Creditors these days are looking for any and all ways to prevent debtors from discharging their debt in bankruptcy. As a result we are seeing more and more allegations of fraud.
The most common fraud allegation from the creditor is that you, the debtor, charged on a credit card and made absolutely no payments or very few payments before filing bankruptcy. Therefore, in the creditor’s mind you knew or should have known when you charged on the card you could not pay back the debt.
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. If you still have questions after reading this material, you should speak with an attorney familiar with bankruptcy.
Repossession can be stopped in Chapter 13 Bankruptcy. When your case is filed, if the creditor has repossessed your car but has not sold it, the court may order it to be returned to you. Your monthly payments and your interest rate can also be lowered.
How does the Bankruptcy Code handle your business interests? In most cases the Trustee will try to find a buyer to purchase your business in order to pay your bills. However, if the Trustee cannot find anyone to purchase your business, non-exempt property that you may need to run your business may be sold. Call the attorneys at Nashville Bankruptcy Law to have your questions answered.
If you own or operate a business, and you file for Chapter 13 Bankruptcy, you will be allowed to run your business, but you may be required by the appointed Trustee to submit an outlilne of monthly operating expenses and income.
In order for the court to grant the debtor discharge of Chapter 13 bankruptcy, the debtor must meet all of these listed requirements:
You may lose some of your property when filing for bankruptcy. The Bankruptcy code outlines what these are:
The court can grant a debtor a discharge, unless the debtor meets certain characteristics outlined in the Bankruptcy Code. The attorneys at Nashville Bankruptcy Law can help you with any questions you may have.
As credit card debt underlies many bankruptcy filings, it is not surprising that prospective bankruptcy filers want to know if they should stop paying credit card debt if they plan to file for bankruptcy.
At first blush, the answer to this question should be obvious - why should anyone “throw good money after bad?” However, I think that your decision in this matter should merit some thought.
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Credit card companies, or any creditor for that matter, can sue a debtor and may be able to take the debtor’s home, real estate, car, boat or any other personal property they own. People seem to think that if they don’t sign something that gives a creditor a lien on collateral, the creditor can’t take it. That is not true. Further fueling this misconception is the advise of so-called money experts like Suze Orman, who I have personally heard give false information that creditors can’t take a person’s home. Creditors can sue a person and take their home, car and other property - and they do!
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