Bankruptcy laws can be a bit complicated and sometimes it’s not clear to bankruptcy filers what can and cannot be discharged if they decide to file Chapter 7 or Chapter 13 bankruptcy. Recently on our legal forum a user asked, “If I decide to file bankruptcy will my car payments be discharged?”
Recently on our bankruptcy forum a user asked, “Will bankruptcy give me a fresh financial start?” Although this would seem like an easy question to answer, the answer is it depends. Bankruptcy has been created as a legal means to help some individuals discharge certain debts and allow them to get a fresh financial start, but whether or not this will work for you will depend on your debts.
Whether you choose to file Chapter 7 bankruptcy and have qualifying unsecured debts discharged or if you are forced to repay your debts by filing Chapter 13 bankruptcy, there will be certain debts which are considered nondischargeable debts. Filing any type of bankruptcy will not discharge or clear all of your debts.
A wage garnishment allows your employer to automatically withhold a portion of your wages and send the payment directly to your creditors. Recently on our legal forum a user asked, “If I cannot pay my medical bills will the creditors have a right to have my wages garnished?”
Millions of Americans file for bankruptcy protection each year, suggesting there is much less of a social stigma for filing bankruptcy than in the past, but the real question is whether or not filing bankruptcy could jeopardize your employment. The answer is…it depends.
If you have suffered a severe medical crisis it’s easy to rack up hundreds of thousands of dollars in medical debt, especially if you do not have good healthcare coverage. Recently on our bankruptcy forum a user asked, “Can I discharge my hospital bills if I file bankruptcy?”
Many debtors considering bankruptcy have questions about how to list their bankruptcy debt. For example, do they have to list all of their debts? If they do not, how much debt do they have to list? What if they want to pay off certain debts and discharge other debts?
Filing bankruptcy is a legal means for debtors to potentially eliminate unsecured debts they cannot repay and make a fresh financial start. There are debts, however, that the government considers so important they are not legally discharged while filing bankruptcy. Recently on our legal forum a user asked, “Will my child support be discharged in my bankruptcy?”
After you submit the bankruptcy petition the court will initiate an automatic stay which will stop creditors from continuing their debt collection efforts, this includes ongoing credit card lawsuits. The lawsuit, however, may be continued under some conditions after the bankruptcy is completed, if it is dismissed or if the court decides to lift the stay. So what will happen to the underlying credit card debts if you file bankruptcy? It will depend on whether you file Chapter 13 or Chapter 7 bankruptcy.
If you have filed bankruptcy before and are now facing another financial crisis you might wonder if it is possible to file a second bankruptcy. Although there are no regulations about the number of times you can file bankruptcy, if you have received a Chapter 7 or Chapter 13 bankruptcy discharge there is a specified time period you must wait between each discharge before you can file a second bankruptcy and receive a discharge. Recently on our legal forum we had a user ask, “Can I file a second bankruptcy if I filed in 2003?”