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How do you disclose if you are currently filing for bankruptcy or do you need to do so?
Wiki User
∙ 12y ago
As a debtor gets closer to filing bankruptcy, any creditors have already noticed disturbing patterns in payment frequency and have already began collection efforts (and have likely written off the debt as unrecoverable).
As part of the bankruptcy process (soon after filing initial paperwork), the court will review the debtor's finances in great detail in order to understand how much money IS there to pay creditors. During this discovery process, creditors must be notified. In addition, the filing is public notice and will be "found" by credit bureaus rapidly.
If bankruptcy is truly one's only option, that individual should work get legal representation to walk them through what happens and to position them for the best judgment possible once the process completes.
Wiki User
∙ 12y ago
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Will bankruptcy stop a garnishment?
Bankruptcy never stops a garnishment, it just delays it. In the duration of filing bankruptcy you no need to worry about garnishment.
What is necessary to file for bankruptcy?
Filing for bankruptcy is a complicated process and one should consider hiring a lawyer to help with the filing process. You also need to undergo credit counseling and be aware of what type of bankruptcy to file.
How can a bankruptcy service help me?
Bankruptcy services can give you all the information that you need. They can tell you all the pros and cons of filing.
When do you need to search out a bankruptcy lawyer?
While you're filing for bankruptcy you may want a bankruptcy lawyer, because it can be very confusing at times and they will be extremely helpful.
Do you need a lawyer if you are filling for bankruptcy?
You do not need a lawyer if you are filing individually. If you are filing for bankrupcty and you are in a corporation or in a partnership with someone, a case needs to be created, so you would need a lawyer.
Do you know if you go to bankruptcy court do you get discharged when you go there?
A person or persons would need to file for bankruptcy before having any contact with the court and/or bankruptcy trustee. A bankruptcy discharge is what is granted if the filing is deemed valid.
Do you need to disclose bankruptcy to a perspective employer?
In California, anyway, that would be considered a question that has nothing to do with whether you have the skills to perform the job, so no.
Can you get a reverse mortgage if you file bankruptcy?
Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.
Is filing for bankruptcy ever a smart choice?
Yes if you financially need to take that step. Filing for bankrupcy is not always bad, a lot of bankrupcy lawers can help you with lowering your debt.
Will your wife have to pay if you file bankruptcy?
If her name is on a loan that you file bankruptcy on than she would then be responsible for that loan. Filing a bankruptcy only gets your name off the loan(s), you would both need to file together.
How can you get a judgment off your credit report after filing bankruptcy?
If the debt that you were sued over, or the judgment itself was included in your bankruptcy, you only need send a copy of your bankruptcy papers to the credit reporting agencies. The judgment will not "come off", but it should get marked "included in bankruptcy" or "discharged through bankruptcy".
How much debt should one have before filing for 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.
