Personal Bankruptcy
Personal Bankruptcy questions and answers
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Q: Can I file personal bankruptcy without an attorney?
I found a website for do-it-yourself filing. They make sure you get all the necessary forms for a nominal charge, but I wonder if I'm gonna get scammed.
A: You can do it, however it might be one of the most expensive mistakes you ever make in your life if you screw it up or leave something out. Trying to go cheap usually ends up being expensive in the long run. And then there is ALSO the possibility of being scammed and your identity stolen through someo of these websites. You've been warned!
Q: Can a personal bankruptcy affect my sub-S corporation in any way?
I am from Indiana, in case it matters.
It is what it is . . . could you add a little detail to your answer please?
A: O MY YES!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1
Q: How will my LLC Partner's personal bankruptcy affect me?
My partner in an LLC is personally filing Chapter 7 Bankruptcy. If I am unable to continue making payments on the property we own as an LLC alone and this property goes with him in the bankruptcy, how will it affect me personally?
A: It depends if you've individually guaranteed the loan for the property. BTW his interest in the LLC goes into the BK, not the property the LLC owns.
Q: Has anyone gone through a personal bankruptcy?
Was the outcome good? What are the pros and cons?
A: pros- debt collectors stop calling and harassing you
cons- on your credit for 10 years, will find it very hard to get any credit at all, won't be able to get a mortgage if you want one, won't be able to get car loans, etc.
i wouldn't recommend it unless you can't possibly do it a different way. even if getting out of debt takes some research, hard work, negotiations with the companies, and years to do, it is better to correct your credit than spend 10 years in credit hell.
Q: How can I rebuild my credit rating after declaring personal bankruptcy (2005) & how long does it take?
Are secured credit (Horizon Plus Mastercard, Home Trust Visa) cards the way to go?
A: mine was discharged in 2003. i bought a condo in last year, my fico-score was back up to 720. i started slowly building up my credit rating by getting secured credit cards, charging gas & groceries, and paying more than the minimum, before it was due. after one year, i received several offers for unsecured cards. i applied for the one with the lowest interest rate, and used it for small purchases, again paying more than the minimum each month, never having a late payment. now i have 3 credit cards with low or 0% interest rate, and a pretty high limit. i keep my balances low (under 100.00), and won't buy anything i can't pay cash for. good luck !
Q: What are the drawbacks of declaring personal bankruptcy?
can they go after your property
for how many years it means bad credit
A: Your credit will be scarred for more than a decade. It can hurt you in buying a home, renting, getting credit, getting a job - any number of things. If you can avoid it, do. Ask your creditors about payment plans or settlement amounts.
It's not as easy nowadays to declare bankruptcy, thank goodness, because people were doing it because they ignorantly got themselves into to much debt seeking material gratification. But situations, like unforeseen medical expenses, do happen. In some cases if you can prove it was caused by medical expenses, some creditors will be more forgiving if they see a bankruptcy on your record.
Q: What is the best way to find financing for a small business with a current personal bankruptcy?
A: Establish an Employer Identification Number (EIN) free from the IRS--check with your local Employment Security Office for information, or online.
Then your business has it's own identifying number, not necessarily tied to your Social Security number which will be flagged by the bankruptcy.
Good luck!
Q: Why was President Obama on the verge of personal bankruptcy in 2006 ?
A Chicago Sun Times article states that the Obama's were deep in debt and about to face foreclosure until Michelle miraculously landed a job At a Chicago Hospital as a well over paid administrator .
A: Don't you find this interesting that this was never brought out when he was nominated. He clearly has demonstrated that he has no freaking idea how to create a budget or how to truly stimulate our economy. It is all a bunch of smoke and mirrors. I am not saying that McCain would have been much better, but at least he has proven to be a true patriot and didn't hate this country's founding principles. We as a nation who really do care, need to speak up and do something, not just at a "mock tea party " but really step up to the plate and take back what is rightfully ours. Alot of good people have dedicated their lives and given their lives to protect this great nation and I think we owe it to them as well as ourselves to do so. We as Americans have gotten lazy, and have lived off the fat of our pasts prosperity way too long. There is no button to push or agency to hire to do this for us, we need to get off our ass and do it for ourselves. The one big question is how do we unite, organize, and make this happen before its to late?
Q: Disolving SMLLC owe creditors not enough capitol business bankruptcy or personal?
I own a SMLLC that is disolving I owe creditors more than the capital that I have what is the best way to either file business bankruptcy or personal (will this affect my spouse)
thank you
A: You want to file the one that wipes your slate the cleanest. I can't know from your question if you need to wipe out some personal debts (most people do) or not. You will probably do a personal bankruptcy and your wife will be affected negatively.
Q: Which type of personal bankruptcy is more common, and what does the type of bankruptcy depend on?
I'd also like some idea of just HOW much more common one is compared to the other. In other words, is it 60%/40%? 95%/5%? etc...
Thanks!
A: ASSUMING YOU ARE ASKING ABOUT THE USA...
In 2009 Ch 13 bankruptcy filings were about 26% of all personal bankruptcy filings, with Ch 7 making up virtually all the rest.
(source: http://www.creditslips.org/creditslips/2… )
Ch 11 and Ch 12 can also be used by individual debtors, but they are both rare enough not to really impact the national statistics. Ch 11 is for millionaires and Ch 12 is for family farmers and fishermen.
Thus, Ch 7 was by far the most frequently used Chapter of the Federal Bankruptcy Code for consumer bankruptcy filings.
Q: Personal Bankruptcy / Will it wipe out a Court judgement ? AND IF you are a director of a corporation, can you
I now have a personal court judgement against me and i am a director of a corporation, can i still go bankrupt?
A: It depends on whether it's a chapter 7 bankruptcy of chapter 13 bankruptcy. Chapter 13 reorganizes your debts and sets a new payment plan in place so they are more manageable. A chapter 7 may wipe out most existing debts with some exceptions:
Alimony and child support
Back taxes and student loans
Recently made purchases for substantial amounts
Property executed contracts involving titles or liens
Your really don't give enough info on your situation, but you can reference the following sources to get a better idea.
Q: Can a personal bankruptcy prevent you from getting a security clearance?
A: Yes it could. Need more details.
Q: for how long does a personal bankruptcy (Chapter 7) stay on your credit report?
I think it's either 7 or 10 years. Which is it? And after that time how do you get it removed?
A: Chapter 7 stays on for 10 years from the date of filing.
If after 10 years, it doesn't come off automatically you would have to file a dispute with the CRA(s) as obsolete