What does filing BANKRUPTCY do?

• Dec 26, 2007

• #26

liquid sword chamber

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this for anyone that is in law/pre-law

Has anyone here ever gone to court as a creditor of a debtor?. The store I worked at filed bankruptcy 2 weeks ago, I still need to get paid for 18-19 hoursworth of work. Today in the mail I got a notice for "Chapter 7 Bankruptcy Case meeting for creditors & Debtors" next month. Can I just show upto the court and get the paycheck I never received? or a less amount? I know it's the law that I have to paid the amount for the period of work that I wasin.

 

• Dec 26, 2007

• #27

youngcfromthad

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lol rent-a-spoons...damn was that Martin who said that or the wayens brothers...

 

• Dec 26, 2007

• #28

951jenius

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it can ruin your life

 

• Dec 26, 2007

• #29

deeetroit

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My advice is to speak with a lawyer if you're even considering filing bankruptcy...and it usually costs a few thousand dollars if you retain them for yourbankruptcy so don't be totally broke to begin with

It is considereda "last resort" but can still be beneficial...

Some tidbits of info -

Bankruptcies can generally stop any collection activity, continuance of lawsuits, wage garnishments etc.

Most people who do the Chapter 13 don't finish it, most people use it as a way to buy time or reorganize

Bankruptcy will remain on your credit for up to 10 years but you can still purchase homes, cars etc although you will probably have to wait about two yearsafter the bankruptcy to bring the credit score back to respectable levels and that's assuming you have an excellentpayment history right out of the gate..Of course the rates will still be higher than if you never filed...

Usually won't affect employment chances unless you're in the financial sector or certain government jobs won't hire you with a BK on your record(Burger King)

 

• Dec 27, 2007

• #30

jal22588

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"I DECLARE BANKRUPTCYYYYYYYYYYYY!!!"
-Michael Scott

 

• Dec 27, 2007

• #31

memphisboi55

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My advice is to speak with a lawyer if you're even considering filing bankruptcy
nah, was just watching tv and some guy was talking about it

Click to expand...

 

• Jun 25, 2015

• #32

dman14

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http://www.huffingtonpost.com/2015/...ptcy_n_7661638.html?ncid=txtlnkusaolp00000592

so this guy really dont have money?

 

• Jun 25, 2015

• #33

nazdrowie

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yikes at the $30 million drug habit

 

• Jun 25, 2015

• #34

realshoemice

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Y not just start a new thread? 10 year old grave dig? Enjoy your ban

 

• Jun 25, 2015

• #35

omariwestafari

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8 years tho

 

• Jun 25, 2015

• #36

iDon’tRead

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Maybe since its been at least 7 years since he filed for bankruptcy

 

• Jun 25, 2015

• #37

xbiker47

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DMan14 said:

http://www.huffingtonpost.com/2015/...ptcy_n_7661638.html?ncid=txtlnkusaolp00000592

so this guy really dont have money?

Click to expand...

 

• Jun 25, 2015

• #38

mr jordan04

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You say I quit to paying your bills

 

• Jun 25, 2015

• #39

SoleByThePound

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That serious grave dig. 

 

 

• Jun 26, 2015

• #40

dipsetgeneral

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• Jun 26, 2015

• #41

Shanegerous

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So many NTers do not know the difference between your and you're. SMH

 

• Jun 26, 2015

• #42

superblytrife

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It's funny reading this thread from '07 and seeing how scary and taboo everyone made bankruptcy sound. Now in 2015, so many people have filed due to the economic downturn (myself included) in '08 that it's actually pretty common to know a handful of adults that have filed.

Off the top, I can think of 5 people I know who have filed and none were/are "broke".