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What happens if you receive a pay rise after bankruptcy?
If you receive a pay raise after filing for bankruptcy, it will not change things. In fact, the pay raise will end up being surrendered.
What happens when filing bankruptcy because of gambling?
Whether or not you lost money gambling has nothing to do with bankruptcy. The question is whether or not you can pay your bills. Do you make Twenty thousand a year and owe two hundred thousand? Are bill collectors at your door day and night? Then you file bankruptcy.
What are the main reasons for filing bankruptcy?
The main reasons for filing bankruptcy are overwhelming debt, loss of income, medical expenses, and inability to pay bills.
What happens to your severance in chapter7bankruptcy?
In Chapter 7 bankruptcy, severance pay is generally treated as part of your income and may be subject to the bankruptcy process. If you receive severance pay after filing for bankruptcy, it could be considered an asset that may be used to pay off creditors. However, if you received the severance before filing, it typically becomes part of your estate, and the bankruptcy trustee may use it to satisfy debts. It's essential to consult a bankruptcy attorney for specific guidance related to your situation.
What debts do you still have to pay after filing bankruptcy?
student loans child support
If someone has declared bankruptcy must they still pay child support?
Yes. Filing bankruptcy does not end your obligation to your offspring.
Can you just declare bankruptcy on your home?
No. You do not "declare bankruptcy" ON anything. You declare bankruptcy when you cannot pay your bills as they come due. You must list all your assets and all your debts. What happens after that depends on which title you are filing under, chapter 7, 11, 12 or 13.
What is the Bankruptcy Code?
The Bankruptcy Code refers to a business filing bankruptcy. If a business is unable to pay it's debt or pay it's creditors, the business or it's creditors can file bankruptcy. Upon filing bankruptcy, the business ceases operation, a trustee sells the assets, and then gives the proceeds to it's creditors.
What happens to an inheritance during bankruptcy?
If the inheritance is based on a death within 180 days of filing bk, the inheritance becomes part of the estate and the trustee will use it to pay your creditors.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
What happens to a loan if a finance corporation files for bankruptcy?
Nothing spectacular happens. And you are still liable for the loan payments. Most bankruptcy filings are for Reorganization, not for 'going-out-of-business'. The 'filing' of bankruptcy is done in a Bankruptcy Court. A judge oversees the orderly progression of the bankruptcy. If the finance corporation has filed for reorganization, then you will continue paying them -- because they are not going out of business Otherwise, your loan and every other loan will be sold to another financial institution -- and you will pay that new company. No matter what, you still have to pay the full amount of your loan.
Can you pay off your car soon after filing bankruptcy?
Your question is not trivial, and there may be some variance due to asset equity thresholds and such parameters set by the state of jurisdiction for the bankruptcy filing. An excellent primer about filing chapter 7 or 13 bankruptcy is "The New Bankruptcy, will it work for You?" 3rd edition by Stephen Elias, published in 2009 by Nolo; 346.078 E42N Dewey decimal.
