I am filing bankruptcy for my business which is in my name only will this effect my husbands credit and can they come after our personal assets such as house cars?
Posted from: Manitoba
My son is in credit card debts for 23,000, he is not working and his not in Social Assistance, also he is not my dependent before the law.
Could he filed for bankruptcy, if is not which are the penalties for not pay to those credits. He should go soon to live in [...]
If i was to file bankruptcy and i lived with a friend, who is a room mate. Would i have to disclose his income as well, even though he is just a room mate?
Posted from: Ontario
Thinking about filing bankruptcy? This is without question one of the most difficult decisions anyone can make in their life. Having tried your best to dig yourself out of debt or negotiate with your creditors to keep yourself out of having to file for bankruptcy without success, you may be finding yourself at [...]
Can You Guess The Main Causes Of Bankruptcy Filings? There are several common causes leading one to file bankruptcy. These include, but are not limited to the following:
1. Lawsuits/Garnishments
Nobody wants to be sued and brought to judgment. Nobody wants to have 10%-15% of their hard earned wages deducted from their pay. In many cases, the taking of 10%-15% of one’s wages leads to the inability of that person to pay his rent, utilities or auto payment. Just the thought of the employer potentially having to garnish wages leads many to panic. Debtors do not want their employers or co-workers knowing of their financial troubles.
2. Auto Repossessions
Auto lenders will do whatever it takes to get you financed, regardless of whether you are actually capable of affording the car. They realize that if you can’t pay the installment, they can take back their vehicle and re-sell it before it fully depreciates. They do this through the use of auto auctions where the vehicl
What are the new rules for filing bankruptcy and does filing eliminate all debt?The Answer : I do not agree with Marie's advice.If you are currently working and have some income, you probably will not qualify for chapter 7 anyway, and you could end up losing your home, auto, or other property. You need to discuss your options with a bankruptcy attorney. Only after examining your situation can any recommendation be made. As for the new rules, you must meat a "means" test to see if you qualify. If it's determined that you make too much money, and your dept ratio is not that high, you will not be allowed to file.The filing fees are a lot higher.You now have to complete budget management course (on your own dime). If you can't afford to consult an attorney then do some research on the net. I'm not sure how much info is available on the new rules yet though.Good luck, I've been there.
Some people regard bankruptcy as a simple method to offload a killing debt problem, and it is sometimes the first system they reach for, well it might relieve the problem, however it is far from simple and had better be the very last action you use to achieve debt relief.
Bankruptcy is really a word with great sorrow to so many people. Who wants to file for bankruptcy if he has the option to pay? Because it makes credit report negative. No one will agree to give further loan in future when it will need most. People file for bankruptcy for so many reasons. Here I am discussing some of them:
1) Bankruptcy filing can discharge you from your debts and can give you a fresh start. But there are two types of bankruptcy, chapter 7 and chapter 13. You are to go through from these two chapters. You should know the difference between these two chapters.
2) It will stop foreclosure on your house. Chapter 13 bankruptcy will stop the foreclosure. Mortgage on your property without payment will not be eliminated by bankruptcy. Moreover bankruptcy sketches a plan to repay the arrear mortgage.
3) If bankruptcy is filed quickly enough, reposition can be stopped. Chapter 13 bankruptcy will consolidate your outstanding into one monthly payment and from then on you
