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You should liquidate the company after filing bankruptcy. If you do it prior to filing, it might be seen as an attempt to commit fraud and not pay off debtors. You would be safer to file and then follow the directions necessary.
Consult an attorney in your area before making any big moves!
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∙ 16y ago
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What exactly is bankruptcy?
Bankruptcy is the total or partial abolishment of debts after a formal filing with the government by either an individual or a company. If bankruptcy is granted, banks are able to liquidate assets-barring ones that are exempt-and possibly garnish wages. Credit scores are also severely hit by bankruptcy. The article below goes into more detail on the specifics of bankruptcy.
Will your credit rating be affected by your partner filing bankruptcy?
If your partner files for bankruptcy and you don't then the bankruptcy will not appear on your credit report. But you will be partly responsible for before bankruptcy filing. Generally filing bankruptcy will affect the credit rating of the individual who filed it.
Can I claim services not paid for by a company filing bankruptcy?
Yes
Will bankruptcy protect me from foreclosure by my mortgage company?
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
Can you spend money before filing bankruptcy?
yes
Does income count AFTER you file chapter 7?
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
Can a company that files bankruptcy stop payment on checks issued before the bankruptcy?
Obviously they can issue a stop on checks in normal course of business. But, any check outstanding at filing....WILL NOT BE HONORED...the court immeadiately stops and holds the banking accounts of the filing company...those assets are part of the bankruptcy...as is any uncashed check. The no payment order isn't from the Company...it is part of the operation of law.
What happens if you run up credit cards before filing bankruptcy?
The judge may disallow those debts from the bankruptcy because you are obviously attempting to defraud the credit card company.
The sheriff has scheduled my home for a sale. Will filing bankruptcy chapter 7 stop this process?
generally filing for bankruptcy puts a stay on the collection of debts, including a foreclosure. get in touch with a bankruptcy atty asap, because there are things you are required to do before filing.
Should you take your money out the bank before filing bankruptcy?
yes
If you file bankruptcy do you have to liquidate all your investments?
Yes, unless you were smart enough to put some of these investments in your spouse's name or someone else's name. * In the US property and assets that are subject to seizure and liquidation by the bankruptcy court is determined by the type of bankruptcy that is filed and whether it is a federal or state filing.
How much debt can you have before filing for bankruptcy?
There's no maximum amount. If you can't make your payments you file bankruptcy.
