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Paying debts out of bankruptcy is generally inadvisable. Some payments that are paid before bankruptcy is filed can cause trouble and trustees have the right to ask the creditor for the money back. Making payments outside of bankruptcy can also mean making payments directly to creditors rather than through the trustee.
→ Read MoreBankruptcy effects on a joint account holder will depend on the type of account and the bankruptcy laws in your state. If the account is a savings, checking, or other similar type of account, a joint account holder could be affected.
→ Read MoreHow bankruptcy will affect a co-signer will depend on the type of bankruptcy you file and the nature of the debt.
→ Read MoreThe state generally cannot suspend a license because you filed for bankruptcy. It is illegal for a governmental unit to deny, revoke, suspend, or refused to renew a license, permit, charter, franchise, or other similar grant to someone solely by reason of his/her having been a debtor, having been insolvent prior to discharge, or having failed to pay a dischargeable debt.
→ Read MoreThere are three different bankruptcy chapters under the Bankruptcy Code through which an individual can file, and they are called Chapter 7, Chapter 11, and Chapter 13. A Chapter 7 case is sometimes called a ‘straight’ bankruptcy, or a ‘liquidation.’
→ Read MoreMost Chapter 7 cases involve individual debtors who have no assets to satisfy any portion of their creditors’ claims. These are called “no-asset” cases. In these cases, the court will hold a discharge hearing, and if there are no objections to the discharge filed by creditors, the court will cancel (discharge) the debts covered in the petition. The debtor is then no longer responsible for those debts.
→ Read MoreA Chapter 13 bankruptcy repayment plan requires you to repay your creditors according to the plan you agreed on during your initial bankruptcy filing. If you find yourself unable to make your Chapter 13 repayment plan payments because you were laid off, you should first understand the rules for payment or nonpayment.
→ Read MoreChapter 13 disposable income is whatever is left over from your net income after required payroll deductions and allowable expenses, after applying the means test formula. Put another way, disposable income is the amount of money you have at your disposal to be eligible to file a Chapter 13 repayment plan.
→ Read MoreBalance transfers are generally seen as a new debt, and if you don’t have the present intention to pay the new debt at the time it was incurred, it might be determined to be the result of fraud and you may not be able to have it discharged when you file bankruptcy.
→ Read MoreMany times bankruptcy is filed in order to stop a lawsuit. Once a person or business files for bankruptcy, there will be an “automatic stay” put on the debtor’s debts. The automatic stay is a legal tool that protects the person you are suing. This means that if the debtor lists you as a creditor (and sometimes even if they don’t), you may have no legal right to collect a judgment from him, even in pending litigation.
→ Read MoreFind the right lawyer for your legal issue.
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