Will my bankruptcy chapter 7 unsecured debt discharge of 09 affect my tax return?

Question by Angelwing: Will my bankruptcy chapter 7 unsecured debt discharge of 09 affect my tax return?

Best answer:

Answer by efflandt
What do you mean “affect”. I don’t think they can suck it up directly, but you might be required to turn over some or all of it to your trustee (depending upon when bk was discharged), since it could have been used to pay your creditors sooner if you had proper tax withholding.

What do you think? Answer below!

what can credit card companies take if they get a judgement against you for unsecured debt?

jim s Asked:
what can credit card companies take if they get a judgement against you for unsecured debt?

My mom broke up Quite a bit of credit card debt is 75 years old and can not pay. What are their options?

Best answer:

Answer by Jelly Bean
Credit card companies can't take her social security for an unsecure line of credit even if they have a judgement. She really needs to file bankruptcy.

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On the other hand, you discuss your dire financial circumstances to your creditors, in a  debt negotiation, convincing them than it is in their interest to accept a lesser amount as settlement since they will get nothing if you file for bankruptcy. Whether you succeed in negotiating your debt will depend very much on your negotiation capability or that of the professional counselor you hire. You could anticipate to eliminate 60% of your unsecured debt if the negotiation is executed well.

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Bankruptcy or Debt Negotiation? Which is better?

What can a creditor do to collect money from unsecured debt once a judgement has been issued by the court?

Question by stemwad12954: What can a creditor do to collect money from unsecured debt once a judgement has been issued by the court?
My girl friend can't and will not pay a credit card debt for ,000 and has recieved a summons from a sheriff to appear in court. If she does not appear a judgement will be against her. Can they attach or take any of her assets or money from bank accounts to pay back the loan?

Best answer:

Answer by CatDad
A judgement would allow them to freeze checking accounts and garnish wages. If she has a home they might place a lien on the property

DO NOT be a no-show in court under any circumstances whatsoever. Not showing up is the worst thing she can possibly do. Even if you are frightened….or you’re sick with a 102 degree fever…or if you think that you’d loose, show up anyway! If you don’t, the other side will get a default judgement and they will get this on THEIR terms. Creditors LOVE when you don’t show up in court. They will paraphernalia on all sorts of add-on fees and the amount of the judgment could end up being two or three times the actual amount of the debt. They could freeze her checking account. Even worse…they might be healthy to garnish consequence and if you don’t show up the judge will allow the max. allowable remuneration garnishment…which can be as high as 25% of her wages.

On the court date: Bring complete documentation of your income and living expenses: Pay stubs and duplicates of bills. Even if you loose, you can use this to negotiate much more favorable repayment terms.
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Regarding the advise below: no… as long as she shows up in court and tries to negotiate with them they cant garnish her assets or anything.

This is completely incorrect. Showing up in court could help you to negotiate a much lower rate of garnishment…but it can't stop them from getting a garnishment.

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