Web Results

twocents.lifehacker.com/what-really-happens-when-you-file...

A lot of people think bankruptcy wipes out any and all debt obligations, but that’s not the case. You still have to pay up, and how you’ll pay up depends on what kind of bankruptcy you file: Chapter 7, Chapter 13, or Chapter 11. There are other types of specific bankruptcies, too (Chapter 12 is for farmers and fishermen, for example), but these three are the most common.

bankruptcycanada.com/what-happens-during-bankruptcy

What Happens During Bankruptcy? When you have gone bankrupt your LIT (Licensed Insolvency Trustee) will begin dealing with your creditors directly and you will receive an automatic stay which means your creditors won’t be able to contact you or make any collection attempts; ...

www.nolo.com/.../chapter-7-bankruptcy-overview-29571.html

Chapter 7 bankruptcy, also called "straight" or "liquidation" bankruptcy, is so named because the law is contained in Chapter 7 of the federal Bankruptcy Code. Here's an outline of Chapter 7 bankruptcy-- who can file, the forms you'll need, how the process works, and what happens to your property and debts.

www.reference.com/government-politics/happens-during...

What Happens During Bankruptcy? Although an individual can file for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, both types involve the same four steps, according to Money Crashers. These steps include providing a financial inventory, receiving credit counseling, attending a creditors' meeting and completing post-bankruptcy credit counseling.

bankruptcy.findlaw.com/what-is-bankruptcy/is-bankruptcy-a...

What happens to other property during a bankruptcy proceeding will depend on what you've done with it and the property exemption laws that are available to you. If, for example, you put up your boat or your car as collateral on a loan, this makes that loan secured and the creditor may still be able to take your property even if you are in ...

www.irs.gov/.../declaring-bankruptcy

During your bankruptcy case you should pay all current taxes as they come due. Failure to file returns and/or pay current taxes during your bankruptcy may result in your case being dismissed. Partnerships and corporations file bankruptcy under Chapter 7 or Chapter 11 of the bankruptcy code. Individuals may also file under Chapter 7 or Chapter 11.

www.legalzoom.com/articles/bankruptcy-basics-when-should...

Learn bankruptcy basics, including when when to file bankruptcy and how to file bankruptcy. ... 773-0888 during our normal business hours. All requests made under this guarantee must be made within 60 days of purchase. We will process your request within 5 business days after we've received all of the documents and materials sent to you ...

www.nidirect.gov.uk/articles/bankruptcy

What bankruptcy is. Bankruptcy is a legal status that usually lasts for a year and can be a way of clearing debts you can't pay. When you're bankrupt, your non-essential assets (property and possessions) and excess income are used to pay off your creditors (those you owe money to).

www.sec.gov/reportspubs/investor-publications/investorpubs...

During bankruptcy, bondholders will stop receiving interest and principal payments, and stockholders will stop receiving dividends. If you are a bondholder, you may receive new stock in exchange for your bonds, new bonds, or a combination of stock and bonds.

www.uscourts.gov/services-forms/bankruptcy/bankruptcy...

An individual cannot file under chapter 13 or any other chapter if, during the preceding 180 days, a prior bankruptcy petition was dismissed due to the debtor's willful failure to appear before the court or comply with orders of the court or was voluntarily dismissed after creditors sought relief from the bankruptcy court to recover property ...