How a Creditor Can Get the Most (or at Least Not the Least) Out of a BankruptcyJames S. Carr
The bankruptcy trustee may seize a lump sum back benefit that you collect before filing for bankruptcy if you do not keep the money in a separate account. If Social Security deposits the money into a bank account that also holds other income, then the funds may be considered...
“It’s critical to verify the information. Just as a creditor sold the debt to a debt collector to begin with, one debt collector may have sold the debt on to another. Along the way, errors could be made. A consumer should verify, at the least, that the debt does belong to them,...
After this period, a creditor cannot take legal action to force payment, but they may still attempt to collect the debt voluntarily. Even after the statute of limitations expires, some creditors may try to contact you or sell your debt to collection agencies. In fact, delinquent debt can ...
Upon recognition of a foreign "main" proceeding, section 1520(a) of the Bankruptcy Code provides that certain provisions of the Bankruptcy Code automatically come into force, including: (i) the automatic stay preventing creditor collection efforts...
A bailiff – also known as an ‘enforcement agent’ –is someone who is instructed: By a creditor to enforce a money debt or a fine; OR By a creditor to repossess goods under hire purchase or a conditional sale agreement to enforce an injunction; OR By a landlord to carry out an evic...
It is imperative that we make consumers more aware of the long-term effects of their financial decisions, particularly in managing their credit card debt, so that they can avoid financial pitfalls that may lead to bankruptcy. — Daniel Akaka 0 Bad debt is debt that makes you poorer. I co...
the bankruptcy court can discharge certain debts, but not all types of debt. Once a debt has been discharged, the creditor can no longer take action against the debtor, such as attempting to collect the debt
a creditor cannot report any debt discharged in bankruptcy as being currently owed, late, outstanding, having a balance due, or converted as some new type of debt (e.g., having new account numbers). If something like this appears on your credit reports, contact the credit...
The bankruptcy trustee may seize a lump sum back benefit that you collect before filing for bankruptcy if you do not keep the money in a separate account. If Social Security deposits the money into a bank account that also holds other income, then the funds may be considered "commingled" if...