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.
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.
When a corporation files for bankruptcy, stockholders may lose the value of their investment as the company's assets are used to pay off debts to creditors. Stockholders are typically last in line to receive any remaining funds after creditors are paid, which means they may not receive any compensation for their shares.
That Happens After you Don't Pay Your Billll . (:
If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.
If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts
What happens to a mortgage after bankruptcy depends on whether or not the debt is reaffirmed. If the mortgage is reaffirmed the homeowner continues to pay it as if the bankruptcy had not been filed, since the debt has not been discharged. If the debt is not reaffirmed, what happens to the mortgage depends on the policies of the individual lender.
this is were you agree to pay the debt that you originally signed with the creditior this usually happens when someone is filling 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.
If he has received an order to garnish your pay, which always happens before you receive it, he must do so by law.
we would pay a lot of money in income taxes
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.
If you are unemployed, your benefit compensation would hardly be enough to pay off a bankruptcy.