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Basically, you file a petition with the US FEDERAL Bankrutpcy Court, providing a great deal of financial and other info, and ask them to provide protection for you from creditors, and to take control of your financial affairs and try and resolve your situation. If they agree to do so - first they instruct all crediotrs to hold off from any collection actions...stoping (at least for a while) repossession or forclosure for example. Then the appoint someone to andle your affairs and get all the information from you and your creditors. He workks to resolve your debts and obligations, in the prorities established by the laws and your loan agreements, using the assets you have. When the process has gone it's course...and as much is settled as can be, the Court may discharge (that is eliminate) any debts still existing and give you a fresh start.
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Does declaring bankruptcy wipe out icbc debts?
yes
What kind of lawyer would one use when declaring bankruptcy?
When one is declaring bankruptcy, they should use a lawyer familiar with bankruptcy. There are different types of bankruptcy to consider, such as liquidation or cancelling your debts, or reorganizing for wage earners who can still make debt payments.
Does the constitution prohibit a state from declaring bankruptcy?
No, the only mention of bankruptcy is that Congress shall have the power to enforce uniform bankruptcy laws.
How to write a Letter declaring bankruptcy?
In the US, a bankruptcy is petitioned and decided in a Federal Court. It is not done with a letter.
How can you claim bankruptcy to avoid paying bills?
In order to claim bankruptcy a court has to issue a bankruptcy order against you. The best place to find information about bankruptcy and the whole process of declaring bankruptcy is the official government website.
Where can one get a car loan after declaring bankruptcy?
You can receive a car loan after declaring bankruptcy by applying to any bank that offers the option. However you might have to rebuild your credit score first, or just have a co-signer with amazing credit.
Where can one find out about bankruptcy mortgage loans?
One can learn about their options for getting a mortgage loan after declaring bankruptcy by visiting the websites of businesses that offer mortgages. Generally, one cannot obtain any kind of mortgage for at least two years after declaring bankruptcy, but some companies may make an exception.
Where can I find more information about how to file bankruptcy?
Declaring bankruptcy can be a very scary thing - luckily there is a lot of help available. Online you can visit www.bankruptcyaction.com/questions.htm
Do you lose your RRSP's when declaring bankruptcy?
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
How long must one wait to get a loan on a new car after declaring bankruptcy?
To get a loan on a new car after declaring bankruptcy, you have to wait until you can rebuild your credit. You can rebuild your credit in as little as 2-3 years if you work at it and start out by building up your credit with small things.
When can you file bankruptcy after you have paid off a bankruptcy?
When you filed for the bankruptcy, you are also declaring total surrender of the business to the hands of creditor. Although, you can still maintain rights of the company, for the sake of proper decorum, it is advised to allow the bankruptcy trustee to work on the survival of the company.
What is loan reconcillation?
When you file bankruptcy, you may wish to reconcile a loan. Basically, it's a loan that you have that you don't want to file bankruptcy on. You intend to keep paying it as normal, while still declaring bankruptcy on other loans.
