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The main upside to having to file for bankruptcy is that you essentially get a restart on your adult life-this is of course a financial restart but also, for many, an emotional restart. Financial upset and debt can be incredibly detrimental to the relationships of those close to the person in dire straits. Once you file for bankruptcy, you can begin to add to your savings, spend money on yourself rather than the never ending black hole of debt, and work to repair your credit. It is actually a time, despite how bleak it may seem, of possibility. Below is an article on life after bankruptcy that goes into more specific steps post filing.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoDepending on which chapter you filed under, your debts will be greatly diminished or taken away. You will then be subjected to bank liquidation of personal assets-baring a few which are protected. Your credit score will also be severely damaged making it difficult to take out loans, etc.
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What happens if a co signer files bankruptcy?
They both go bankruptcy
What happens to a judgment lien in a bankruptcy?
If the bankruptcy is discharged you are no longer responsible for the debt.
What happens to a mortgage after a bankruptcy?
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
What happens when a judgment is against us while in the process of claiming bankruptcy?
If you are filing bankruptcy, you should have a bankruptcy lawyer onboard, and this is a question for him or her to deal with. You do not want to go through a bankruptcy on your own, especially as the bankruptcy rules have changed.
What happens if you get unexpected money after bankruptcy was discharged?
nothing
What happens when a creditor doesn't file a proof of claim in a bankruptcy case?
If it is not a secured debt it will be included in the bankruptcy discharge.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
What happens to the person who needs to file bankruptcy before discharged from previous bankruptcy?
The short answer is to get the case dismissed so it can be refiled.
What happens to credit cards in a bankruptcy when there is a zero balance?
it does not work
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
What happens to an incomplete bankruptcy filing if the filer dies before its completion?
The filer has to be in person for the 341 meeting so the bankruptcy would be dismissed. A bankruptcy may still be discharged if they are just waiting on the judge to discharge the bankruptcy.
What happens to your ticket when an airline files bankruptcy?
Nothing, the ticket is not a debt and would not be included in their bankruptcy. The ticket should still be good.
