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To somewhat oversimplify:
1) You do not have the money to meet your financial obligations.
2) Your total assets are less than your total liabilities.
3) You have no immediate hope of being able to rectify that situation.
And as I said, that is a bit of an oversimplification. Oh, and I guess that's three situations, isn't it?
What else can I help you with?
What are the two words foster uses to define this concept?
Foster uses "possibility thinking" to define the concept of reframing situations and challenges in a more positive and open-minded way.
Will you get a 1099 for debt discharged in Chap 7 bankruptcy?
No. Unlike some non-bankruptcy situations, debt wiped out in bankruptcy (any chapter) is NOT income to the debtor.
What does the Insolvency Service do in the UK?
The Insolvency Service in the UK is responsible for administering and investigating bankruptcy. They can act as trustees or nominees in bankruptcy situations.
How do you check your bankruptcy date?
The first two digits of the docket number, before the hyphen, tells you the year. If you don't have the docket number, you can go to a bankruptcy court or bankruptcy lawyer's office and look it up on the computer.
How do you bankrupt your student loans?
Student loans do not qualify for bankruptcy except in certain dire situations.
Do you lose your RRSP's when declaring bankruptcy?
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
Cancellation of chapter 7 bankruptcy?
You can dismiss a bankruptcy. (Motion to dismiss) However, you will no longer be under the protection of the bankruptcy courts, will still owe everything, and will still have a bankruptcy on your credit report. You may also be prevented from filing again for quite some time. Talk to an attorney about your individual circumstances and how your local Bankruptcy court handles these situations.
If judgment goes to bankruptcy will it be removed?
If a judgment goes in the bankruptcy, it can be removed. The person who the judgment was for, has the right to request that it still be paid. In most Chapter 7 situations, the judge will decide in favor of the debtor.
What are the two chapters a business can file bankruptcy under?
You can file bankruptcy for two possible reasons: you are unable to pay your debts or your creditors file for bankruptcy if you owe them more than 1000 dollars.
Bankruptcy Where do bankruptcy proceeding happen?
Usually, people do a couple of things when they are considering this option. Firstly, they may talk to some close friends and/or browse the net. The trouble with each of those methods is that the information is generally imprecise and relatively generic. There are no two situations the same, as everyone has a distinct set of financial scenarios that must be considered in this process. Visit my profile/site for more information about bankruptcy.
Can you be sued for a car accident after you have filed for bankruptcy?
Yes, the accident and bankruptcy are two different issues.
Does the federal government have the power to abolish contracts?
Yes, under very specific situations. One example is in the event of a Bankruptcy.
