DEBTS ONGOING AFTER DISCHARGE. PART 5 OF 6.
If you had any of the following types of debts you may have to continue paying them even after your discharge.
-penalties and fines imposed by a court.
-damages claims from accidents eg. car accident, unless before bankruptcy , the sum of damages has been fixed by a court judgment or you have a written agreement with other party.
-child support debts.
-maintenance debts.
-student HELP debts and student loans.
-debts incurred by fraud.
WHAT ABOUT MY ASSETS.
Any assets that you acquired before or during your bankruptcy can still be sold by your trustee up to a specified period. These are not automatically returned to you after your discharge.
The decision of a debtor to voluntarily declare bankruptcy is different from the process of involuntary bankruptcy. In this scenario, it is creditors who pursue legal means to have the individual or business entity declared bankrupt in an effort to have assets seized and sold to partially settle outstanding debt....Declaring Personal Bankruptcy
ReplyDeleteYes: Thanks for the clarification.Brenda
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