Generally, no. Filing Chapter 7 bankruptcy is generally not a "tax event." A person does not incur less or more income taxes by filing bankruptcy. It has no effect. No. Creditors do not have to show up to the bankruptcy meeting and rarely do. Creditors have up till 60 days from the date of the meeting to object. Again, it is as rare as snow in May that a creditor objects to a debt, and it is usually something which you and I have talked about prior.

Debtors who have faced obstacles to paying off their debts when due have no doubt received more than their fair share of demanding letters and phone calls, and the thought of getting rid of their debts, and thus the constant demands, through bankruptcy can be quite appealing. Before making a decision to pursue that route, which can have long-term effects on credit rating and the ability to make large purchases, like a home, debtors should consider other, less drastic alternatives.

You should only file Bankruptcy as a last resort and after all other methods have failed. If you have enough discretionary income to resolve your debt over time, it may be recommended that you attempt Debt Settlement in lieu of filing bankruptcy. Resolving your debt through Debt Settlement will have a more positive impact on your credit rating in the long run. Remember that a Bankruptcy will stay on your credit profile for up to 10 years.

You should notify the trustee in the case and call or write to the United States Trustee at (303) 312-7230 or 999 18th St., Ste. 1551, Denver, CO 80202. Members of the public can now report suspected bankruptcy fraud via e-mail to USTP.Bankruptcy.Fraud@usdoj.gov The DOJ's Executive Office of US Trustees (EOUST) has launched an Internet hotline to allow the public to report suspected instances of bankruptcy fraud. Please click here to visit the Department of Justice Bankruptcy Fraud Hotline.

For a debtor, it is an opportunity to reduce or eliminate debt, cancel contracts or leases, and return to financial health. The filing of a petition in bankruptcy automatically triggers a broad restraining order against all creditors, preventing them from commencing or continuing any judicial proceeding against the debtor including the enforcement of judgments.

No. U.S.C. Sec. 525, prohibits any employer from discriminating against you because you filed bankruptcy.

The advantages to bankruptcy seem so great that sometimes clients have a hard time believing that it’s all true. There are, however, some disadvantages to bankruptcy which must be taken into consideration. First, a bankruptcy filing can remain on your credit report 7 to 10 years. While this is something to consider, most clients find that it is not insurmountable. Many are surprised to receive new credit within a few years after they filed bankruptcy.

First, you should contact with an attorney at Hatch, Little & Bunn, LLP. An attorney can help you plan for the bankruptcy, decide when to file a bankruptcy petition, or in some cases even avoid filing for bankruptcy. Do not transfer your assets to friends, family and business associates to hide the assets from your creditors. The transfer may be considered a fraudulent conveyance. If it is, you may lose both the property and your right to a bankruptcy discharge.

Cosigners remain responsible for debts that are discharged in another's bankruptcy. In Chapter 13, as discussed below, you may protect cosigners if a plan is filed which proposes paying the cosigned claim in full. This is true of debts guaranteed by others, whether you signed first or the other did.

NO! Federal Bankruptcy Law specifically prohibits discrimination based solely on an employee's filing for bankruptcy. YES! A major benefit of filing bankruptcy is the protection of the automatic stay that goes into effect once the bankruptcy is filed. The automatic stay, with relatively few exceptions, stays or stops all creditors' actions to collect a debt, including phone calls and foreclosures.

Although bankruptcy may legally be reported to your credit report for up to 10 years, you can begin to reestablish your credit immediately. Remember that "credit" is your ability to borrow money. Lenders consider many factors while determining whether to loan you money, but most importantly, they consider your debt-to-income ratio. You are probably visiting this site because you already have more outstanding debt than you have the ability to pay. So, arguably, you do not have credit.

AAn involuntary bankruptcy filing is a bankruptcy filing that it commenced against a debtor by petitioning creditors.

This is one of the least known advantages of filing for bankruptcy protection. Many people do not know that the bankruptcy laws do provide for discharge of many federal and state tax obligations. This is a complex issue which depends on a number of factors including the type of tax owed, the age of the tax obligations, and whether and when you filed a tax return.

YES! The automatic stay that goes into effect when a debtor files bankruptcy stops foreclosure. Chapter 13 bankruptcy forces mortgage lenders to allow debtors to 'catch up' on delinquent mortgage payments over a typically a 3 - 5 year period, curing the default on the mortgage. ( See the section above Will I loose my home if I file for bankruptcy?)

If you want to keep a credit card through bankrucpty, contact the bank or store before you file.If you offer to reaffirm the debt, some banks or stores may let you keep the credit card. (Reaffirm = sign a statment of intention not to discharge the debt in bankruptcy and continue to make the regular payments.)

A notice entitled “Notice of Chapter ____ Bankruptcy Case, Meeting of Creditors and Deadlines” is issued by the Court to the creditors listed on your creditor mailing matrix within 48 hours of the filing, informing them of your case number, date of filing, social security number, the date of the Section 341 (creditor) meeting, and particular case deadlines. This notice is usually received by the creditors within a week of the filing.

A debtor may not be fired from a job because of filing for bankruptcy. However, creditors may take a past bankruptcy into consideration when deciding whether to extend credit. Many creditors regard a person who has filed for bankruptcy to be a higher credit risk and may either refuse to extend credit or only extend credit on less favorable terms. Bankruptcy filings remain on a consumer's credit report for seven to 10 years. It usually takes at least three years to reestablish your credit rating.