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Debt and Bankruptcy

State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.

4,664 Questions

Who said Law is the correct judgment of the state?

Plato, a classical Greek philosopher, is often attributed with the quote "Law is the correct judgment of the state." This concept reflects his belief in the importance of laws in maintaining a just and orderly society.

In a final judgment they require you to fill out a Florida Rules of Civil Procedures form 1.977 Fact Information Sheet and return it within 45 days what will happen to me if I don't?

What can happen if you refuse to complete and submit the form is the plaintiff can ask the court for a contempt charge against you and file another order for you the complete the fact sheet in another 45 days. If you fail to comply the plaintiff can then ask the judge for another contempt against you because the order for the form is a order from the judge himself he will on the plaintiff request issue a order for bodily attachment. What that means he will order a sheriff to go pick you up and bring you to his court for a debtors examination of your assets. The sheriff will usually allow you to bring your financial information with you but be assured you will be taken before the judge either way. If you refuse to either obey the sheriff or refuse to answer questions related to the fact sheet you will more than likely be jailed until your ready to comply.

My advise, contact the plaintiff or his attorney and work out a way to pay the debt. If you really didn't owe the money in the first place you wouldn't have lost the case now would you?

(whoever wrote that last little judgmental tidbit is a real douche bag. I know this doesn't answer the originakl question, but I'm sure it answers the question you had after reading it, "what the hell..??")

What was the Fair Debt Collection Act?

It protects the person who owes the debt from harrassing and dunning contacts from creditors.

The Federal Debt Collections Practices Act (FDCPA) governs the debt collection practices for personal / individual debt. The FDCPA sets forth a myriad of restrictions regarding the practices Debt Collections may use in their efforts

What are some Third World debt fund-raising activities?

Some examples of Third World debt fund-raising activities include charity events, auctions, crowdfunding campaigns, benefit concerts, and partnerships with corporations for donations or sponsorship. These activities aim to raise funds to alleviate debt burdens in developing countries and support sustainable development initiatives.

You work for a collection agency you know the laws a collector called your grandparents house a released personal information about your debt to your grandparents without your permission While calling?

You have two options: You can find out if your state allows you to record a conversation with the other person giving you verbal permission. If you can tell your grandparents to record this information, make sure you catch them telling your grandparents your personal informaiton. Then you either contact a "Consumer Law Attorney", or you file a small claims court order towards the collection agency. They have violated your rights! Take them to court! You can also go to creditinfocenter.com and purchase a book that is called, "Turning the Tables on Your Creditors". Read the Credit Reporting Laws, Fair Credit Reporting Act, and the Fair Debt Collection Practices Act. Good Luck with this process. One more thing if you purchase this book, The FCRA, and CRA laws will be included. Wanda Improve Credit, LLC

Can an Ohio debt collector garnish your spouses income in Michigan if the debt was originated in Michigan-Are they bound to Ohio law or Michigan law?

The rule is the debt collector is bound by the laws of the state the collection action is being taken in. If the debt collector is not licensed or authorized in that state, it cannot legally act to collect the debt. Check with your state agency that licenses debt collectors.

The debt collector can retain a local attorney to collect the debt, of course, and that would be under Michigan Law.

What is the average jail sentence by a judge in a court case on a default judgment for unpaid debt?

The length of jail sentence for unpaid debt varies depending on the country and its laws. In most jurisdictions, jail time is not typically imposed for unpaid debt cases, as they are considered civil matters rather than criminal offenses. Instead, judgment may result in wage garnishment, asset seizure, or other forms of debt collection.

If you had a bankruptcy removed from your credit report would you still be able to challenge that dispute in the same manner after 6 years?

A dismissed chapter 13 remains on a credit report for 7 years. A dismissed chapter 7 or 11 remains for 10 years. A discharged chapter 7 or 13 or 11 remains for 10 years. If the date for the dismissal or discharge exceeds any of the above time limits then the consumer should contact the credit bureaus by written correspondence requesting the entry be expunged.

How do you collect a Civil Court judgment if the defendant declared bankruptcy?

If the defendant declared bankruptcy, you may need to file a claim with the bankruptcy court to try and recover the debt owed to you. However, your ability to collect on the judgment may be limited depending on the type of bankruptcy and the specific circumstances of the case. It's advisable to seek legal counsel to understand your options and rights in this situation.

How can the homestead exemption help against foreclosure in a possible Chapter 13 dismissal?

It doesn't. The homestead exemption protects property from being seized in a bankruptcy procedure or by creditor judgment. The lender does not relinquish the right to foreclose on property regardless of the status of the bankruptcy filing. Bankruptcy only temporarily halts the foreclosure of secured property.

How long after foreclosure sale of a home to trustee do you have to vacate premises in California?

In California, after a foreclosure sale, the new property owner can typically initiate eviction proceedings to remove the previous homeowner from the property. This process can take several weeks to a few months, depending on the specific circumstances and the court's schedule. It's essential to consult with a legal professional to understand the eviction timeline and your rights as a tenant or former homeowner.

If you received a dismissal with prejudice on a chapter 13 with a one-year bar can you get around this in order to stop a foreclosure?

No. Once the court has dismissed any bankruptcy with prejudice the time limit for refiling is set by bankruptcy laws or by the bankruptcy judge. The order can only be rescinded or amended by the issuing judge or the appellate court when verifiable evidence is submitted proving the dismissal was in error.

How long do you have left on the property after foreclosure after receiving a letter from an attorney stating the property has been purchased and you had 3 days to vacate does letter serve as eviction?

The notification could be construed as the right to evict depending upon state laws. The best option is to contact the law firm that sent the correspondence or obtain legal advice regarding the occupant's rights. Sorry, not knowing the state of residency a more definitive answer is not possible.

Will district attorney still issue a warrant for your arrest for an eighty dollar bad check if they know you included that check in bankruptcy?

Charges for bad checks are only acted on if the merchant/person receiving the check files a complaint with the authorities. Even so, in most cases the writer of the bogus check is given the chance to make restitution for the full amount of the check and whatever penalties apply.

Does a bankruptcy discharged in May of 1997 come off your credit report now since it was before the law changed to 10 years?

The statute of limitations on reporting chapter 7 bankruptcies for 10 years has been in place for many years prior to the Fair Credit Reporting Act being amended in 2003. A chapter 7 bankruptcy can be shown on your credit for 10 years from its date of discharge.

Can a collection agency attempt to collect a debt that was settled by another collection agency as 'not valid' a year prior?

They can attempt to collect. If the debt can be proved to be invalid the information should be forwarded to the agency via certified mail. Whether or not the debt is invalid under the terms of the orignal agreement depends on the how it would be viewed in court (if it comes to that).

If a Chapter 13 filed in August 1999 was dismissed in March 2000 but not discharged when does the bankruptcy fall off the public record?

The bankruptcy will never fall of the public record, which is kept at the courthouse. It will be shielded from view on your credit report 7 years from the date of adjudication.

However, many consumers have had success having dismissed legal actions removed from their credit reports by writing a letter of dispute to the bureaus. This is worth a try, should you not want to wait until March 2007.

Can a collector still collect a debt from January 1966 or does a statute of limitations apply?

The Fair Credit Reporting Act established statute of limitations for how long derogatory information, like collection accounts, can appear on your credit report. Other statute of limitations on how long a debt can be collected on, and sued over, are established by state laws. There are also certain types of debts with no SOL, once again, because of other laws which supercede the FCRA, FDCPA and state laws. You need to provide more information about the type of debt before specific information can be provided.

ansStatute of Limitations (SoL) on debt is the legal time limit that bars enforcement of the debt through the court system. It does not apply to all debts!Not all debt has a statute of limitations! When the SoL expires, it can be used as a defense to bar collectors from collecting through the courts, however the debt DOES NOT go away! Collectors can still attempt to collect the debt using other legal dunning methodsAnd, there is NO statute of limitations on several types of debts, including:
  • Federal Student Loans;
  • Most Types of Fines;
  • Past Due Child Support (state dependent); and
  • *Taxes (In many cases, income taxes have a 10-year SoL but this can be suspended as well as have more time added by filing the proper forms. Check with a local tax resolution expert about your particular situation.

The Statute of Limitations on debt depends on the type of debt and your State's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. Written contracts such as car loans generally expire after 6 years. Judgments can last up to 20 years and can require the judgment be renewed at a certain point such as the 6-year point.

Generally, the statute of limitations for collecting debts begins the moment you sign a credit contract! However, just about every state has specific rules on the running of the statutory period and some even have provisions to adjust (toll) this period. The tolling can be for many things...even holidays...or from when you said you would like to work something out (and presumably didn't).

The term "toll" or "tolled" means to "stop the running of a statutory period for a certain period of time". Many states use this term in their statutes of limitation rules and civil codes for debt collection.

Very simply, it can be very confusing and hard to calculate when the SOL has been running or not, and again...it only prevents COURT actions which is one of the last methods most collectors use anyway...the debt remains valid and collectible.

Are children responsible for living parents' debts when the parents are confined to a nursing home?

In such a situation the children/family members would only be responsible for payment of such debts if they had entered into a written contract/agreement with medical and/or health care providers.

If a parent, spouse or relative is unable to sign his or herself into a medical facility or nursing home the signer should be very clear on what, if any conditions are attached for taking the action for the patient. Usually admitting someone to a facility when that someone cannot take the steps themselves will not make the signer obligated to pay expenses.

What usually happens to criminal charges for a bad check after bankruptcy?

Normally if the bad checks are included in bankruptcy the charges will be dropped. I really hope this helps you. I filed before charges were filed against me but I have a friend that had 4 outstanding payday loans and they had filed charges for bad checks. The charges were dropped immediately.

What is the symbol of chapter 1 in the pearl?

The symbol of chapter 1 in "The Pearl" by John Steinbeck is the scorpion. The scorpion represents danger and evil, foreshadowing the challenges and obstacles that Kino and his family will face throughout the story. It also symbolizes the predatory nature of the world in which they live.

Who was the narrator in a Wagner matinee and why does he feel he owes a great debt to aunt georginas?

The narrator in "A Wagner Matinee" is Clark. He feels he owes a great debt to Aunt Georgiana because she introduced him to culture and helped shape his appreciation for music and literature during his formative years. Aunt Georgiana's influence had a profound impact on his life, and he is grateful for her guidance and support.

What does Romeo mean when he says 'oh dear account my life is my foe debt'?

When Romeo says "oh dear account my life is my foe's debt," he is expressing that his life is in debt to his enemy, meaning that his life belongs to his enemy. This line reflects Romeo's realization that his love for Juliet has put him in a dangerous position, as their families are sworn enemies. Romeo feels that his love for Juliet has caused him to owe his life to his enemy, creating a sense of conflict and impending tragedy.

How do you write a letter for explanation of bankruptcy?

To write a letter explaining bankruptcy, start by stating the reason for your financial difficulties in a clear and honest manner. Provide a brief overview of the circumstances that led to the bankruptcy, such as loss of income or unexpected medical expenses. Express remorse for any negative impact on creditors and outline steps you are taking to address the situation and prevent it from recurring.

Which Canadian province or territory has the highest per capita income?

Luxembourg has the highest per capita income. However, this is because a lot of people who work in Luxembourg do not live in it. Instead, they live in surrounding countries. If you looking at per capita income notwithstanding the above fact, then Norway is the highest per capita income in the world.