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Is it true what a bankruptcy lawyer told me that even if you could not remember all your creditors when you file they are still discharged as long as the debt was incurred before you filed?
Wiki User
∙ 15y ago
Well yes and no. As long as all processes to assure adequate notice were followed, and you can prove it, then all creditors are presumed to have been given notice, and their late or failing to claim allows the debt to be discharged. That notice for example, may be publishing a legal notice of your BK in a publication of general circulation, along with having shown you diligenttly contacted everyone you could or had reason to believe would have a claim. But, if you didn't keep good records and couldn't show you actually tried to contact everyone that may have a claim....and didn't take extra steps to notify everyone...then their debt is probaby not dismissed as you didn't give them fair notice. It even sort of makes sense.
Wiki User
∙ 15y ago
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Can a bank take savings account after a discharge?
If the question is can they take it after you have filed and the account was opened after you filed and was discharged complete, NO. Can they take it before total discharge NO, but you must list it as an asset on the bankruptcy it is then shared with all creditors. Remember when you file it freezes ALL assets and debts that where acquired before you file but not after>
Is it better to buy a car with a horrible credit history or wait until a bankruptcy is discharged?
Wait until the bankruptcy is discharged. Dear Lord, yes, wait until the debt is discharged! Otherwise you will get stuck with horrendous interest rates which, even if you can afford the resulting inflated monthly payments, will take forever to build any positive equity in the vehicle. And remember that a discharged debt is not the same as a charged-off debt...you will still owe a charged-off debt.
Does the credit card company gets mad with you if you file bankruptcy?
Most creditors take a very dim view of bankruptcy, and you will likely lose your card(s). Remember, bankruptcy should be a last resort, not to be gone into lightly. It's best to consult with a lawyer first, if not to actually engage one to help you.
In Texas how do youfile a voluntary dismissal of a chapter 7 bankruptcy if you do not have an attorney?
You can get an attorney or get a paralegal to help you, or find a law library or public library that has books the lawyers use. Just because you file a motion does not mean it will be allowed. Remember to follow the rules for giving notice to the creditors and trustee. This is not just a piece of paper.
Bankruptcy or Debt Settlement?
A bankruptcy will be listed and hold your credit score down for 10 years, while the delinquent payments incurred while enrolled a Debt Settlement program will be there for only 7 years (and in some instance, even less). So at a minimum, your credit report will be cleared at least three years earlier when using Debt Settlement company as opposed to bankruptcy. Another important factor to remember is that a typical debt settlement program ultimately resolves your debts for much less than other debt relief options. And, unlike bankruptcy, you won't have to sell your house or other assets in order to free yourself of your liabilities. Also remember that there are several other debt help options out there besides Debt Settlement and Bankruptcy, such as Credit Counseling and Debt Consolidation Loans, and that each has their own upsides and downsides, so it is important to evaluate each carefully and examine how they fit into your overall needs and goals.
When filing bankruptcy do you list the original creditors or the collection agencies?
You will list on the petition the actual names of the creditors not the collection agencies. After you file your petition you will give your docket number to any of the creditors or the collection agencies who are trying to collect monies for the creditors listed on the petition when they call you or send their demand letters. Please be very careful to include ALL the creditors you wish to declare bankruptcy on. Once you file your petition you cannot add creditors later. You can actually amend your BK Schedules anytime prior to discharge, so if you forget someone, its not too late. However, you will have to mail the notices of Commencement of Chapter 7 yourself and will be responsible for renoticing the creditors if notices are returned due to a dead address or forwarding expiration. I recommend listing both the collection and the original creditor. The collection agency may have purchases the debt and be more than a collection agency at that point. Also, listing the collection agency means that that they will be notified of the automatic stay directly by the court and the phone calls will stop sooner. Regardless of what you do, remember that the new law that goes into effect in October 2005 requires you to list the original creditor at the address on your statements. I am a bankruptcy attorney and I always list both the original creditor and the collection agency or attorney representing the original creditor so that the creditor cannot later complain that they did not receive proper notice of the bankruptcy. I always pull a fresh credit report from all 3 bureaus on the date the petition is filed so that I don't miss any creditors who may have bought an account or that are representing a creditor in some way.
Where can you get free Bankruptcy Advice?
If you are considering bankruptcy then it makes sense that you would seek out as much free bankruptcy advice as possible before you take the plunge.There are a number of longterm bankruptcy effects which cannot be avoided, so it is important that you are fully informed about the process of bankruptcy and what it means to your personal, professional and financial standing.The Internet is a great place to start when looking for free bankruptcy advice. There are a number of websites out there which offer an in-depth bankruptcy research. You should always seek expert advice about bankruptcy as there could be other debt solutions which are more suitable for your situationINFO:Before filing for bankruptcy, remember that it remains in record for 10 long years. Meet good financial lawyers to be able to handle this issue properly. Better consult them for advice so you will be guided. Filing for bankruptcy is not an easy thing to handle so better seek for legal advisers who will help you all throughout.
What is filing for Chapter 13?
While this is a very general question, I believe the question being asked is whether a debtor who is unemployed can file a Chapter 13 bankruptcy. Unfortunately there can only be general answers given, but it is a place to begin exploring options. Remember that while bankruptcy is governed by federal law, individual state laws differ, and the debtor will be governed by both, so please speak with a bankruptcy attorney in your state. Chapter 13 is - simply stated - a court authorized debt management program. It is a means of creating a pay-back plan and very often the Trustee is able to authorize a program where debts are essentially, eventually paid back in full. If a person is unemployed with no means of income, that would be difficult to structure.
What is covered when you file for bankruptcy?
when i file a business bankruptcy are nsf checks covered?payroll and to vendorsBefore filing for bankruptcy, remember that it remains in record for 10 long years. Meet good financial lawyers to be able to handle this issue properly. I know financial experts who offer free consultation regarding bankruptcy and other legal matters. Better consult them for advice so you will be guided. Filing for bankruptcy is not an easy thing to handle so better seek for legal advisers who will help you all throughout.
Can judgments for credit cards remain on your credit report even after it is included in a Chapter 13?
Yes, unless the debt was fraudulent incurred. If the debt was fraudulently incurred, the creditor could file an action objecting to the discharge of that debt. One important thing to remember is that judgment LIENS will survive the bankruptcy unless the debtor files a petition under Section 522 of the bankruptcy code to remove the lien. If you file for bankruptcy, make sure you tell your attorney about any judgments against you so the attorney can investigate whether or not any liens exist.
If you have a wage attachment can you file bankruptcy?
Sure. It normally even stops the attachment, at least for a while. However, if the amount you owe they are getting will be discharged in BK is dependent on many things, including what its for (say its for compensation for a legal matter, or child support - probably not). However remember BK MUST include everything you owe and everythign you own. So you won't only be involving this item or the attached income. Sure. It normally even stops the attachment, at least for a while. However, if the amount you owe they are getting will be discharged in BK is dependent on many things, including what its for (say its for compensation for a legal matter, or child support - probably not). However remember BK MUST include everything you owe and everythign you own. So you won't only be involving this item or the attached income.
Can a company get out of a law suite by filing chapter11?
Well not exactly...the case still has to be resolved. The BK court may take jurisdiction, but normally won't and will let it run it's normal legal course. If the you win and the company has to pay, that liability would become part of the C-11. How exactly it is handled in the bankruptcy case and reorganization depends on many things. It could range from being entirely discharged to bring entirely paid. Generally, the BK court wants to see these types of things treated fairly at least...and of course it depends a bit on what the lawsuit is over. Remember, that this item will not be the only one effected by the BK...all other debts, equity and assets will be too...you won't and can't be singled out...all other creditors of your class MUST be treated equally.
