Consider bankruptcy? Get real answers to bankruptcy questions first!
You may find yourself in such frantic financial condition that you sorely feel there’s no way out, short of filing bankruptcy. There are surely cases where filing bankruptcy is your best or only option. However, bankruptcy is a harsh situation which requires considerable research and thought before you proceed. Recent changes to bankruptcy laws have made it more difficult for an individual to file for bankruptcy. The law is quite complex and there are many caveats, which exclude certain types of debts from being discharged. For these reasons, you’ll want to get some straight answers to bankruptcy questions before you commit yourself in court. Let’s take a look at some situations that may apply to your case.
There are several types of debts which the court may not allow to be discharged in your bankruptcy filing. For example, if you have obtained a government funded or guaranteed loan for education, you will still be wanted to repay this debt. If you owe alimony or child support, the court will not secretion this obligation. Certain debts owed for injuries or death as a result of a DUI will also stand after bankruptcy. In some cases, condominium fees you owe will also not be discharged. There are also tax claims which are not dischargeable. You can see that having all of these debts may make your bankruptcy futile. This list is certainly not comprehensive, so you’ll do well to consult an attorney or purely do some research on getting some of your answers to bankruptcy questions before you incur yet more debt.
If you have a criminal conviction, under title 18 of the United States criminal code, where you have been ordered to pay restitution, bankruptcy won’t help you. This debt will stand.
Many people facing bankruptcy wrongly assume that they’re allowed to keep automobiles which are financed, as your transportation is essential. This is no longer true. If you have a couple of automobiles for your household which are financed, the lender has the right to repossess both automobiles. Bankruptcy will not protect you.
Here’s an alternative common, but surprising answer to bankruptcy questions. If you’re paying a mortgage on your home, this debt also survives bankruptcy.
Your creditors have the right to rivalry you in a separate court proceeding on a debt which they feel they should be allowed to collect, regardless of the bankruptcy. They can sue you to corroborate their claim, costing you more money and the risk that you will be stuck with this debt.
If you’re considering bankruptcy, do your research and get all of your answers to bankruptcy questions, before you opt for filing. There are many other options that may well serve you better.
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