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Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.

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โˆ™ 2011-07-20 18:42:22
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Q: What bankruptcy information should you know before you consider filing for bankruptcy?
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Related questions

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.


Where can you find bankruptcy information?

Bankruptcy information is available from lawyers who specialize in the area. They possess a great deal of knowledge when it comes to bankruptcy. Information about filing for bankruptcy can be found at a local courthouse.


Does income count AFTER you file chapter 7 bankruptcy?

A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.


What is necessary to file for bankruptcy?

Filing for bankruptcy is a complicated process and one should consider hiring a lawyer to help with the filing process. You also need to undergo credit counseling and be aware of what type of bankruptcy to file.


Can you buy a car after filing bankruptcy before you get a discharge?

No.


Can you spend money before filing bankruptcy?

yes


Is it better to open a new checking account before or after filing for bankruptcy?

You may find it difficult to open a checking about after filing bankruptcy, so I suggest opening the account before you file.


How long do you have to wait before filing bankruptcy again?

It would depend on the circumstances and which country you are filing in.


How long after filing bankruptcy can move out of state?

You are not prevented from moving as a result of filing bankruptcy. Filing bankruptcy is not a crime.


Can you claim bankruptcy on IRS debt?

Filing for bankruptcy is one of five ways to get out of tax debt, but you should consider bankruptcy only if you meet the requirements for discharging your taxes.


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.


Can you buy a new car before filing for chapter 7 bankruptcy?

If you buy a used car with cash before filing a chapter 7 bankruptcy, How long do you need in between purchase and filing to keep the vehicle if the vehicle meets exemption in a state?


Where can one find something about chapter 11 bankruptcy filing?

The US Courts is the best place to source information regarding chapter 11 bankruptcy filing. Here you will find valuable information including how the chapter 11 bankruptcy works. Other sites that provide information include; Investopedia and Wikipedia.


What should you do before filing bankruptcy?

Before filing Bankruptcy, one must consider all the other ways to repay their debts. Bankruptcy filing is not an easy task, as it involves a series of legal procedures. If a person is about to file for chapter 7 bankruptcy, then they must be prepared to liquidate their non-exempt properties. The bankrupt persons must analyze their financial position and make a list of all available assets and properties in order to find and dissolve the non-exempted assets. Nowadays filing bankruptcy has become easier by hiring a bankruptcy lawyer, one can find the available lawyers through some websites like bankruptcy.expert, nolo.com


How can one find out if a company is filing for bankruptcy?

A company filing for bankruptcy must do so at a court, which is generally a matter for public record. Local procedures will determine the manner in which you can access this information.


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.


How can a bankruptcy service help me?

Bankruptcy services can give you all the information that you need. They can tell you all the pros and cons of filing.


Should you take your money out the bank before filing bankruptcy?

yes


Should an 85 year old file bankruptcy?

I think that at your age you really need to consult with a bankruptcy attorney before filing for bankruptcy. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court. You may also want to consider the effect this may have on the inheritance for your loved ones and on your standard of living.


Is there a minimum dollar amount that a court will consider for filing bankruptcy?

No. The amount of debt versus the ability to pay may factor in what type of bankruptcy will be accepted by the court.


Is it possible for one to refinance after filing for bankruptcy?

"It is possible to refinance after filing for bankruptcy. However, there must be a certain interval of time between refinancing and filing for bankruptcy that varies depending on the country you are filing in."


What happens when filing bankruptcy because of gambling?

What do you mean? Filing bankruptcy is basically the same no matter what the reason for the filing.


Which taxes are not eligible for bankruptcy?

Payroll taxes and penalties for fraud are not it is not eligible for bankruptcy. If the debtor filed a tax return for the relevant tax years at least two years before filing, then it is not eligible for bankruptcy. If the tax debt is from a tax return that was originally due at least three years before filing for bankruptcy then it is not eligible for bankruptcy. If the IRS assessed the tax debt at least 240 days before the debtor filed for bankruptcy, then it is not eligible for bankruptcy.


What is Prepetition?

Any time before the filing of the petition (of bankruptcy I presume) with the court.


Where can someone find information about getting mortgage loans after bankruptcy?

Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.