QUESTION
What happens if I file for a chapter 7 bankruptcy and my debts are not all liquidated? How?
Asked on Jun 30th, 2015 on Bankruptcy - Michigan
More details to this question:
I filed for a chapter 7 bankruptcy and my debts were not liquidated as I thought they would be. Why is this the case? What should I do at this point?
6 ANSWERS
I have successfully filed thousands of bankruptcies over the past thirty plus years, but there is no way to answer your question without first looking at the entire bankruptcy file. I couldn't even hazard a guess at this point. Pay an experienced BK lawyer for one or two hours of their time to review the entire file bankruptcy court file. They can do this from their office using "Pacer". Good luck!
Answered on Jul 01st, 2015 at 12:43 PM
I don't know what you think liquidating debts are, but in bankruptcy, debts are discharged. 11 USC sec 523 contains most of the laws describing what debts are not eligible to be discharged in a bankruptcy. Without knowing what kind of debt was not resolved by a discharge in your bankruptcy, it is impossible for me to explain what happened or what you should do.
Answered on Jul 01st, 2015 at 10:46 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Some debts, like back taxes, child support, criminal fines are not dischargeable in bankruptcy. You'll still have to deal with those creditors.
Answered on Jul 01st, 2015 at 4:17 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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I am assuming that you mean not all your debts were discharged, not that they were not liquidated. Liquidated in this jargon simply means measured in dollars. Some debts are simply not dischargeable in bankruptcy. Perhaps you are referring to these. If someone is telling you the debt was not discharged, or is trying to collect from you despite the discharge, they may well be violating the discharge of sec. 524. That could be a contempt of court. Consult your bankruptcy lawyer. If you were bold and did a bankruptcy without a lawyer, you need to speak with one now.
Answered on Jul 01st, 2015 at 12:45 AM
It would take an experienced bankruptcy attorney to analyze your case and figure out what went wrong if you don't know. Nobody will do that for free, but it could save you a lot of money long term.
Answered on Jul 01st, 2015 at 12:44 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Debts are not liquidated. Assets are if they are unexempt. Debts are discharged. How do you know they were not discharged?
Answered on Jun 30th, 2015 at 5:49 PM