A chapter 13 bankruptcy provides for repaying a portion of your debts as determined
by a bankruptcy court trustee.
Banks do cancel credit cards automatically when they learn cardholders have filed for bankruptcy — even if the account with that bank was not
affected by the bankruptcy because it had a zero balance.
When you are filing bankruptcy, whether it is Chapter 7 or Chapter 13, you must follow a defined process as defined
by the bankruptcy laws of each state.
Since the taxes would be new debt, they would not be
covered by any bankruptcy filed in the past, and they may be exempt from the filing of a bankruptcy anyway.
These next three scenarios were provided
by bankruptcy attorneys, who used fictional names for the clients in describing the bankruptcy cases.
Third on the list of future revenue generators, according to the survey, is health care law,
followed by bankruptcy, and labour and employment.
If you are in financial trouble, you have nothing to lose and everything to gain by taking advantage of the free advice
offered by bankruptcy trustees.
Along with many of our minority friends and neighbors, we will be adversely affected
by our bankruptcy for years.
Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy allows the debtor to keep their property and repay creditors over a three or five year repayment plan
ordered by a bankruptcy court.
All the property you own that exceeds the value of your state's exemption laws is subject to
sale by the bankruptcy trustee.
For instance, ask yourself: Is this company
threatened by bankruptcy / severe financial challenges, or does the business have a solid capital structure?
Since your retirement funds are already
protected by bankruptcy law, it is important that you talk to a bankruptcy trustee before draining your retirement savings to pay off debts.
Our attorneys handle a wide range of complex cases, including claims
brought by bankruptcy trustees, shareholder - derivative actions, cases involving intellectual property issues and demands for punitive damages.
Chapter 13 bankruptcy is usually for consumers who make too much money to qualify for Chapter 7 bankruptcy or consumers with assets they don't want
taken by the bankruptcy court.
Readers of this blog will recall that the automatic stay is an injunction
issued by the bankruptcy court that prevents collection activity of any kind after a case has been filed.
The creditors that you listed in your filing will be
notified by the bankruptcy clerk that you have filed for bankruptcy and most collection actions must stop, including foreclosure proceedings.
The automatic stay in bankruptcy is a federal legal procedure
used by bankruptcy courts to cease collection activities until all debts have been settled.
If you graduated two years ago and declared bankruptcy today, your student line of credit would be
eliminated by your bankruptcy just like any credit card debt you have.
And if you have valuable assets, they'll probably be seized and
sold by the bankruptcy court and the proceeds will be used to pay back your creditors.
By charging a very small amount and paying it off immediately, you will slowly begin to undo the damage
done by the bankruptcy.
If you have no assets, it is possible that your debts will be wiped out
by the bankruptcy with no expectation that you pay your creditors.
The house may be in the spouse's name, but each asset is
viewed by the bankruptcy courts separately and in relation to the filing individual debtor.