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When do you stop paying your creditors once you have retained a bankruptcy attorney?
Wiki User
∙ 18y ago
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
Wiki User
∙ 18y ago
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Can a cosigner acquire foreclosed business property after the borrower files bankruptcy?
You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.You need to consult with an attorney. If you have not filed bankruptcy then you may be responsible for paying the mortgage you co-signed.
When to file bankrupcy?
If your house is being foreclosed on, you need to file a chapter 13, with a plan for paying the secured debt arrears, including the mortgage(s) and have the income left over every month to pay the plan (and the trustee's percentage).
If you are not paying your creditors will you lose the money in your bank accounts in the bankruptcy?
Yes, once the bankruptcy is filed checking and savings accounts become part of the debtor's assets and the accounts will be "frozen" until the trustee determines the amount of funds that are not exempt under BK law and can be seized to pay creditors.
If you filed for bankruptcy and then your car was repossessed are you still going to have to owe something?
Ask this of your B/K attorney. that's what you are paying for.
Can a car be repossessed when it is in litigation for redemption in bankruptcy ct though the bankruptcy was discharged?
This is a good question to ask your B/K attorney whom you are PAYING to look out for your best interests.
Does the expenses of the home of the deceased get paid before medicaid lien?
You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.You should consult with an attorney who specializes in probate. There is generally a legal order of priority for paying debts of an estate. If you do not follow it then you will be held personally liable to creditors who should have been paid first.
What is filing bankruptcy?
Bankruptcy is a legal tool individuals and companies use when they are no longer able to repay debits. In the United States their are two sorts of personal bankruptcy. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors.
What does bankruptcy do to you?
Personal bankruptcy can do two things. 1) Chapter 13 Bankruptcy, or reorganization Bankruptcy lets an individual work with their creditors to pay back debts without the threat of foreclosure or harassment. This lets someone do the right thing and pay people back. 2) Chapter 7 Bankruptcy is a more extreme step. During Chapter 7 one continues to make essential payments while paying nothing to other creditors. Next, all assets are liquidated and distributed to creditors. Bankruptcy is the really last resort and only you know whether you go to this route. I have filed bankruptcy and it worked well because of the help from the financial advices. http://freshstartsolutions.com.au/bankruptcy/ It is really important to seek an advice before making decisions.
In chapter 13 bankruptcy do you have to pay your unsecured creditors 100 percent?
NO. Bankruptcy proceedings are used because you are not capable of paying 100% of your debts (otherwise your bankruptcy claim will be rejected by the court), and unsecured debts have greater chance of a lower amount of directed settlement from the bankruptcy trustee's work than secured debts (or certain excepted unsecured debts). Note that there is an excellent perspective book both about Chapter 7 and Chapter 13 bankruptcy: "The New Bankruptcy, will it work for You?" 3rd edition (published in 2009 by Nolo), by Stephen Elias (a bankruptcy attorney). In the public library system for Colorado Springs, I found it at 346.078 E42N (Dewey decimal system).
Your ex has stopped paying her half of the chapter 13 bankruptcy will you have to pay her share?
This is a question you really should be asking an attorney. It probably depends on what the divorce decree says.
What requirements must be met for creditors to file an involuntary bankruptcy petition under chapter 7 of the federal bankruptcy code?
The debtor has not been paying its bona fide debts as they become due
How to Choose a Bankruptcy Attorney?
If you’ve made the decision to file bankruptcy, you will likely need the assistance of a bankruptcy attorney. With attorneys being plentiful, choosing one may seem overwhelming. Here are things to keep in mind when deciding which bankruptcy attorney is best for you.Choose a Bankruptcy Attorney that Explains the ProcessThis is probably one of the most important aspects of choosing a bankruptcy attorney. You want a lawyer that will explain things to you and that will listen and pay attention to your particular situation. The attorney should not only be able to explain the bankruptcy process but also let you know based on your personal circumstances, if you have any other options. You will want to find out if bankruptcy is really the direction you need to be going and an attorney will be able to tell you what will happen and what won’t happen if you file bankruptcy. Additionally, they should be able to tell you the pros and cons of filing bankruptcy.Consider the FeesThe amount of money that is paid for a service does not necessarily indicate quality of work. This means that you should weigh the costs of the bankruptcy attorney. Some will be significantly less than others, and in a situation where your finances may already be in trouble, you do not want to end up paying more than you have to. Consider the attorney’s fees alongside how much work is predicted to be involved in your bankruptcy.How Familiar is the Attorney With Bankruptcies?It usually won’t matter if you have a fairly standard bankruptcy that includes debt such as credit card and medical bills. It is important to be aware of whether this is the first bankruptcy that the attorney has ever worked on, or if it is the hundredth. If anything, it may help with the decision in choosing the attorney you end up working with.Are You Comfortable With the Attorney?You will need to feel as though the attorney knows what he or she is doing but also that they are paying attention to you and have your best interests in mind. Whether you are able to contact and discuss your case with them comfortably is an important factor in choosing a bankruptcy or any type of lawyer. If you are uncomfortable at all, you may want to consider that there may be a different attorney for your situation.
