if you don't want to continue and just refuse to pay the objectionable amount assigned by the bankruptsy judge, is it no foul no penalty or what?
2007-03-11 16:52:35 · 9 answers · asked by ? 1 in Business & Finance ➔ Credit
If you default on bankruptcy all your debt will return to you minus what has already been assessed out of monthly trustee payments. Lawyer and court costs still apply. Any letters of automatic stay that have been filled by your lawyer are no longer valid and your creditors can contact you or pursue whatever means necessary to obtain the collateral. It will leave another bad mark on your credit report which could take years to recover from.
2007-03-11 16:57:30 · answer #1 · answered by ibyt2692 3 · 0⤊ 0⤋
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RE If bankruptsy is cancelled, does it still count as a bankruptsy?
if you don't want to continue and just refuse to pay the objectionable amount assigned by the bankruptsy judge, is it no foul no penalty or what?
2014-10-15 07:22:34 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If it is a Chapter 13 Bankruptcy and you discontinue payment they will dismiss the Bankruptcy. It will show up on your Credit Report that is was dismissed for 10 years. Also, once they dismiss it the creditors can come after you again. This can include sueing you and move for a garnishment of your wages. So the penalty can be quite severe. Because once it is dismissed it is next to impossible to get it reinstated, and you can not file for another one for 7 years.
2007-03-11 17:54:34 · answer #3 · answered by OC1999 7 · 0⤊ 0⤋
Doing this will open a door you do not want to open. Your creditors will come after you and you will have no protection. They will be able to file liens against property, attach your bank account, take you to court and get judgments and then garnish your wages. Once a bankruptcy is dismissed it is almost impossible to get it reinstated.
2007-03-12 03:20:12 · answer #4 · answered by ? 7 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-03-11 17:39:17 · answer #5 · answered by Anonymous · 0⤊ 1⤋
As I was told, a bankruptcy "filing" would show with the credit bureaus, and remain there for the usual 10 years span.
2007-03-11 16:59:15 · answer #6 · answered by K G 4 · 0⤊ 1⤋
i don't think of you are able to if there has already been a judgement exceeded. reliable luck to you. I particularly were there and accomplished that. I now in reality have one mastercard that I particularly have in case of DIRE emergencies. a confusing lesson realized.
2016-12-01 20:59:18 · answer #7 · answered by luci 4 · 0⤊ 0⤋
no spam. when in doubt refer to community guidelines. How's it feel?
Once you have an assigned amount to pay for bancruptcy you must complete payments in order to not be in default.
2007-03-13 16:16:48 · answer #8 · answered by Anonymous · 0⤊ 0⤋
You can't just not pay because you don't want to.
2007-03-11 17:46:23 · answer #9 · answered by annazzz1966 6 · 1⤊ 0⤋