After I will file for bankruptcy will I be still required to pay my debt off?

Question

If I owe money to bank now and file for banckruptcy where will I be sending my repayments then?

Answer 1

You will have to pay part of it but you are rescued from the rest and it is passed down to those who pay their debts

Answer 2

I recently filed for bankruptcy. I was $30000 in and had nothing to show for it and could not got out of it. I have been advised that when i do a tax return i have to send it into ITSA and they assess it and tell me if they are going to take some from it to pay back my bankruptcy or not this is for the first three years then that is it. Obviously if you come into a lot of money then yes you will have to pay it off. Bankruptcy stays for 7 years meaning you can not get a loan for at least 7 years think seriously about it.

Answer 3

to the trustee of the BK court.

GET A LAWYER

Answer 4

you should not file for bankruptcy unless you owe alot of money. If for example you owe $3000 and you have assets like TV and car etc, they will take that and sell it.

But on other hand if you owe $100000 and then if you were to sell all you had it would not be enough then you file for bankruptcy. It will mean you cannot get certain jobs after being bankrupt and is on your records for maybe 5 years so not very ideal

In any case consult a lawyer.

Answer 5

Typically, yes, to a degree.  You will send payments to wherever the judge says you will send it.  Hope that works out for you.

Answer 6

you only need to pay like 2k for the bankrupsy no more after that

Answer 7

The Short Answer YES.

The courts will look to your assets and place judgments and liens on property, assets, etc...

The court will also help you  renegotiate your debts and break up your assets to pay a percentage owned to each creditor in equity.

Good Luck and get a lawyer

Tropper

www.dontdiepoor.com