Comments on: How to File Bankruptcy the Right Way http://www.bankruptcy-questions.net/25/how-to-file-bankruptcy-the-right-way/ Bankruptcy Question and Answers Tue, 09 Mar 2010 09:51:09 -0700 http://wordpress.org/?v=2.8.6 hourly 1 By: September17th http://www.bankruptcy-questions.net/25/how-to-file-bankruptcy-the-right-way/comment-page-1/#comment-47 September17th Mon, 16 Nov 2009 14:14:59 +0000 http://www.bankruptcy-questions.net/25/how-to-file-bankruptcy-the-right-way/#comment-47 It depends on several factors. Generally, a creditor can try to get you to pay a debt included in a bankruptcy only under certain circumstances. The most common is that the debt is a "priority" debt. Only certain debts are priority. The most common is child support and certain taxes, government fines and so forth. Student loans fall into a similar category. If someone loans you money, and there is no collateral for the loan, it is an "unsecured" debt. There is almost nothing the creditor (the person who loaned you the money) can do. However, there is one thing that the creditor can do. The creditor can claim that you incurred the debt through fraudulent means. There are certain circumstances where this can happen. For instance, if you took on the debt within a certain period of time prior to filing. The most common is someone taking a cash advance on a credit card then filing for bankruptcy within a month or two. There are certain cutoff periods. There is a presumption of fraud because when you borrowed the money, you were likely insolvent already and had no intention of paying back the debt. The bottom line is that it depends on how long ago you borrowed the money. It also depends on your intentions. If you were unemployed at the time and are still unemployed, the person could argue that you never had any intention of paying it back. The odds of you having to pay it back are slim to none, but it does depend on how long ago you borrowed the money. Another issue is your income and assets. If you have substantial assets and a good income, you may be forced to file Chapter 13 which requires you to make monthly payments. Your unsecured creditors would get a percentage on the dollar. I would need more details to give you a more thorough answer.<br><b>References : </b><br> It depends on several factors. Generally, a creditor can try to get you to pay a debt included in a bankruptcy only under certain circumstances. The most common is that the debt is a "priority" debt. Only certain debts are priority. The most common is child support and certain taxes, government fines and so forth. Student loans fall into a similar category.

If someone loans you money, and there is no collateral for the loan, it is an "unsecured" debt. There is almost nothing the creditor (the person who loaned you the money) can do. However, there is one thing that the creditor can do. The creditor can claim that you incurred the debt through fraudulent means. There are certain circumstances where this can happen. For instance, if you took on the debt within a certain period of time prior to filing. The most common is someone taking a cash advance on a credit card then filing for bankruptcy within a month or two. There are certain cutoff periods. There is a presumption of fraud because when you borrowed the money, you were likely insolvent already and had no intention of paying back the debt.

The bottom line is that it depends on how long ago you borrowed the money. It also depends on your intentions. If you were unemployed at the time and are still unemployed, the person could argue that you never had any intention of paying it back. The odds of you having to pay it back are slim to none, but it does depend on how long ago you borrowed the money.

Another issue is your income and assets. If you have substantial assets and a good income, you may be forced to file Chapter 13 which requires you to make monthly payments. Your unsecured creditors would get a percentage on the dollar.

I would need more details to give you a more thorough answer.
References :

]]> By: Jon B http://www.bankruptcy-questions.net/25/how-to-file-bankruptcy-the-right-way/comment-page-1/#comment-46 Jon B Mon, 16 Nov 2009 09:12:18 +0000 http://www.bankruptcy-questions.net/25/how-to-file-bankruptcy-the-right-way/#comment-46 <b>If you file bankruptcy on debt owed to a person, can that person dispute your right to claim that debt?</b><br>I am filing bankruptcy and someone is claiming that I owe him some money. If I just go ahead and file the amount on my bankruptcy, can he dispute my right to claim this debt on my bankruptcy and potentionally have a court rule that I must pay him back? He is claiming that this is possible. Thanks in advance!! If you file bankruptcy on debt owed to a person, can that person dispute your right to claim that debt?
I am filing bankruptcy and someone is claiming that I owe him some money. If I just go ahead and file the amount on my bankruptcy, can he dispute my right to claim this debt on my bankruptcy and potentionally have a court rule that I must pay him back? He is claiming that this is possible. Thanks in advance!!

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