if you file bankruptcy ….?
i want to file bankruptcy, but someone told me you have to pay the money back does’nt that defeat the purpose of filing, i thought that when it is discharged you slate is wiped clean.
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It depends on which type of bankruptcy you are filing.
With a chapter 7 all of your debts are wiped out and you do not pay them back. However, certain debts, such as student loans or federal taxes, can not be discharged.
I think this "someone" is referring to a Chapter 13, in which the court will look at your financial situation and calculate what your "disposable income" is. Then you have to use that money to pay back a portion of your debts.
This is because a lot of folks in the past used Chapter 7 to dodge huge unsecured debts. Now, if you earn enough money to pay back a portion of it, you must file Chapter 13.
Note the key word "portion"…..rarely do you have to pay back the entire amount of the debt.
Contact a bankruptcy attorney and discuss your situation. Most will give you a free 1 hour consultation. Just be aware that the sleazy attorneys are always going to try and talk you into filing (they make a nice profit in legal fees). If you are still uncertain, consult a non-profit credit counselor.
I say this because I recently rescued a debtor about to file Chapter 13, and only had $5000 in debts. He had decent income but the collection agents were tossing around their usual bunch of threats and this guy was scared to death. The BK attorney now has a complained filed with the local bar assocation.
July 25th, 2010 at 1:06 amThere were recent changes in the bankruptcy laws so that certain types of consumer credit does not get erased. Congress caved to the big banks and credit card companies.
July 25th, 2010 at 1:06 amYes you can still file with the new laws and your slate will be wiped clean… There is a means income test that is checked first and it will determine if you qualify for a chptr 7 or 13.. go to google.com and type in legalhelpers…. If u need to take advantage of the law then go for it. Its the law of the land and every citizen is entitled to file banktuptcy if u need to.
July 25th, 2010 at 1:06 am