Answers to Frequently Asked Bankruptcy Questions
You can make such a request of the Bankruptcy Court. On the Statement of Intention, you can mark the “Other” box regarding the treatment of your home. Then indicate on the accompanying line that you plan to “retain the property and continue to make payments” or words to that effect.
If your debts are significant enough that you are planning to file bankruptcy, it may be best to simply inform your creditors that you are filing a bankruptcy petition in the near future and that the calling creditor\’s debt will be listed as a part of that filing.
Such a statement typically stops collection calls.
Student loans are NOT usually discharged in a bankruptcy case. However, in some circumstances, these debts can be discharged if the bankruptcy debtor can show that payment of the debt “will impose an undue hardship on you and your dependents.”
The statement ‘Presumption Does Not Arise’ indicates that a debtor’s income is not great enough that he or she would be disqualified automatically from filing a Chapter 7 Bankruptcy case.
Sometimes, people begin a pro se (do it yourself) Bankruptcy filing with clear intentions. Sometimes, they initiate the process but do not follow it through to completion. Sometimes, those same people find themselves in the exact same financial situation just a few years later and are in even greater need to file for Bankruptcy.
Typically, Bankruptcy law requires an eight year time span before a person can refile for personal Bankruptcy again. But this time restriction is not always set in stone.
A Bankruptcy debtor cannot file another Chapter 7 for a period of eight years from the date of the previous Chapter 7 filing.
A debtor filing bankruptcy can certainly list real estate taxes as part of the debt that will be discharged, assuming that the debtor is abandoning the home. However, if it is the debtor\’s intention to retain the home, the real estate taxes cannot be discharged in usual situations, and they must be paid by the … Read more
A reaffirmation agreement is a document used in conjunction with a personal Bankruptcy filing that “restates” or puts the terms of a contract with a creditor back into place, as if the bankruptcy had not been filed with respect to that creditor and that debt/loan.
Debtors are eligible to receive their Chapter 7 discharge 60 days from the date set for the 341 meeting, unless a creditor objects in a timely manner or the court orders otherwise.
A discharge is an Order from the Bankruptcy Court which cancels (i.e. “discharges”) the debts listed by the debtor on the bankruptcy petition and schedules. Once the discharge is issued, these listed creditors are prohibited from taking any further action to collect on their debts.