Bankrupty | Semmes Law Firm, P.C.

September 29, 2014
Bankruptcy

Are there tax consequences to filing bankruptcy?

For the average individual debtor, receiving a discharge in bankruptcy has no tax consequences. The Internal Revenue Code §108 excludes the discharge of debt in ...

September 28, 2014
Bankruptcy

Can I go to jail if I don’t pay my debts?

You cannot be put in jail for failing to pay your debts. However, if you have the ability to pay child support or alimony and ...

September 28, 2014
Bankruptcy

Will my bankruptcy show up on my credit report?

Yes. Once you file a bankruptcy it will be included on your credit report for up to 10 years.

September 28, 2014
Bankruptcy

Can my creditors contact me after the bankruptcy to collect a debt?

If a debt is discharged in a bankruptcy, creditors are prohibited from contacting you to try to collect that debt from you. When a creditor ...

September 28, 2014
Bankruptcy

Can my creditors still harass me after I file bankruptcy?

No, creditors may not contact you after you file a bankruptcy in order to try to collect a debt included in the bankruptcy. However, in ...

September 28, 2014
Bankruptcy

Does debt settlement work? Shouldn’t I try that before looking at filing bankruptcy?

According to a NACBA Consumer Alert (‘The Debt Settlement Trap: The #1 Treat Facing Deeply Indebted Americans’ October 2012): “Even the industry acknowledges – though ...

September 28, 2014
Bankruptcy

Do I have to list all my debts?

Yes, you must list all of your debts in your bankruptcy, even debts that are non-dischargeable, secured, or that you wish to pay off in ...

September 28, 2014
Bankruptcy

What effect does filing a bankruptcy have on restitution ordered as part of a criminal sentence?

In short, none. If you were ordered to pay restitution as part of a criminal sentence, then you must do so, or face the consequences ...

September 28, 2014
Bankruptcy

Will bankruptcy stop repossession?

Yes, bankruptcy will stop a repossession, but only if it is filed prior to the repossession. Repossession can often occur as soon as a default ...

September 28, 2014
Bankruptcy

Will bankruptcy stop a foreclosure?

Yes, bankruptcy will stop a foreclosure, but only if it is filed prior to the foreclosure sale date. Foreclosures can occur in as little as ...

‘Bankrupty’