Creditor

Posts Tagged ‘creditor’

Can I keep a credit card going through bankruptcy?

thedellutrilawgroup asked:

If you owe the creditor money you have to list it in the bankruptcy. If you have a zero balance, then you do not have to list it going into the bankruptcy.

Kansieo.com

Related Blogs

Mail this post

Technorati Tags: bankruptcy, creditor, money

Be the first to comment - What do you think? Posted by Guest Author - March 22, 2011 at 8:24 pm

Categories: debts Tags: bankruptcy, creditor, money

Bankruptcy Part 7: The Discharge

PublicResourceOrg asked:

Debtors are usually able to discharge most or all of their debts. Once a debt is discharged, a creditor may not attempt to collect it from the debtor.

bankruptcy

Related Blogs

Mail this post

Technorati Tags: creditor, debtor, debtors

Be the first to comment - What do you think? Posted by Guest Author - March 20, 2011 at 7:18 am

Categories: Games Tags: creditor, debtor, debtors

Bankruptcy – What is Exempt Property?

Greg Broussard asked:

When individuals file bankruptcy under Chapter 7 they are allowed to keep all of their “exempt property.” Exempt property is real or personal property that the law specifically allows individuals to keep when they file bankruptcy.

Exempt property laws differ from state to state, but usually include an individual’s primary residence, motor vehicles (including motorcycles), household furnishings, clothing, jewelry, life insurance policies, retirement accounts and pensions, bank accounts, social security benefits, disability benefits, spousal and child support, tools of trade, etc.

The amount of an exemption in particular property may be unlimited or may be limited to a certain dollar value. For example, an unlimited exemption may provide that all clothing is exempt. A limited exemption may provide that up to $3,000 of jewelry is exempt.

Any property that is not exempt can, technically, be sold by the bankruptcy trustee to pay creditors. In reality, however, bankruptcy trustees are usually not interested in liquidating non-exempt assets of insignificant value, such as an old car worth $600 or normal household items.

In approximately 96% of consumer bankruptcy cases, all property is exempt. Therefore, the debtor retains all assets and there is no payment to creditors. All or most debts are completely forgiven or “discharged”. If the debtor owes money on his home or motor vehicle and wants to keep these assets, he must “reaffirm” these debts and keep making regular payments or, alternatively, he must pay the creditor the fair market value of the property.

Bankruptcy exemption laws are amended from time to time, so it is important to review the most current exemption laws to determine what property is exempt when you file bankruptcy in your state.

Caffeinated Content – Members-Only Content for WordPress

Related Blogs

Mail this post

Technorati Tags: creditor, Household Items, Personal Property

Be the first to comment - What do you think? Posted by Guest Author - March 18, 2011 at 8:40 pm

Categories: Finance Tags: creditor, Household Items, Personal Property

When a person declared bankrupt, how long is the record stays with the creditors?

Bankrupt persons record stays for 6 years with the credit reference agencies.Is this record stays with the creditor for the same period or longer?

Related Blogs

Mail this post

Technorati Tags: 6 years, bankrupt persons, credit reference agencies, creditor

8 comments - What do you think? Posted by Guest Author - April 25, 2010 at 8:33 am

Categories: information on bankruptcy Tags: 6 years, bankrupt persons, credit reference agencies, creditor

How can I dispute chapter 13 to come off my credit before ten years?

If I filed chapter 13 but it was dismissed after the first month because I change my mind of wanting to file. I was to none effect. It never helped me except for doing paper work. How can I dispute it to come off my credit before ten years? Please answer question seriously, thanks! because now all the creditor that back off are now hunting me down to pay, what can i do? Please answer with the best details as possible?

Related Blogs

Mail this post

Technorati Tags: answer question, chapter 13, creditor, paper work

2 comments - What do you think? Posted by Guest Author - April 13, 2010 at 12:24 pm

Categories: information on bankruptcy Tags: answer question, chapter 13, creditor, paper work

What Counts as Homestead Exemption in Bankruptcy

Bankruptcy Myths Busted

The average American knows very little about bankruptcy. Most people probably are aware of bankruptcy‘s ability to dissolve debt and give the debtor a fresh start. Some of the information you might have heard is correct, but some is not. The purpose of this article is to dispel some of the most common bankruptcy myths.

1. Even if I file for bankruptcy creditors will still harass me and my family.

This is absolutely false. Bankruptcy law provides for an automatic stay. Simply, as soon as you file for bankruptcy a hold is put on all your outstanding debts and any creditor attempts to collect those debts. The law prohibits a debtor to attempt to collect, possess, or even contact the debtor in regard to the debt. If a creditor does not follow the rules, the debtor may have an action in the form of punitive damages.

refinancing home after bankruptcy Basically, punitive damages are meant to punish a creditor for not following the procedures set out in the bankruptcy code. Whether a debtor has a cause of action against a creditor should be left to an attorney to answer. However what you need to know is this; once you file for bankruptcy, creditors must leave you alone or suffer the consequences.

2. If I file for bankruptcy it may cause more family troubles than I already have, maybe even divorce.

This is also false. There are two ways a debtor can file for bankruptcy voluntary and involuntary. Voluntary filing is done by the debtor. The debtor talks to an attorney or files a petition pro se and gets the bankruptcy process started. In an involuntary bankruptcy, the creditor forces the debtor into bankruptcy often times unwanted by the debtor.

Voluntary filing is the result of a family discussing their options with each other and possibly an attorney and making an informed decision on the merits. Divorce is often associated with a bankruptcy with the latter filing. Voluntarily filing for bankruptcy gives the debtor a chance to set his terms and allows the debtor a free choice for the bankruptcy.

3. If I file for bankruptcy the trustee will seize all of my assets and sell them to settle my debts with creditors.

Again this is false. While it is one of the duties of a trustee to sell assets in the estate, the trustee cannot necessarily reach all of your assets. There are many factors that must be examined before this happens. The type of bankruptcy as a lot to do with how much the trustee can seize. For example, a chapter 13 is a reorganization bankruptcy. Simply, the debtor keeps the majority if not all of his assets, and forms a repayment plan to satisfy interested creditors.

Even in a chapter 7 filing the debtor gets to keep many assets. These are called non-exempt assets. The debtor’s house, car, clothing, furniture, life insurance, etc. are all non-exempt assets. These are just a few of the main assets. An attorney will be able to arm you with the information you need to keep even more personal property a debtor thought possible.

4. If I file for bankruptcy now, I will never be able to file again.

Surprise, this too is false. Filing for bankruptcy does not make you ineligible to file again. Without going into too much detail, just know the bankruptcy code allows a debtor to file for bankruptcy more than once. There are a few things different most importantly possibility of discharge, however you can file for bankruptcy again if you already have filed.

5. If I file for bankruptcy I will never get credit again.

This is simply false. If this were true then nobody would file for bankruptcy. Americans depend on credit and this is no different than a debtor who has filed for bankruptcy. Several banks now offer credit on a secured basis to potentially risky customers. The debtor would put up a small amount of money so as to secure payment in the future.

Once the debtor proves his ability to pay, credit limits get higher. As little as two years after a chapter 7, a debtor is eligible for mortgage loans on terms equal to someone who has not gone through bankruptcy. Creditors look more to a debtors stability, as opposed to the fact you filed for bankruptcy.

what counts as homestead exemption in bankruptcy

About The Author

Content from http://www.bankruptcyhome.com.

3rd bankruptcy
I now find myself swamped with credit card debt and other loans and mortgage. it took 14 years for the second one to come off of my credit report. will I ever be discharged for a 3rd bankruptcy? is a proposal a better idea?

Dent’s owner facing bankruptcy
It’s a bankruptcy that could put Frank Griffin and Dent’s Undertaking Establishment out of business. A case Georgia’s Attorney General is also watching.

Retailer Giant Carpet Declares Bankruptcy
The 40-year-old carpet and flooring chain has declared bankruptcy, saying it owes $5.2 million. Its 12 warehouse-style stores in southern Ontario will close, putting about 100 people out of work.

Bust, Bankruptcy, Bailouts
I am speaking at an AEI panel today, with Tim Bitsberger, Joshua Rosner of Graham Fisher & Co., Walker Todd, of the American Institute for Economic.

Related Blogs

Mail this post

Technorati Tags: bankruptcy code, credit, creditor, debtor, financial, law

Be the first to comment - What do you think? Posted by Guest Author - January 29, 2009 at 11:06 pm

Categories: personal bankruptcy Tags: bankruptcy code, credit, creditor, debtor, financial, law

Posts Tagged ‘creditor’

Can I keep a credit card going through bankruptcy?

Related Blogs

Bankruptcy Part 7: The Discharge

Related Blogs

Bankruptcy – What is Exempt Property?

Related Blogs

When a person declared bankrupt, how long is the record stays with the creditors?

Related Blogs

How can I dispute chapter 13 to come off my credit before ten years?

Related Blogs

What Counts as Homestead Exemption in Bankruptcy

Related Blogs

Recent Posts

Archives

Tags

Links

Meta

Recent Comments