answersLogoWhite

0


Best Answer

The answer below may apply in USA legal jurisdiction.

Different States (i.e. sovereign legal jurisdictions) have their own laws.

So, for example, if you are in China, I am sure the answer below does not apply.

But, if you happen to live in USA, well, you are bankrupt anyway you care to figure it.

Take the money and run!

Good luck....

There are two different forms of Bankruptcy, chapter 7 and 13. A chapter 7 will wipe the slate clean but anything you include the creditor can take back and sell it to pay the bill. Basically they can repo aything included. A 13 you go to court and the creditors usually will let you keep your stuff and you aagree to a set amount you can afford to pay back creditors on a monthly pay plan.

A chapter 7 will allow the filer to discharge all debts that allowed under the federal or state filing whichever one is used. Secured debts such as homes and vehicles are not subject to discharge and the lending agreement must be reaffirmed with the lender if the debtor wants to keep the property. BK exemptions such as the homestead exemption are used to protect against the forced sale of the debtor's personal and real property. Spousal maintenance (alimony), child support, tax defaults and certain types of lawsuit judgments are not dischargeable in a chapter 7.

A chapter 13, is a consolidation/repayment BK the debtor files a repayment plan with the BK trustee who will decide if the filing will be allowed. Under this plan the debtor is allowed to keep all personal and real property unless the lender is allowed by the BK court to be excluded from the plan. If this happens the lender may pursue litigation, foreclosure or any other allowable collection procedures.

User Avatar

Wiki User

โˆ™ 2010-07-12 18:40:07
This answer is:
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
User Avatar

Add your answer:

Earn +20 pts
Q: Will filing bankruptcy cancel all debts collections and judgments?
Write your answer...
Submit
Related questions

How can you find out if a garnishment has been stopped by filing bankruptcy?

Bankruptcy will not stop a garnishment. You cannot set aside civil judgments by filing bankruptcy.


Will filing for bankruptcy affect a judgment against you?

Perhaps, many judgments can be discharged in bankruptcy. The ones which are allowable are determined by state and/or federal laws, depending on the type of bankruptcy chosen.


Can you charge on a credit card that is in your bankruptcy AFTER actually filing bankruptcy?

"Whether a debtor keeps credit cards after filing bankruptcy is up to the credit card company. If you are discharging a credit card they will cancel the card unless you reaffirm the debt. Even if you have a zero balance the credit card company might cancel the card."


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 include judgments in bankruptcy?

Yes in a chapter 13 but you should definitely consult your lawyer to make sure all kinds are ok. And note filing them in a bankruptcy,unfortunately, doesn't always get rid of them.


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.


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."


Who do you talk to about stopping wage garnishment?

Work out some sort of agreement very quickly with the other party. If you can't do that then perhaps your only option is to file bankruptcy very quickly. Filing bankruptcy legally puts a stop of wage garnishments. Filing bankruptcy stops all of your creditors' collection activities which is why it is often used as a weapon to avoid judgments.


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.


In order to file bankruptcy must you have a bankruptcy attorney?

If you are filing for personal bankruptcy it is not necessary to have a lawyer. If you are filing for business bankruptcy, you must retain a lawyer on your behalf.


Should a Christian file bankruptcy?

Filing bankruptcy has no affiliation with religion. If filing bankruptcy is he best financial options available, then you should do it.


I had traffic tickets from 7 yrs ago that were sent to collections C O of the court I filed for Chapter 7 Bankruptcy those debts were discharged under the bankruptcy do I still owe the debts?

If tickets were discharged after filing for bankruptcy then someone would not owe on these debts.


How do you stop lawsuits or judgments against you by creditors?

The only option for stopping a lawsuit and/or obtaining relief of judgments is filing bankruptcy. Otherwise, once a creditor has filed a lawsuit against you and you receive notice of the hearing, or recovered a judgment against you, you cannot stop the process.


Does having a car in repo effect filing for bankruptcy?

No - having had a car that was re-possessed will not affect the filing of a Bankruptcy.


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.


In a Chapter 7 bankruptcy a person filing for relief is called a?

In a Chapter 7 bankruptcy, a person filing for relief is called a


Can you file bankruptcy and still get an insurance license?

Why not? Filing for bankruptcy is not a crime.


Can you avoid criminal charges by filing bankruptcy?

No. Bankruptcy is a civil act.


Is Monrovia Nursery filing bankruptcy?

Nope. Monrovia has not filed for bankruptcy


Can you get a series 65 after filing bankruptcy?

NO


My spouse is filing bankruptcy do i have to?

no you do not have to file.


Do you need a lawyer if you are filing for bankruptcy?

no


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 is a chapter 13 lawyer good at?

A chapter 13 lawyer is good at filing for bankruptcy for their client. A bankruptcy lawyer can help you find the best financial path after filing for bankruptcy.


Are you a bankruptcy?

Bankruptcy is when a person or a firm thinks that they are in financial crisis, they go out for filing bankruptcy in related court.