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The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.

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โˆ™ 2006-03-06 01:51:38
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Q: When do you stop paying your creditors once you have retained a bankruptcy attorney?
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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.


How does bankruptcy affect creditors?

Bankruptcy raises creditors expenses because people get out of paying what they owe. It causes the price of everything to go up because of those who don't or can't pay their debts.


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


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.


Do you have to pay back creditors after you file bankruptcy?

Good question. It is important to know what you have to continue doing and what you are discharged of in bankruptcy and also to familiarize yourself with the different types of bankruptcy and their differences Generally speaking, if you are filing for chapter 7 bankruptcy then the majority of your debt will be discharged and you would not have to pay back your creditors. If you are filing for chapter 13 bankruptcy then you likely would but under your repayment plan you would probably be paying less that you originally are.


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.


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.


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.


Do you need a lawyer to probate a will in Texas?

Not if you know all the legal aspects of probating a will, the probate laws, filing procedures and are willing to take on the personal liability for any errors you make, especially in paying creditors and distribution of the estate. If not then hire an attorney.Not if you know all the legal aspects of probating a will, the probate laws, filing procedures and are willing to take on the personal liability for any errors you make, especially in paying creditors and distribution of the estate. If not then hire an attorney.Not if you know all the legal aspects of probating a will, the probate laws, filing procedures and are willing to take on the personal liability for any errors you make, especially in paying creditors and distribution of the estate. If not then hire an attorney.Not if you know all the legal aspects of probating a will, the probate laws, filing procedures and are willing to take on the personal liability for any errors you make, especially in paying creditors and distribution of the estate. If not then hire an attorney.


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.


Does every debt have to be included in bankruptcy filing or can some be left off I don't want to include everything?

All assets and all debts must be included in the bankruptcy petition. A petitioner in bankruptcy may not hide assets from the creditors as this would be unfair to the creditors as a whole when the assets are liquidated. A petitioner is entitled to retain certain assets, however they still have to be disclosed. All debts must be disclosed in the petition as well, since keeping some out would give those creditors preferential treatment over other creditors. Creditors left out of the petition would presumably receive the full amount of their debt, which is also unfair to the remaining creditors. In the event you wish to pay some particular debt in full rather than having it wiped out in bankruptcy, you are free to do so after the discharge by reaffirming the debt. Nothing in a bankruptcy order prohibits you from voluntarily paying a creditor the full amount owed after it has been discharged.


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.


If you owe a thousand dollars to chapter 13 but are behind paying what will happen if you do not pay?

The trustee/bankruptcy court can dismiss the chapter 13. Creditors would then be able to pursue collection including filing a lawsuit.


What are some last resort steps to fight forbearance?

Paying your bills would help a person avoid forbearance. Forbearance would be better than avoiding creditors and eventually having to file for bankruptcy.


If your car has been repossessed can you get it back when filing bankruptcy?

Quentyn, these questions are best asked of your B/K attorney. S/he will give you the legal advice you are PAYING for. Good Luck If your car is repoed and you've already filed for Bankruptcy (Chap 7) will you be able to ask for your car back if you still want to continue paying?


Do you pay rent under chapter 7?

Yes. In addition to your normal expenses, such as rent, food, insurance and utilities, in a Chapter 7 bankruptcy you must continue paying all of your secured debts, which usually includes debts that are secured by a house, car or furniture. In other words, in order to keep your possessions, you must continue to pay for them. If you are surrendering the item that secures a particular debt to the trustee in order for he/she to sell the property & use the proceeds to pay creditors, then you do not need to continue to pay for that item. If you are unsure about which creditors you need to continue paying for, then please contact your attorney.


Can you discharge a student loan on bankruptcy?

No, you can't get out of paying a student loan by filing bankruptcy.


Can a person still file for bankruptcy even though they recently won 30k?

If their debts are more than 30K, yes (although the 30K would need to be declared and will go towards paying off the creditors).


What should you do about your creditors if you have a problem paying your bills on time?

yes!


How long can you go without paying your credit card in califormia before they have to stop hounding you?

A company can continue to hound you for their money until the debt is satisfied or until you retain an attorney for bankruptcy.


Is there a priority for paying estate claims such as attorney funeral medicare and creditors in Texas?

You will have to check the wording of the will first. It may specify some debts be paid first. Typically the executor gets paid first.


How long after you win a third party lawsuit can you file a Chapter 7 bankruptcy?

Winning a lawsuit will have no impact on your ability to file for Chapter 7 bankruptcy. If you are a judgment creditor, the judgment might become an asset of the bankruptcy estate and the bankruptcy trust might choose to sell the judgment or enforce the judgment for the benefit of your creditors.. if someone files bankruptcy on as credit card does that a third party has charged on and the debt is cleared dose the third party continue paying for a debt that is no longer there