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What else can I help you with?
When does a company declare bankruptcy?
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
What are my options for debt relief besides filing bankruptcy?
Instead of filing bankruptcy, you can contact your lenders and negotiate settlements with them. If they are aware that you are facing bankruptcy, they often will settle for amounts less than what you owe them.
What are my options for a motor vehicle judgment Can't afford to settle this?
File Bankruptcy or threaten to since they would yield nothing if you do. They will want to settle fast.
Should one file for bankruptcy or settle with credit card company?
I have been considering claiming bankruptcy for quite some time now. I have no money and am a student. I was injured on the job a few years back and am going to be receiving a settlement offer from the worker's compensation company soon. The settlement would pay half of my credit card debt. Should I try to settle with the credit card company for less than I owe? Or should I still claim bankruptcy like I was planning originally? If I claim bankruptcy, will the money I get from the settlement be up for grabs? If so, can a bankruptcy lawyer negotiate a settle-for-less deal? Help!
What happens to new medical bills during bankruptcy?
Those are not included to what you have declared. So, you must settle them and be responsible for them.
When you are trying to repair your credit and have a debt in collection it is wise to settle or file bankruptcy?
You can often settle these debts for .30 on the dollar. Depending on the amount, it is better to settle. If it is something rediculous like $30k, than I would go BK. I do not recommend bankruptcy unless you tried to earn income from every single potential source including temporary job income. Only go for bankruptcy if and only if you know for a fact you will become homeless, and extremely hungry within the next month. In other words, try to pay debts off first.
Settle Your Debt?
form_title=Settle Your Debt form_header=Work with your creditors to consolidate and set up a debt repayment plan. What is the total amount of debt you owe?=_ Do you own your home? = () Yes () No Have you ever filed bankruptcy?= () Yes () No
You own a one fifth fraction of a cabin can you loose that in bankruptcy?
Yes. It is an asset. It may have value. The bankruptcy court has the right to sell off most all of your assets to settle debts. Certain assets are protected or otherwise not subject to a sale as you will still need some basics. The laws for bankruptcy do vary by state so check with a bankruptcy attorney if you need precise answers that apply in your specific situation.
We are in bankruptcy. Do we have to pay our income taxes that we owe from 2008 or can they be entered into the bankruptcy debt?
Unfortunately, you will have to pay your income taxes from 2008, even after your bankruptcy is finalized. Federal law prohibits income tax debt from being discharged, so you will still owe, but you may find that they stop attempting collection until after your bankruptcy case is complete. You may want to ask your bankruptcy lawyer if he has tax experience so that he can act as your tax lawyer in dealing with the IRS to settle the debts you owe them as well.
How are lottery or casino winnings affected after filing chapter 7 bankruptcy?
In Chapter 7 bankruptcy, any lottery or casino winnings that are received after the filing date are considered part of your post-bankruptcy estate and can be claimed by the bankruptcy trustee to pay off creditors. However, if the winnings are received before filing, they must be disclosed and could be used to settle debts. Additionally, certain exemptions may apply depending on state laws, potentially allowing you to keep a portion of the winnings. Always consult a bankruptcy attorney for personalized advice.
What is a bankruptcy case?
A bankruptcy case is a legal proceeding in which an individual or business seeks relief from overwhelming debt through the federal bankruptcy court system. It involves the assessment of the debtor's financial situation and the distribution of assets to creditors according to established legal guidelines. The primary types of bankruptcy include Chapter 7, which entails liquidation of assets, and Chapter 13, which allows for a repayment plan to settle debts over time. Ultimately, a bankruptcy case aims to provide a fresh start for the debtor while ensuring fair treatment for creditors.
Can your motor vehicle license be suspended if you have a judgment against you in Pennsylvania?
Yes, you can settle, make payments, file bankruptcy or move to a state that the DMV does not recognize the judgment. Many states are creating legislation to block their states from a national DMV. Bankruptcy is not good for the judgment holder since they would see nothing as far as money, so settling is in your favor. Also bankruptcy will muck up your credit for years.
