Friday, April 17, 2009
BANKRUPTCY-WHAT IF A CREDITOR WON'T GO AWAY AFTER A DISCHARGE
Many people suffer from financial stress in their life. Sometimes the financial stress become so unbearable they did not have any other option left other than to choose bankruptcy. Bankruptcy is a critical process so it is difficult for any individual to file bankruptcy alone. An attorney is required in that case. Once an attorney is introduced, he or she will work on behalf of that person and thus helping the person to be successful in bankruptcy. However, one of the creditor oppose to the decision of filing bankruptcy. Moreover, he keeps trying to collect the debts. Now what one can do in those circumstances?
Bankruptcy is no joke. The debtors as well as the creditors have to pay a big price once a debtor declares him or her bankrupt. In case of a debtor, the credit score is worse affected and many of the valuable assets are lost. And for a creditor the worst thing is that they will not be getting the amount that they deserve from the debtor. The court usually discharge all or most of the debt of a debtor.
In recent times, many bankruptcy cases are filled and the numbers are still growing. Then lending institutions have now become familiar with the bankruptcy process. They have idea about when to be aggressive and when not to be. But there are few creditors who still do not know the time to let it go. Therefore, if the creditors do not stop harassing even after a person is discharged by the court then it is again the time for that debtor to go back to the court. The bankruptcy dealings will be again opened, as the judges are very strict about those creditors who do not follow the decisions. The creditors who violets the law will be asked by the court to appear in the court. The judge will ask them about their deeds and in the end, they will be penalized for their deeds. They have to pay large fine. Many times, it is found that the creditors are paying a debtor for his or her time and the creditors have to pay the attorney's fee.
So if after being discharged by the court a creditors did not stops harassing then the door of the court is open for that debtor. The judge will take care of it.
Bankruptcy is no joke. The debtors as well as the creditors have to pay a big price once a debtor declares him or her bankrupt. In case of a debtor, the credit score is worse affected and many of the valuable assets are lost. And for a creditor the worst thing is that they will not be getting the amount that they deserve from the debtor. The court usually discharge all or most of the debt of a debtor.
In recent times, many bankruptcy cases are filled and the numbers are still growing. Then lending institutions have now become familiar with the bankruptcy process. They have idea about when to be aggressive and when not to be. But there are few creditors who still do not know the time to let it go. Therefore, if the creditors do not stop harassing even after a person is discharged by the court then it is again the time for that debtor to go back to the court. The bankruptcy dealings will be again opened, as the judges are very strict about those creditors who do not follow the decisions. The creditors who violets the law will be asked by the court to appear in the court. The judge will ask them about their deeds and in the end, they will be penalized for their deeds. They have to pay large fine. Many times, it is found that the creditors are paying a debtor for his or her time and the creditors have to pay the attorney's fee.
So if after being discharged by the court a creditors did not stops harassing then the door of the court is open for that debtor. The judge will take care of it.
Posted by Saul at 12:28 AM
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