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How long does it take an individual to recover from filing bankruptcy action?
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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.
What is a notice of bankruptcy and stay?
When a bankruptcy is filed, an "automatic stay" takes effect, essentially a prohibition against any collection action by a creditor without the court's permission. This occurs even if the creditor has no immediate notice of the filing. Any collection action taken after the filing must be undone by the creditor.If there is a proceeding in a civil court to collect the debt, the appropriate action for the debtor is to notify the court of the filing, giving the name and address of the bankruptcy court, the date of filing and the docket number of the case in the bankruptcy court. This is often called a "suggestion of bankruptcy" or notice of bankruptcy."
What does the term 'corporate bankruptcy filing' mean?
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.
Can you file bankruptcy on your house if already in foreclosure?
Filing for bankruptcy may enable you to recover your house from foreclosure. However the bankruptcy would entail dealing with your entire debt situation, not just the house.
What effect does filing bankruptcy have on liens that have already been placed on property?
Whether or not a motion can be filed and will be granted for a lien to be removed after the bankruptcy has been filed depends upon individual circumstances. The expungement liens can be very complicated and it is best to have the action undertaken by a qualified bankruptcy attorney.
What if the debt is incurred after the bankruptcy filing but before the bankruptcy discharge?
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.
Does getting divorced change filing bankruptcy?
No, your relationship status does not affect your bankruptcy proceedings but if you filed as a couple (as opposed to one individual to the marriage filing) things can get complicated when it comes to debts, etc.
What are the alternatives to filing for bankruptcy?
One option to avoid filing bankruptcy is to simply do nothing. If one has no income and no assets, they are considered "judgement proof" and typically creditors will not file legal action against them as there is nothing for the creditors to recover. Other alternatives include informal or formal negotiations with one's creditors, consolidating debt, or restructuring debt (essentially refinancing the original loan).
What are the alternatives to filing bankruptcy?
One option to avoid filing bankruptcy is to simply do nothing. If one has no income and no assets, they are considered "judgement proof" and typically creditors will not file legal action against them as there is nothing for the creditors to recover. Other alternatives include informal or formal negotiations with one's creditors, consolidating debt, or restructuring debt (essentially refinancing the original loan).
What can you own when you go bankrupt?
If filing a federal bankruptcy, federal BK exemptions apply. If filing a state bankruptcy, the state's exemptions apply. A few states allow the debtor to choose either state or federal filing whichever is the most beneficial to the debtor. Bankruptcy Action, http://www.bankruptcyaction.com
How do you withdraw a Chapter 11 bankruptcy filing?
You may not be able to withdraw a Chapter 11 filing. You should talk to your lawyer to determine the best course of action.
Should a Christian file bankruptcy?
Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.
