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If you call your creditors before filing for bankruptcy will they try and help you out with your delinquent payments?
Wiki User
∙ 8y ago
The very last thing a creditor wants to see a comsumer do is file banruptcy, especially a chapter seven total liquidation. Most lenders if they believe the involved party can honor a modified payment agreement will work with the person. In some cases a creditor will lower the interest rate or even suspend it for a set period of time, usually no more than six months. The consumer should be prepared to provide proof they are unable to pay the present agreement and what terms they believe they can manage in the future.
Wiki User
∙ 8y ago
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When filing for bankruptcy and including the car how long is it before the creditor collects the car and how does that work?
The loan company can repossess any car that the payments are delinquent on. Your BK does not prevent repossession of your car.
Can creditors object to a bankruptcy filing or plan?
Yes. Each type of bankruptcy allows creditors to object to specific debts included in the plan or the manner in which the plan addresses the repayment or discharge. In Chapter 7 Bankruptcy, creditors generally have 60 days after the first creditors meeting to object to the discharge of a specific debt. If no objections are filed, the court will issue the discharge order and the trustee will proceed to collect and sell the assets, then distribute the proceeds to the creditors under a predetermined system. If there are objections, the bankruptcy itself, less the objected debts, continues through to discharge. It may be necessary to have a trial before a judge to resolve the items that creditors objected to. In a Chapter 13 case, creditors are given an opportunity to object to the plan for repayment. If there are no objections filed by creditors or the trustee, the plan may be confirmed as filed. After the plan is confirmed, the trustee will distribute the payments from the debtor to creditors until the
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.
What does bankruptcy do to you?
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
Can you file bankruptcy in Ohio then move to Germany before the bankruptcy is complete?
Yes, you can move anywhere you want to, but if you are paying payments (Chapter 13) you are still legally obligated to make the payments.
Is it all that bad to claim bankruptcy?
This is a personal decision, greatly influenced by the amount of serious debt and your ability to meet the original payments or pay the full amount. Being hassled by creditors when you are broke is nerve wracking for starters. Secondly, the decision to file should not be made solely to stop demanding creditors. Though filing temporarily stops creditors from engaging in out-and-out enforcement lawsuits, secured creditors can apply for "relief from the stay" and then continue their efforts to repossess or foreclose. Furthermore certain kinds of debts-chief among them, student loans, alimony and support obligations, drunk driving restitution, and debts incurred through fraud-can't be discharged in bankruptcy. Depending on your circumstances, bankruptcy may or may not make sense for you. If after the bankruptcy you will be no better off than you were before, why do it? The decision as to whether and when to file a bankruptcy petition should be based upon the facts of your individual case.
What is your liability to harassing creditors if after six years your Chapter 13 bankruptcy was dismissed by the trustee?
If your Chapter 13 was dismissed, meaning you did not complete your Plan, then you are essentially right back where you started before you filed for bankruptcy. The creditors can pursue you for the debts without any legal ramifications.
If you inherit money after a ch 7 bankruptcy how much time must pass before I have to pay said money to my creditors?
If your bankruptcy is over....it's over. There is no claim to what ever you get in the future.
Can YOU add atty fees to a chapter 7?
You can add attorney fees for services rendered that are due and owing to an attorney. i.e. you owe a family law attorney $3500 for a divorce that he handled for you and you can't make that payment or payments to your other creditors and decide to file bankruptcy, you can discharge the fees owed to him. If your bankruptcy attorney has even an ounce of bankruptcy knowledge he will have you pay him in full before filing your petition as any fees owed pre-petition (that is, before the case is filed) are discharged.
What is the preference period on bankruptcy?
A preference period is based on the relationship that a debtor has with a creditor. The debtor cannot transfer money to non-insider creditors during a 90 day period before filing for bankruptcy. The preference period for transfers made to insider creditors can be increased up to one year.
Could creditors claim from a deceased estate if bankruptcy of the recently deceased occured 20 years ago?
The events from before the bankruptcy filing or discharge make no difference to anything incurred after. It is not a lifetime forgiveness!
Does a bankruptcy attorney usually accept installment payments?
No bankruptcy attorneys usually don't accept installment payments, but, due to the economy there are a few which have made it possible for you to do at least two payments, the first when you meet and then the the last one before papers are filed. Desperate times has brought about desperate measures.
