Comments on: If I go bankrupt, do the people I owe get my future earnings? http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm Mon, 06 Feb 2012 00:00:45 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: Mama Pastafarian http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm/comment-page-1#comment-5450 Mama Pastafarian Tue, 09 Feb 2010 04:48:48 +0000 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm#comment-5450 If you file bankruptcy, you can file either of two types. Chapter 7 wipes out your debts, using any assets to pay your creditors. Chapter 13 bankruptcy requires you to make payments of your disposable income for a period of time, but with a minimum of 36 months (unless the debt is completely paid before the 36 months is over). The bankruptcy laws were changed last year, and now it is harder to qualify for a chapter 7 bankruptcy. You are allowed to keep a certain amount of assets under bankruptcy under the exemptions allowed for each state. In California, the exemptions are can be found at; http://www.ca-bankruptcy-attorneys.com/california_exemption_chart.html Not all debt can be discharged in bankruptcy. You cannot discharge federal student loans, most taxes (unless of a certain age), child support, and debts owed as a result of a criminal charge. For example, if you caused damages as a result of a DUI, and were sued, you would not be able to discharge that debt. You should consult with several bankruptcy attorneys to see if this is the right choice for your situation. The initial consultation should be free. If you file chapter 13, the attorney fees can be included in your bankruptcy payment. You need to hire an attorney who does nothing except bankruptcy law. You want someone who knows all the rules. Someone who just does bankruptcy on the side will not know all the changes in the law and how those laws are supposed to work. You can find a lot of very accurate information at http://www.bklaw.com/california_bankruptcy/ If you file bankruptcy, you can file either of two types. Chapter 7 wipes out your debts, using any assets to pay your creditors. Chapter 13 bankruptcy requires you to make payments of your disposable income for a period of time, but with a minimum of 36 months (unless the debt is completely paid before the 36 months is over).

The bankruptcy laws were changed last year, and now it is harder to qualify for a chapter 7 bankruptcy.

You are allowed to keep a certain amount of assets under bankruptcy under the exemptions allowed for each state. In California, the exemptions are can be found at;
http://www.ca-bankruptcy-attorneys.com/california_exemption_chart.html

Not all debt can be discharged in bankruptcy. You cannot discharge federal student loans, most taxes (unless of a certain age), child support, and debts owed as a result of a criminal charge. For example, if you caused damages as a result of a DUI, and were sued, you would not be able to discharge that debt.

You should consult with several bankruptcy attorneys to see if this is the right choice for your situation. The initial consultation should be free. If you file chapter 13, the attorney fees can be included in your bankruptcy payment. You need to hire an attorney who does nothing except bankruptcy law. You want someone who knows all the rules. Someone who just does bankruptcy on the side will not know all the changes in the law and how those laws are supposed to work.

You can find a lot of very accurate information at http://www.bklaw.com/california_bankruptcy/

]]> By: bubbles26 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm/comment-page-1#comment-5451 bubbles26 Tue, 09 Feb 2010 04:48:48 +0000 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm#comment-5451 I don't think so because bankrupty clears your name from oweing money. Bankrupty gives people another chance. I don’t think so because bankrupty clears your name from oweing money. Bankrupty gives people another chance.

]]> By: lillipad http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm/comment-page-1#comment-5452 lillipad Tue, 09 Feb 2010 04:48:48 +0000 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm#comment-5452 NO they get nothing and you get a clean slate NO they get nothing and you get a clean slate

]]> By: The Pope http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm/comment-page-1#comment-5453 The Pope Tue, 09 Feb 2010 04:48:48 +0000 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm#comment-5453 yes . . under the new laws they could come after you (IF they bothered)... most will write off the debt. yes . . under the new laws they could come after you (IF they bothered)… most will write off the debt.

]]> By: who_can_keep_up http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm/comment-page-1#comment-5454 who_can_keep_up Tue, 09 Feb 2010 04:48:48 +0000 http://howtogobankrupt.org/if-i-go-bankrupt-do-the-people-i-owe-get-my-future-earnings.htm#comment-5454 Yes. If you are bankrupt and pass away, the cost is transferred to the next of kin; so if you are sued for a million dollars and pay only $1 of it, then the rest go to your family/children. Yes. If you are bankrupt and pass away, the cost is transferred to the next of kin; so if you are sued for a million dollars and pay only $1 of it, then the rest go to your family/children.

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