may find that they stop attempting collection until after your bankruptcy case is complete. You may want to ask your bankruptcy lawyer if he has tax experience so that he can act as your tax lawyer in dealing with the IRS to settle the debts you owe them as well.
yes Whether a debt is "charged off" or even discharged by a bankruptcy court, the debtor has the option of repaying the debt anyway. This is how many business reorganize their finances. The file for bankruptcy, have debt discharged but negotiate with the creditors after the bankruptcy to pay down the amount(s). That way the company can stay in business and also keep it's credit rating up.
Yes, you can settle, make payments, file bankruptcy or move to a state that the DMV does not recognize the judgment. Many states are creating legislation to block their states from a national DMV. Bankruptcy is not good for the judgment holder since they would see nothing as far as money, so settling is in your favor. Also bankruptcy will muck up your credit for years.
This question could only be answered by the creditor.