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can someone go to jail for filing bankruptcy ?

Date: Fri, 09/30/2005 - 09:17

Submitted by vincentkallis
on Fri, 09/30/2005 - 09:17

Posts: 12 Credits: [Donate]

Total Replies: 8


Hi all , one of my friend was asking if someone may go to jail for filing bankruptcy ?
i was not sure about the answer , can the people here help him out ?

VK


Hi Vincent,

Bankruptcy is a state of inability of a person to pay his creditors. It's a legal declaration processed by the court to help the creditors get back some portion of their money. If the bankrupt person is put in jail the purpose is not served at all!

Nobody is put in prison if he fails to repay his debts. Creditors may take up some other methods to collect the due amount. The debtor might have to face wage garnishment through court order.

BTW, bankruptcy affects credit report adversely; it's not a good option to get out of debts. Ask your friend to undergo a counseling session that can help him to find some way out.

Bryan


lrhall41

Submitted by 4u.bryan on Fri, 09/30/2005 - 11:10

( Posts: 819 | Credits: )


Hi Joan

Usually, debt counseling programs are designed in such a way so that no one is turned down in it. However, exceptional are there in each and every field to prove against it.

You can discuss with the debt consultant to know more about your needs getting fulfilled.

Regards
Roxette


lrhall41

Submitted by roxette on Mon, 10/03/2005 - 14:16

( Posts: 4009 | Credits: )


Can anyone recommend a good debt consultant , who can guide my friend to get out of debt
and how can someone decide which debt consultant to choose

One more thing i wanted to ask is that is it really possible to get completly out of debt forever

VK


lrhall41

Submitted by vincentkallis on Fri, 10/07/2005 - 01:44

( Posts: 12 | Credits: )


Vincent,

This company has partnership with good debt consolidation companies all over the United States. Also, the consultant who will be working in the program is certified and skilled enough to tackle all the debt related problems of the consumers. So, be assured that your friend won't have to worry in choosing the right consultant to work in his program.

To answer the second part of your question, it is possible to get out of debt completely in the near future. The most important thing for the consolidation program to be successful is strategic planning, hard work and utmost commitment. You need to target for a life free from all debts all along your way through the consolidation program. These programs work in a fixed path and if you decide to go the other way, it will seem like chasing a moving target. Co-operate with the consultant and ensure for a debt free life.

Regards
Roxette


lrhall41

Submitted by roxette on Fri, 10/07/2005 - 13:55

( Posts: 4009 | Credits: )