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This is a personal decision, greatly influenced by the amount of serious debt and your ability to meet the original payments or pay the full amount. Being hassled by creditors when you are broke is nerve wracking for starters. Secondly, the decision to file should not be made solely to stop demanding creditors. Though filing temporarily stops creditors from engaging in out-and-out enforcement lawsuits, secured creditors can apply for "relief from the stay" and then continue their efforts to repossess or foreclose. Furthermore certain kinds of debts-chief among them, student loans, alimony and support obligations, drunk driving restitution, and debts incurred through fraud-can't be discharged in bankruptcy.
Depending on your circumstances, bankruptcy may or may not make sense for you. If after the bankruptcy you will be no better off than you were before, why do it?
The decision as to whether and when to file a bankruptcy petition should be based upon the facts of your individual case.
What else can I help you with?
How bad is bankruptcy?
Pretty bad.
Can your wife claim bankruptcy with out affecting your credit?
She can, and yes it will
Can you get a loan with bad credit because of bankruptcy?
Yes, you can still get a loan even if you have bad credit from a bankruptcy. Everyone deserves a second chance.
In bankruptcy can they get into your bank account?
This is why your claim bankruptcy. The automatic stay will stop judgment holders from issuing a levy on goods and chattels. Simply put, no. They can not levy an account from a debtor that is protected under the bankruptcy code.
Can i claim bankruptcy on my car loan if I'm not behind on payments?
Bankruptcy is not claimed on individual loans, a bankruptcy involves all your debt. The fact that you are current on your car loan may make it easier for you to negotiate with the lender for the continued ability to pay for your car but it doesn't mean that you get to have it for free. The same is true of a home loan.
How can you claim bankruptcy to avoid paying bills?
In order to claim bankruptcy a court has to issue a bankruptcy order against you. The best place to find information about bankruptcy and the whole process of declaring bankruptcy is the official government website.
Where do you find information about files kept relating to a bankruptcy claim in the USA?
The place where you find information about files kept relating to a bankruptcy claim in the USA on the Justice website. This website has all that information available.
Can i sue someone if i am in the prossess of a chapter 7 bankruptcy?
Not as a rule. If the claim was something that arose after the filing, it will depend on the nature of the claim. If the claim arose prior to filing, you must have disclosed the claim in the bankruptcy documents and the trustee may take over the claim. Consult a lawyer knowledgeable in bankruptcy.
Why would a small business claim bankruptcy?
A small business owner would claim bankruptcy for a few reasons. The biggest reason would be to eliminate most or all debts for which a business owner is personally liable for.
Does the creditor have to be in court in a bankruptcy?
No, Generally, they must file a "proof of claim", which can be done by mail...but that is about all.
Can you claim bankruptcy for medical debt?
Yes, but you must list all debts, not just medical debts.
In a chapter 13 bankruptcy what if the trustee calls for an order expunging claim?
A judge or court may sometimes expunge a claim in bankruptcy court. This means that the claim is erased, as if it never happened.
How bad is bankruptcy?
Pretty bad.
Can someone put an old debt back on your credit report after your bankruptcy has been filed?
The whole point of bankruptcy is that at the point of insolvency all assets transfer to the assignee, and all debts likewise. So debts are cancelled by the bankruptcy, the available assets being all there is to claim against.
Can you claim bankruptcy on court fines in California?
You claim bankruptcy on everything...it involves all your assets and all your debts. All are given classes or priorities. Some assets and some debts may be classed as exempt. Generally, court fines and legal penalties and such are going to need to be paid in full and cannot be discharged in BK.
Can you file a claim in a bankruptcy for repossession fees?
Sure
Can you claim bankruptcy for terminaly ill dad?
Yes.
