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The main reasons for filing bankruptcy are overwhelming debt, loss of income, medical expenses, and inability to pay bills.

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AnswerBot

6mo ago

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Related Questions

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.


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.


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.


Why would one need to file Chapter 12 Bankruptcy?

There are both advantages and disadvantages to filing for bankruptcy. Chapter 7 is often known as debt liquidation bankruptcy and is a good options for many individuals are couples that are in dire financial straits. As soon as a debtor files for bankruptcy, there is an automatic stay and most creditors must stop their collection efforts. Thus, the debtor can begin rebuilding his credit; financially-speaking, the debtor can start over. It is true that filing for bankruptcy ruins a debtor's credit from a number of years and may cause embarrassment. However, incurring more debt and facing the harassing phone calls, letters and potential lawsuits from creditors can have the same effect. Filing for bankruptcy will allow many debtors to get started sooner on rebuilding their credit in peace.


Is there a law that prevents getting a mortgage after Chapter 7 bankruptcy?

No. Such a law would violate bankruptcy law, which prohibits discrimination by reason of bankruptcy. The problem is usually getting a mortgage because of credit scores, which include many factors including the reasons for 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 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


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.