Bankruptcy
Bankruptcy
Emergency Filings
When you file for bankruptcy, something called the automatic stay immediately
stops any lawsuit
filed against you and all actions against your property by a creditor,
collection agency or government entity. The automatic stay may provide
a solid reason for filing for bankruptcy.
What
debts cannot be discharged through bankruptcy?
back child support and alimony obligations
student loans that first became due fewer than seven years ago court-ordered
restitution
income taxes less than three years past due
condominium and cooperative association dues
court judgments for injuries or death to someone arising from your intoxicated
driving.
What
property can you keep?
motor vehicles, to a certain value
reasonably necessary clothing (no mink coats)
reasonably needed household furnishings and goods
household appliances
jewelry, to a certain value
personal effects
life insurance to a certain value
pensions
part of the equity in your home
tools of your trade or profession to a certain value
portion of unpaid but earned wages
public benefits accumulated in a bank account
What
property do you have to give up?
expensive musical instruments - unless you're a professional musician
stamp, coin and other collections
family heirlooms
cash, bank accounts, stocks, bonds and other investments
second car or truck
second or vacation home
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