Are IRS debts forgiven when you file bankruptcy?
I have a friend who is considering filing bankruptcy and wants to know if IRS debts will be included. How does this work.
Posts Tagged ‘debts’
Can I file for bankruptcy?
Currently I have about ,500 worth of debt that include credit cards, a personal loan, and doctor bills. I recently became unemployed and I haven’t been able to make payments on any of my debts.
I’m fairly young and of course my interest rates are high, ranging from 16%-24%. I use to not only pay my bills on time, I paid them all early. I like paying my bills. I don’t want to file bankruptcy but in this situation I don’t know what to do. I expect to starting working within 4 weeks.
If I try to start making payments, it will take several months to get caught up. I live with my family and I’m basically head of the household. I take care of my family of 5, and that’s why I’m in debt.
I don’t want to go to one of those companies that you make a monthly payment to and they make payments to your creditors. I could do that myself, and I would still be in the same situation.
Is filing for bankruptcy the right thing to do? Will I be able to, considering the new laws?
do you honestly believe its the end of manchester united if the glaziers go bankrupt ?
think about it its the glaziers debts .. not uniteds .. worse case scenario.. we do a leeds but without the religation … and i’m sure there are plenty of potential investors who would love to get their hands on englands biggest money spinners in the world of football.. we just have to hope the highest bidder is the right bidder… and the glaziers aint on the phone to bates to ask him how he did it .. lol..
Should one file bankruptcy before filing for disability?
or should bankruptcy be filed after filing for disability? My friend is absolutely broke and jobless due to manufacturing no longer existing in the states. He has traveled to several states just to get contract work and that costs him a lot of money each time. Now he has a medical condition but fears applying for disability. His main concern is debt and I told him I’d ask around. Can the debts be wiped out if he qualifies for disability and he goes BK? OR can they get paid back from any disability income? Thanks.
This is no way an attempt to defraud anyone or anything. If someone can’t work and has a legitimate claim, what can you do if you can’t pay bills?
Can my husband file bankruptcy without dragging me down with him?
We just got married a few months ago after 13 years of living together. He has racked up his own debt in his name and I have my own debt in my name. We never signed any kind of prenup. He’s been unemployed for over a year, making me the only money maker in the family. I can no longer afford to keep paying on his debts.
Can he file bankruptcy without me being involved, too?
We live in Minnesota, if that matters
How to write a company reporting on my credit report, about a payment plan to settle debt?
I am going to try to resolve some bad marks on my credit by paying off some older debt. I don’t have bad credit card debt or anything of the sort. Just some old bills that went to collections from hospitals, cell phones, utilities, etc. Many of these have been from years ago (some 5+ years).
Now that I am making a decent living, I am finding it hard to obtain lines of credit, and know what my score is. I ordered my 3 free credit reports yesterday, and will be expecting them in the mail shortly. I want to try to tackle these ‘old’ debts to get them off my report, and hopefully improve what’s written on my report.
I read that the first step in doing this, is to write a letter to each company listed on the report, stating that you want to rectify the situation, and to work out a payment plan. What types of things should I ask? Should I propose options? If they respond with a payment plan or settlement amount, do I accept it or negotiate? If I correct these, will they come off
Do you lose or keep your primary residence if you file bankruptcy?
I’ve been looking at an informational site and couldn’t find anything that would answer this question plain and simple. For Chapter 7 it said you could keep clothes and furnishings and something else but it wasn’t house. It said everything of value had to be liquidated to pay the debts. For Chapter 13 it said something about mortgage, but it made it sound like it had to be paid off in 5 years, which I know for what my sister owes on her house, she’d only come close if they weren’t charging any interest during that time. If worse comes to worse for my sister and she ends up with her cars going into repossession and house into foreclosure, and she files bankruptcy, can she keep her house and one car, or would she have to sell them and start from rock bottom all over again?
Where should I file for bankruptcy?
I used to live in County A for many years. I opened all of my debts with that address, and recently recieved 2 summons for credit card debt from that county’s court. I now live 2 1/2 hrs away, in County B, but still in the same state. I would like to file bankruptcy where i live now, in county B. Is that possible? Does it not matter where i file? I just want to make sure that after i file, those summons from county A will be dismissed for sure. Thanks!
Best way to settle credit card debt on your own?
I was going to go with a debt settlement company, but I am getting way to nervous about it so I think I am not going to do it. For some reason my gut is telling me not to go with them. They want their fees first before they start working on my debt which makes me think they will just take their money and run.
So I was wondering can I settle my own debt with my credit card companies? I have been reading a lot of articles that say the credit card companies are willing to settle your debt for less now so they will still get paid some of it? What is the best way to do this…I would like to do it on my own so I don’t have to pay anyone else. That way I also know that my debts will definitely get paid off. One of the issues I have though is let’s say I have ,000 on a credit card and call them and they agree if I pay ,500 of it they will mark it as paid in full. I don’t have the 00 right away do you know will they let me pay the ,500 off without fees and over a payment plan? How does all of this work when you are trying to do it on your own?
As of right now I am 3-4 months behind on paying my cards off.
What is the best way to negotiate an offer to settle your credit card bills?
I am no longer working and have closed my credit cards with high balances (the most is 00). I will be getting a chunk of money next month and would like to settle these debts on my own without having to use one of those debt management companies. What is a fair offer to make on a debt that size? How do I go about doing this, and what about my credit score? Please help.
Can I choose to keep certain debts if I file bankruptcy Chapter 7?
I have a large amount of debt that I am unable to pay. I want to file bankruptcy. Let me start by saying I am ashamed to be in this situation so, please do not bash me, just please provide sound advice.
There are two debtors that I would like to continue paying on. One of them holds the pink slip to my car (my credit union) and the other is a credit line that is owned by my grandfather but he put my name on it to use.
Can I file and not include these debts?
Please help, thanks!
Added DETAILS:
1. No assets, other than the car, which only ,000 owed.
2. In California.
3. How do I reaffirm the debts I’d like to keep?
Thanks!
Received responses from debt collection agency to settle debt, now what?
I sent letters to the debt collection agencies that I owe money for medical bills (2600 across 6 accounts) to settle the debts at 25% and to remove entirely from my record. Two have responded asking for full payment, one will remove entirely, other said it would report as "paid in full". What should I do? Should I be renegotiating with them for less than the full amounts? The remove in full is tempting as is, but I feel the "paid in full" definitely has to be renegotiated. Thoughts?
I’m recently married, my husband is probably going to file bankruptcy, will this affect my credit?
My husband has had debts pop up from his ex and is probably going to file bankruptcy. If I go to apply for a loan will this affect my credit?
Should I file bankruptcy for defaulted credit cards? Will my current credit cards be affected by this action?
I cannot afford to pay these old debts. What’s the best and worst thing that can happen at this point…?
Can anyone advise me how to go about debt settlement on my credit cards?
As everyone must have noticed, there are now hundreds–if not thousands–of debt settlement companies out to make even more money on people that are almost in a state of bankruptcy. They all seem to "claim" that they can reduce your debts by 50% or more without damaging your credit score. So if it’s that easy, does anyone know how to go about doing it yourself without paying someone?
can I file bankruptcy in jail and does it matter if i sold my ‘92 truck to my ex-wife 6 days after divorce?
in the divorce decree it states that I am responsible for all debts incurred by my former business and that she is relieved from them. I sold her the truck because I didn’t need it in jail and I owed her money as well for paying my child support current last year. Here’s where it gets confusing, i am in jail in Texas and looking at a felony revocation where I would be spending 2-10 years in prison. Alabama and Mississippi is where most of my debts are and one has even filed small claims three days after I left alabama. I need to act on this fast. Can I do this myself with the correct forms? Which state should I file in? Texas allows you to keep property in which you need for work. But all the divorce decree said that I would be allowed my personal property only and it didn’t stipulate what was personal property. my ex seems to think its just my clothes. Any suggestions would be greatly appreciated.
How do credit card companies collect outstanding debt from debtors?
I mean can credit card companies go to the extent of auctioning/selling off debtors underwears, toothbrushes, combs and possibly one’s shampoo and bathing soap to settle debts owed them if one doesn’t have other properties they can sieze?
Does anyone know of a good website that offers free advice on how to settle your own debts & collections?
I am looking for how to advice on how to settle old debts and collections that are on my credit report.
Has anyone ever used a debt settlement company and if so, what was your experience?
I’m not talking about credit counseling, I’m talking about the firms that go to your creditors and offer to settle the debt for a small percentage of the total owed. If you have, tell me what you thought and who you used. Thanks.
WWW.JICINVESTMENTS.COM isn’t even close to what I’m asking about. I’m not looking for credit repair, I’m looking to settle the debts. First thing first.
Wow! I am so impressed with some of the answers. I’m going to have to do some more exploration. It will be tough picking a best. Thanks to you all!
Who pays the debts of the people who file bankruptcy?
Where do all of the debts go when a person files for bankruptcy? Do the people who are owed money absorb the unpaid debt, or is that left up to taxpayers?
when can i file bankruptcy?
I was married for 15 yrs to someone that phelped pay zero bills.We filed bankruptcy once but ive still got tons of bills from my past due to her.I pay all my bills on time since im by myself now but im in such a huge hole theirs no way for me to get out of these debts but bankruptcy.How long do i have to wait from my prior bankruptcy to file again.
Can I file for bankruptcy; then unfile (and not have it on my credit report)?
I am at the point where bankruptcy might make sense despite my best efforts.
Can I file for bankruptcy, settle with any creditor at 10% of the debt owed and then unfile (with the remaining debts as is..)
In other words the only thing that force the creditors to negotiate is the fear that they will get close to nothing once the bankruptcy has been filed.
Where can you find a reputable debt management company?
Below is an answer to a debt question I asked. Im 70K in CC debt. You hear so many stories about these companies that say they settle debts and stories of how they really can’t do anything but just take your money. Does anybody know how to ferret out a reputable company that really does that service?
What I would recommend would be to talk to an accountant or get some information from a company who can help settle debt for a lower cost. If you do that and they project that you can settle your debt for say 15-25k,
Do I have to pay a collection agency a debt that doesn’t show on my credit report?
I have had two collection agencies recently try to settle debts with me that are very old and do not show on any three of the credit agencies’ reports. Do I have to pay them or are they just trying to make money off me? I have heard this referred to as "zombie debt." Thanks for your help.
is there anyone who has experience to settle his or her debts from credit card and mortgage?
I have financial problems. I have two mortgages about 1million and credit card debt about 0K. I tried to sell my house to pay my debts. However, it’s on market about 6 months, no any offer. I don’t how to do-file bankrupcy or find credt settlement company to settle my debts. My friends told they are not useful to have settlement company deal with all creditors. Can someone can give me advise how to survive?
Is it a good idea to settle debts for less than owed?
How does settling for less than you owe compare with paying in full or not paying at all? Should I settle 3 debts or pay in full only 2 debts in order to raise credit score? All 3 are already with collection agencies. thanks
How is it possible for a debt collector to sell ones debt to another creditor?
this is for a friend of mine.16 years ago she fell short on her car payments,which was like 4 months behind.It went from B of A Bank in Calif to
a creditor,from there she was able to pick up the pieces and a flat sum to settle
was offered and I helped on the pay off.She has her title,good credit,and just the other day she received a letter from a creditor called RJM Aquisitions
Funding LLC located in Syosset, Ny and yet they have another address to
Hauppauge,Ny.I looked up on a site for this place and there was god knows how many complaints were on there,and everything from their offer for a Mistic
credit card fraud,to fingerhaunt,to debts that were already settled years ago,to
god knows what else.It is stated in one complaint,"How can a pass creditor sell
an already settled debt that is 21 years ago"???If anyone out there has heard
of this company..please,please do not accept anything from them,I will be contacting the better buisness place in NY.
Is there a way to settle credit card debts by paying back just pennies on the dollar?
It would take me years to pay back my entire debt to these billion dollar credit card companies, which I don’t feel at all guilty about with all the interest that they charge.
However, I want to resolve my debts in order to improve my credit score. Are there any good websites that offer advice and ways to settle these debts at relatively low amounts?
Thanks in advance.
Also, some of my debts have been delinquent for over 5 years and have been sold off to collection companies. How do you settle these if the credit card company is no longer involved in the debt (i.e., they sold the rights to the money).
How do I convince someone not to file bankruptcy?
A friend of mine who drew K in credit card debt is debating on filing bankruptcy. He is fully able to repay his debts to his creditors, and fear that he may be putting his future at risk. As many people know bankruptcy and going through with it takes a lot of careful thinking. My buddy is hardheaded and thinks the bankruptcy courts will be open to discharge 100% of everything. Not a bad idea if he owed 0K and in over his head…K is workable in my book since he has no real living expenses. Any ideas?
What is my legal obligation to settle my parents debts when they die?
I am the adult son of free-spending, 74-year-old parents who are likely to leave considerable debt upon their deaths. If they were to die tomorrow, what is my legal obligation to settle their debts if their estate has negative net worth?