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Re: more questions on debt and BK - sorry but it is long
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Posted by Gerbil
(68.243.215.29) on June 01, 2004 at 18:47:06:
In Reply to: more questions on debt and BK - sorry but it is long posted by Problems in Texas on June 01, 2004 at 14:53:42:
Hello, I'm in TN, so I don't complete details about your court system, but in TN, if you fail to answer a civil suit, a judgement will be entered against you by default, after which the plaintiff can go after your assets, wages, etc. (whatever is not exempt.) I know in TN most BK lawyers have free first consultations, I've been to some, I would suggest you try this and take all the info you have regarding your situation and the arbitration. You would at least get a better understanding of what your options were in your particular situation and state. As for keeping the current credit card, if you owe a balance on it on the day you file BK, you must list it. No exceptions. Failure to do so is in violation of Federal law. If you have no balance, however, you do not have to list it, but be careful here. If you pay it all off right before you file, this may been seen as preference to that creditor, and possibly fraud. Also, even if you have a zero balance and do not include it in BK, many credit cards include in their agreements that filing a BK places you in default automatically, so you may lose card anyway. Finally, I do not think you can reaffirm nonsecured debt, such as credit card debt. I'm not 100% sure on this, though. --Gerbil
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