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consequences of bankruptcy FAQ

Do you really understand the consequences of Bankruptcy?

Apr 02, 2009 by Mister Answerman | Posted in Personal Finance

What are the advantages and disadvantages.
So many people losing their jobs and unable to pay off their homes. Student Loans are a big burden and many students are finding it easier to declare bankruptcy.
What are your thoughts?

People have to be careful when filing bankruptcy, they often times do not know what debt is cleared out and what is not. some student loans are not absolved after bankruptcy.

There's more info at

http://www.diylegalinfo.com/bankruptcy_L

josh h | Apr 03, 2009

Advantages - it wipes out many of your bills allowing you to start fresh.

Disadvantages - it ruins your credit for at least a couple of years and stays on your record for 7 years. Not all debts are wiped out (student loans backed by the
Steve D | Apr 02, 2009

What are the consequences of Bankruptcy?

Jan 15, 2011 by JGriddz | Posted in Personal Finance

BESIDES the hit I will take on my credit rating. Are there any other downsides to it?

You'll have bad credit for at least 2 years...but many people who file are already at that point anyway with multiple credit card defaults and late pays.
Some people like to exaggerate the negative effects of filing. Chapter 7does not destroy your

CatDad | Jan 15, 2011

Ask Donald Trump. That guy has declared it more times than I've met Palmela and her five sisters.
Erik Nostin | Jan 15, 2011

Does anyone the consequences of bankruptcy?

Jan 03, 2007 by mark s | Posted in Personal Finance

it has been said employers and landlords will use your credit information for jobs and even getting an apartment?Is this really the truth?If you know about the truth of this through experience,I would appreciate it greatly

some employers do check and landlords will because you have to prove you can pay the rent.

zyberianwarrior | Jan 03, 2007

consequences of bankruptcy news

New Century: Bankruptcy Court Upholds Finality Of Bar Date Even Where Result ...

18.05.12 At * 34.

New Century and its affiliates filed chapter 11 cases on April 2, 2007.  Thereafter, the Court established August 31, 2007 as the deadline for filing proofs of claim in the cases.  In July 2011, almost two years after the Court approved the debtors’ liquidating plan and almost four years after the claims bar date, Helen Galope filed a proof of claim against the debtors asserting amounts owed for fraudulent loan transaction under a mortgage note.  The liquidating trustee objected to Mrs. Galope’s claim on the grounds that it was filed after the bar date.  Mrs. Galope argued that her claim should be allowed because (1) she was not aware of her claim until after the bar date passed, (2) notice of the bar date was not sufficient as she did not receive direct or actual notification from the debtor, and (3) she should be allowed to file her claim after the bar date based on excusable neglect.

The Court concluded that Mrs. Galope had received
Source: JD Supra (press release)