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Bankruptcy occurs when an individual or business is unable to repay their outstanding debts and seeks legal relief from creditors. This process typically involves filing a petition in a bankruptcy court, which can lead to the restructuring of debts or liquidation of assets to pay off creditors. The goal of bankruptcy is to provide a fresh financial start while ensuring equitable treatment of creditors. Different types of bankruptcy, such as Chapter 7 or Chapter 13 in the U.S., dictate the specific procedures and outcomes.
What else can I help you with?
Which of these can occur when a person owes more money than he or she earn or pay to creditors?
bankruptcy
Can you dispute a bankruptcy?
If it is not your bankruptcy but on your report, yes, you can dispute it.
Can you hold your passport after you get declared bankruptcy?
A bankruptcy filing or discharge in bankruptcy should not have any effect on your US passport.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
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.
Can they repo your car if there is a open chapter 7 bankruptcy?
NO collection activity may occur legally during bankruptcy proceedings.
Which of these can occur when a person owes more money than he or she can earn or pay to creditors?
Bankruptcy.
Which of these can occur when a person owes more money than he or she earn or pay to creditors?
bankruptcy
Which can occur when a person owes more money than he or she can earn or pay to creditors?
bankruptcy
Is bankruptcy and a county court judgment the same thing?
when automatic stay is lifted what can occur to the debtor?
Can you divorce while in bankruptcy?
Yes, you can divorce while in bankruptcy. Bankruptcy has no effect on whether you can divorce or not. While divorce and bankruptcy can occur simultaneously, it can end up delaying the bankruptcy process. Ultimately the proceedings can continue and the parties can divorce without issue. I've written more about this here: http://www.freshstartlaw.com/know-about-bankruptcy/
what are the arrangements of a bankruptcy?
Bankruptcy arrangements typically involve a formal process where an individual or business seeks relief from debts they cannot repay. This can include Chapter 7 bankruptcy, which liquidates assets to pay creditors, or Chapter 13 bankruptcy, which establishes a repayment plan over a specified period. The process is overseen by a bankruptcy court, and it aims to provide a fresh financial start while ensuring fair treatment for creditors. Additionally, alternative arrangements like debt restructuring or negotiation may also occur outside of formal bankruptcy proceedings.
How soon can foreclosure occur after default on discharged bankruptcy?
Depends on if the loan is actually secured by a Deed of trust (which has become much more popular) or by an actual mortgage.
You owe your sister money can you file bankruptcy on that loan?
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.
How long bankruptcy after discharged records stays?
1st bankruptcy = 7 years 2nd bankruptcy = 20 years 3rd bankruptcy = life
Which companies offer information on bankruptcy?
Some companies that offer information on bankruptcy include Dow Jones and Jacob Meyers Bankruptcy. You can also find information on bankruptcy on the bankruptcy Wikipedia page.
How does bankruptcy affect your credit ratings?
As with everything, bankruptcy law can be complicated and the manner by which credit ratings occur can seem mysterious at best. Filing for bankruptcy will in general lower your credit score, but with some good spending habits and good financial stewardship will again rise over time, especially since part of your credit score has to do with income to debt ratio. When you file for bankruptcy, the debts do not simply disappear as if they never existed. Your history of late or missed payments, if you have one, will remain on your credit report and will continue to drag down your credit score. Additionally, the bankruptcy will stay on your record for many years. A Chapter 7 bankruptcy will remain on your credit report for 10 years from the date of the filing
