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Debt is what you owe others for money the lent you expecting to be repaid by you. Bankruptcy is a federal legal court system that allows debtors to get a discharge, which prevents creditors from taking any action to collect the debt. It does not prohibit you from repaying the debts as and when you can after the discharge. Some loans cannot be discharged, such as student loans and child support arrears. Secured loans (mortgages, car loans, etc.) must either be reaffirmed or the collateral surrendered to the creditor
What else can I help you with?
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
What does discharge of a debt mean when it is not associated with bankruptcy does it mean the debtor is fullt released from the obligation to repay the debt?
Yes, if a debt is discharged the debtor no longer has to pay.
What does pending bankruptcy mean when trying to collect on a debt?
Bankruptcy Means Test and Household Size With a Pending Divorce .
Are you liable for debt cancelled in bankruptcy?
No you are not, If you deglared bankruptcy, that cancels your debt
Is recourse debt subject to discharge in bankruptcy?
Recourse debt can be subject to discharge in bankruptcy, but it depends on the specific circumstances of the bankruptcy case and the type of recourse debt involved.
What does Discharge Bankruptcy mean?
I Have just been discharged from bankruptcy, does this legally mean that my possisions can not be touched and I am not liable anymore for the debt. I wont to know if my house is now safe ?
What does reopening a bankruptcy case mean?
Usually, it means that more debt has been found, or it has been decided that debt already known can be included in the bankruptcy case. See the attorney filing the motion to have it explained.
Where can one get help for credit card debt bankruptcy?
There are many places where one can get help for credit and debt bankruptcy. For example, Debt Advisors Scotland, Consumer Information and Total Bankruptcy.
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.
If I file bankruptcy can I add my mother's creditor with my bankruptcy?
Just because she is your mother, it does not mean that you are automatically liable for her debts. When you file for bankruptcy, you can include only those debts which you are liable either personally or as a co-signor or joint debts. If you are not a co-signor and you include your mother debt in your bankruptcy, you will be committing fraud and your petition will be dismissed. Once a bankruptcy petition is dismissed for fraud, there may be restrictions on future filings. Your mother will continue to be liable for the debt. If she is unable to pay the debt, she can file for bankruptcy to discharge the debt. For an official opinion, it is advised you seek legal counsel.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
Can a judgment be put on your credit if the debt was part of the bankruptcy?
Not if the debt was discharged in the bankruptcy. If the judgment was on the credit report before the bankruptcy was filed and/or was discharged in the bankruptcy, the entry will still remain on the CR for seven years.
