All the information, articles, and tools that you need when facing debt and bankruptcy!
Wednesday, March, 10th, 2010
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All the information, articles, and tools that you need when facing debt and bankruptcy! Wednesday, March, 10th, 2010 |
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Bankruptcy Questions And Answers Q: My brother cosigned a loan for me, if I file bankruptcy will he have to pay it?A: Your cosigner will become responsible for the debt. Remember, however, that unless you list your cosigner as a creditor in your filing, they can file a claim against you. Q: If I file bankruptcy, will I lose my house? A: When you file bankruptcy, you are allowed some exemptions. In most cases, up to $100,000 in equity is exempt. The equity is calculated based on the expected amount that would be received in forced liquidation, not necessarily the fair market value of the house. Q: Will my employer be notified that I've filed bankruptcy? Can I be fired because I've filed? A: If your employer is not listed as a creditor in your filing, he will not be notified that you've filed. You are protected from firing under the bankruptcy discrimination law. Q: My wages have been garnished. Will bankruptcy stop the garnishment? A: Yes, garnishment will cease when you file for bankruptcy protection. Q: What debts can't be discharged by bankruptcy? A: Bankruptcy can't wipe out all debt. The following debts can't be discharged:
A: In most cases, civil judgements are erased by bankruptcy filing. Q: I am divorced, will I still have to pay back debts incurred while I was married? A: You will be relieved of repayment of most community debts, however your former spouse will still be responsible unless your spouse also files bankruptcy.  |
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