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Questions tagged [bankruptcy]

relating to organizations or individuals running out of cash flows. Additional context specific tags may be used as appropriate.

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6 votes
5 answers
2k views

What are my options to deal with Student Loan debt collectors?

I had about $16k in student loans. I defaulted on the loans, and they got passed to a collection type agency (EOSCCA). The collection agency tacked another $4k onto the loans. I spoke with a ...
aslum's user avatar
  • 455
6 votes
2 answers
770 views

Outstanding cosigned loan and Bankrupt ex-partner

Background: I started a business (LLC) with a partner about 3 years ago. We took out a business Line of Credit. Because the business didn't have credit of its own, we both cosigned. 1.5 years ago ...
DonaldSowell's user avatar
8 votes
2 answers
687 views

Received 1099-C from Discover for Bankruptcy Chapter 7

I was told by my Bankruptcy attorney that debt discharged is not income due to my being insolvent. Therefore, did Discover card err in sending a 1099-C Cancellation of Debt form to me that says "debt ...
WilliamKF's user avatar
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3 votes
1 answer
617 views

Does reopening a Chapter 7 bankruptcy to reaffirm a mortgage change the date of discharge for reporting to credit bureaus?

I am considering reopening my Bankruptcy Chapter 7 that was discharged last year for the purpose of reaffirming my mortgage for the purpose of boosting my FICO score by adding a mortgage to my mix of ...
WilliamKF's user avatar
  • 1,823
5 votes
1 answer
510 views

Are 401k and IRAs protected the same way during bankruptcy?

I've heard that IRAs offer a better protection during bankruptcy but i can't find any information about it.
Vitalik's user avatar
  • 5,483
8 votes
5 answers
492 views

File bankruptcy, consolidate, or other options?

So, during the economic downturn, my parents' business was seriously struggling (as in not making enough income to cover its own expenses) and my parents made a few bad decisions while trying to save ...
Reverend Gonzo's user avatar
10 votes
3 answers
2k views

What exactly happens to Euro if one of European Union countries goes bankrupt?

What happens if one of the European Union countries goes bankrupt? Suppose I have money (bank deposits at local banks) in US dollars, Euros and local currency (I'm not in the US). Now one of EU ...
sharptooth's user avatar
  • 2,889
10 votes
3 answers
657 views

Stability of a Broker: What if your broker goes bankrupt? Could you lose equity in your account?

What exactly happens if a broker runs out of funds? Could you actually lose equity in your account? If so, what should you be examining when looking at the financial report of your broker?
Benjamin's user avatar
  • 829
9 votes
2 answers
578 views

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens if the sponsor company goes bankrupt?

Are defined benefit (DB) pension plans guaranteed in the U.S.? What happens to a DB pension plan and plan benefits if the sponsor company goes bankrupt? Where can somebody find more information on ...
user avatar
16 votes
3 answers
721 views

Aside from having to re-establish credit & credit history, what are downsides to declaring personal bankruptcy?

If someone were to file for (personal) bankruptcy protection from their creditors, is their entire debt wiped clean? And then they have seven years to wait before their credit history no longer ...
Daniel B's user avatar
  • 261
6 votes
2 answers
435 views

Why Are Credit Card Rates Increasing / Credit Limits Falling?

I thought that there was recent legislation passed that forbid banks for jacking up rates as they had been doing from late 2008 into the first half of 2009. All of my credit cards have seen increases ...
Taptronic's user avatar
  • 191
18 votes
2 answers
3k views

What does Chapter 11 Bankruptcy mean to an investor holding shares of a Chapter 11 Company?

If I currently have shares in a company that has filed for Chapter 11 bankruptcy protection what impact does this have on me? Does this mean the shares stop trading? If the company successfully ...
Zephyr's user avatar
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