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sratletico | Can I still File Chapter 7 if I got a summon by a debt collector? |
I've just got a summon yesterday by one of my credit card I have and I was wondering if I can still file Chapter 7? I do have other credit cards and medical bills that need to by paid as well that I haven't been paying due to not having enough income to make the payment. Any opinions would be greatly appreciated!!
Additional Details
This summon was served in person and the real deal. |
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OC1999
 |
First how much are you in debt. If you are in debt for less than a few thousand dollars, bankruptcy is not really an option. This is because it is going to cost between $1800-$3000 to even file. So if you are anywhere near this amount taking care of it on it's own would be better in the long run.
You then have to find out if you even qualify for a Chapter 7. There are two basic "means tests" that are used to determine this. The first is if you make more than the average for your state, the second is if you have enough "disposable" income to make at least $100 payment a month toward the debt. If you fail on either of these you may be forced into a Chapter 13.
Now, once you file for Bankruptcy an automatic stay is put in place. This stops all actions against you. If they have filed a suit it stops them from going to court, if the default judgment has been entered it keeps them from collecting on it. If you are going to file you want to do it before the judgment is entered against you. Because once they get the judgment they will start to file for garnishment(if allowed in your state) or attach your bank accounts. So if you file before they do this they can't take the money, but if they get the money before you file you don't get it back because you now filed for bankruptcy.
The best thing to do is talk to a bankruptcy lawyer. They can give you a free short consultation to let you know where you stand. |
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efflandt
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If you file bankruptcy before the judgement and get a stay on creditors, that may prevent the judgement. If you ignore the summons, judgement will be issued by default. Once court judgement is issued it is harder to get out of.
You could try to negotiate a settlement, but the creditor is under no obligation to accept less than is owed.
Threatening to file bankruptcy might not accomplish anything. There are some hoops (requirements) you have to go through before you can file, and the type of bankruptcy that you are allowed to file based on income. Don't expect it to be pleasant. |
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Bill C
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You can file for bankruptcy even after a court judgment is entered against you. it doesn't matter if a law suit has already been filed.
You really should talk to a bankruptcy attorney about what filing for Chapter 7 bankruptcy involves. |
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mane H
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You can file a Chapter 7 if you have NOT taken out a cash advance within the last 60 days on any of the credit cards. Contact an attorney
The Chapter 7 bankruptcy is applicable if you have no regular sources of income. It works by reducing or clearing off all your debts. You can then make a fresh start without having to worry about having to pay your debts.
Once you file for Chapter 7 bankruptcy, the bankruptcy court assigns a trustee who works as an intermediary between you and the debtors. He oversees everything and checks out if the bankruptcy plan is going as planned. |
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thomas
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No you need not have to file Chapter 7 as you are saying that u do not have any other credit cards and medical bills to pay. You can contact a debt consolidation agency to talk with the debt collector to settle your debts. For your reference: http://www.ezconsolidation.com |
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Jennifer
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Hi,
I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:
http://nanoref.com/linksynerg/AcsWlQ |
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Constance B
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Yes go to the court hearing for the one company that sent you a summons and let them know that you intend to file bankruptcy as you have other outstanding debts too large to pay. The worst thing that could happen ( if the judge is a jerk) is that the company could win an judgement against you...and seeing how you are in a mess, it may end up in the bankruptcy as well. Some are willing to work with you.
Make sure the summons you got was the real deal and not a scare tatic from a creditor, some like to do that, a real summons is usually served in person and not sent in the mail unless it is certified... |
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knowlegeispower75
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You can file even after the court date for the summons if you like. There are many things you need to know about bankruptcy before you file. I recommend you talk to an attorney in your state and ask all of these questions. Here is a link to a great resource about credit, debt and bankruptcy: http://www.expert-credit-advice.com/bankruptcy_facts.htm
Good luck to you! |
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The right answer
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Here is a new article about the new chapter 7 bankrupcty laws. It may be helpful.
http://www.creditscorequick.com/2008/01/how-bankruptcy-reform-will-affect.html |
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KNN
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You can file a Chapter 7 if you have NOT taken out a cash advance within the last 60 days on any of the credit cards. I would go see a BK Attorney asap. They will file paperwork with the court for an automatic stay which means everything is on hold for the BK to clear. Good Luck! |
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