13 FAQs where found , 13 in this page
The process is the mechanism carried out in federal court through bankruptcy laws established in the United States, to protect and assist individuals or businesses to solve the problems of payments to other institutions known as creditors. Learn More
All those individuals and companies with large financial debts that cannot be resolved by themselves and need to rely on one type of bankruptcy. Bankruptcy works best for borrowers who may have some type of income that helps them cover their expenses after discharging the chapter in the case. Learn More
With bankruptcy, debtors are generally freed from almost all the debts , but there are some fixed payments that are not eliminated by filing bankruptcy, including: child support payments and alimony, payment of fines, student loans , taxes and committed fraud. Besides, debts for driving under the influence of drugs and alcohol and other debts that were not canceled in prior bankruptcies. Learn More
You have to stop using credit cards if you are considering filing bankruptcy, because the judge will review all of your debts and can establish some kind of fraud linked to the cards. Learn More
The time depends on what type of bankruptcy you are filing; if it is a Chapter 7 bankruptcy it only takes 2 to 3 months from the time it was filed. For bankruptcy under Chapter 13, the process can take 3 to 5 years depending on the payment plan submitted to the court and which one was approved by the judge Learn More
The time depends on what type of bankruptcy you are filing; if Chapter 7 bankruptcy only takes 2 to 3 months from the first time it was filed . For bankruptcy under Chapter 13, the process can take 3 to 5 years depending on the payment plan submitted to the court and which one was approved by the judge. Learn More
In most cases bankruptcy debtors can keep all the properties as they are able to consolidate debts. Also they can maintain their retirement income. Learn More
There is no minimum amount established, if you need to protect your property from creditors then it is necessary to consider bankruptcy. Learn More
When the process of bankruptcy is presented to the court the judge orders the creditors to stop the foreclosure process on the properties of the debtor, creditors cannot continue with the eviction of their property, no harassing telephone calls, otherwise the court may punish the creditors for their behavior. Learn More
The application time depends on the type of bankruptcy for which you applied the first time, sometimes you have to wait at least six years to settle back in bankruptcy again. The right to bankruptcy is very important so it is recommended to consider the case well before filing bankruptcy. Learn More
No, the debtors are not going to prison for having accounts payable with creditors, unless they have committed a federal crime of fraud. Creditors may only collect debts through the court and asking the judge for a claim against the debtor for a money judgment. If the creditors succeed with the demand, 10% of the wages of the debtor could be removed, checking bank account may be cancelled before the debtor withdraws the money from it. The creditors can also seize some of the debtors properties, but what they cannot get is an arrest warrant for debtors, this is impossible. Learn More
There are few disadvantages that exist with respect to the bankruptcy process. The bankruptcy will remain on your credit history for roughly a 10-year period after going bankrupt, which sometimes results in the disapproval of new loans and student loans and even renting an apartment. With chapter 7 bankruptcy the individual might lose some of the properties that were declared not exempt because they would be sold to make the payments. Learn More
The cost of the bankruptcy varies depending on the lawyer to advice and how complex it can become. The individual filing bankruptcy might need to do some fixed payments to court ranging from $200 to $300 depending on the type for bankruptcy and there are some government agencies that fund this type of cost for those with low incomes. Learn More