subject: How Long Does Bankruptcy Affect Your Life? [print this page] To assure you receive an 'automatic stay', which is granted to you by operation of law, you should file for your bankruptcy under Chapter 7, and meet with all legal requirements and expenses. Only then, will you be able to stop overall collection actions on your properties. No creditors can initiate or continue lawsuits, wage garnishments or request payments by phone, providing the stay is valid.
In most cases, student loans cannot be discharged in bankruptcy. A bankruptcy judge can discharge them in extreme hardship situations, but this is rare and requires extra court filings. No. If your spouse didn't sign any agreements that would include her in the bankrupt accounts, your spouse will not be affected by your bankruptcy. There are exceptions to this rule in different states thus consult a bankruptcy lawyer for specifics.
Filing bankruptcy under chapter 7 of the bankruptcy code, fees almost 250 to 350 dollars depending upon the specific case. However, you have to not forget regarding the long-term bankruptcy cost that chapter 7 bankruptcy brings with it. Once you are declared bankrupt under this chapter, the bankruptcy will keep affecting your financial life negatively, for the subsequent 10 years at least.
Chapter 13 bankruptcy forums have several subsections that deal with the various issues related to Chapter 13 bankruptcy. They have comments and notes provided by others who have gone through the same process.
With the recent economic downturn in Florida, many Floridians have had to file bankruptcy due to job layoffs or failed industries. Once they file bankruptcy it is not the end of their allowance future. There is a mortgage loan program available to help those who have filed bankruptcy. This new loan program can either "buy" them out of a Chapter 13 bankruptcy, or it can assist with a mortgage refinance after their bankruptcy is discharged.
It is important that people understand there are other methods for debt solvency and that bankruptcy is not just an easy exit from debt pay off. You'll not be ridding yourself of your creditors that easily, it is up to the bankruptcy court to take all possible measures to confirm the debt are paid back. You'll have to sell out your assets and property so because to confirm payment.
