If you file for bankruptcy, does it cancel your current debts as well as your past ones?

Question

I am thinking about filing for bankruptcy, but I have no idea where to start- I know i cant erase everything from my credit, but what is included/discluded when you file? Is it all from the past- like things that went to collections, or do they look at what you owe now and take that off too? I am trying to build up my credit score with things such as paying my car note on time, but it seems i am getting further and further into debt. any help would be greatly appreciated!

Answer 1

I would say your quite the scammer

Answer 2

The answers I see in there are from the past...NO EVERYTHING IS NOT REMOVED under the NEW LAWS. If you're working or own anything that may/might be of value you're required to do a Ch 13 (not a Ch 7 which would absolve you of debit) bankruptcy and workout a plan to pay the creditors back and than adhere to it the best you can. If you can avoid the BK do so by contacting Consumer Credit Counseling (CCC) they've a web site somewhere. They can negotiate settlements and put a plan in place for you to pay your debts without going BK. You will suffer bad credit scores till you payoff the debts, but when your program is completed (and it's far shorter than having a BK hanging on your record) than you'll have a fresh start. GOOD LUCK!

Answer 3

No: Bankruptcy ONLY considers those debts that you list on your file. If you don't list them it is assumed that you will make
payment on them. Also, remember, Your debtors have the right to challenge your claims, for some or all of what you owe them.
Generally speaking you cannot default on the following:
Money owed the government
Court ordered settlements like alimony, child support, fines.
Student Loans
Debt owed from a previous bankruptcy
& debts made AFTER you filled for bankruptcy.

Answer 4

Lawyers usually will talk to you as a free consulation.

Things such as student loans, bounced checks, judgements, and civil suits are not dischargeable.

There are new bankruptcy laws out, I would take that route to see if you even can qualify for Chap7 bankruptcy. Depending on the debt to income ratio, you may only qualify for Chap 13.

I suggest do research, talk to lawyers & gain knowledge. Of course come here too!

Answer 5

The housing marketplace is amazingly flat acceptable this second so that's no wonder you've no longer had a lot success. even even as circumstances are strong it takes on common 6 viewings for a house to promote. i'm no longer efficient I understand the cancellation cost element - oftentimes resources agernts artwork on a no sale free of charge foundation so in case you do away with the living house from their books there is no longer something to pay by employing you. On yet another be conscious, thinking the difficulty you're in i'm no longer efficient why you probably did not settle for any of the different can provide - ok it became 80% of the asking cost so that you lose 20% of what you've been asking. the alternative is repossession the position you lose one hundred%. once you're made bankrupt - you nevertheless owe the money that's not magically taken away - you purely get a repayment time table worked out and no extra interest ought to correctly be extra by employing your lenders. once bankrupt you're financially screwed till the debt is cleared. added: financial ruin does no longer sparkling each and everything. a special chum of mine went by potential of it many years in the past and he remains finding out to purchase it.

Answer 6

only if you include past and present bills in bankruptcy and all the creditor and collection agencies if any if you don't any body you miss can come back and try to get their money. been throw it because of divorce and ex ran up bills and didn't pay.and check on new laws they have made it harder to file on credit cards and in my state cost around $875.00 just to get started make sure your get every thing covered the first time or it will cost more money in the long run make sure anything you want to get rid of is included in affidavt and anything you don't want to file on you reafirm the debt with and don't mess up after you reafirm or can loss what ever you reafirmed and defaulted on payment.

Answer 7

Everything is removed, all your debts erased, EXCEPT for student loans. Anything on your credit reports that say they went to a collection agency, keep in mind, there's a statue of limitations even collecton agencies have to follow and have to remove from yor record.

Answer 8

BEFORE YOU FILE BANKRUPTCY CHECK OUT www.jicinvestments.com for more info. You can get negative marks removed. IT REALLY WORKS.

Answer 9

I found some good info here.