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Bankruptcy Code Questions

What is the bankruptcy code?

The bankruptcy code is a set of codes that were put together over a period of time in order to help individuals who may want to file bankruptcy. The code consists of various rules and regulations that debtors and creditors may have to follow when they are involved in a bankruptcy case. The code also helps individuals understand their options for repaying debts under bankruptcy. Given below are some of the questions that people ask about the bankruptcy code.

Can Surcharges of DUI Tickets be Discharged in Bankruptcy?

According to Chapter 7 of the Bankruptcy Code, any fine or penalty that an individual owes to any unit of the government may not be discharged in bankruptcy. According to Chapter 13 of the bankruptcy code, only certain fines and penalties may be discharged. However, any fines that lead to criminal conviction may not be discharged in a bankruptcy court.

Can an Out of Court Settlement Agreement for a Personal Injury Lawsuit be Discharged in Bankruptcy?

As per the bankruptcy code, most personal injury lawsuits may be discharged in bankruptcy. However, if the personal injury was a deliberate attempt by the debtor to cause harm to another individual, then it may not be dischargeable. Also, bankruptcy code does not allow the discharge of the death or personal injury that may be caused due to an individual driving under the influence of alcohol, drugs or any other substance.

According to the Bankruptcy Code, should an Individual Report all the Stock that he/she holds in a Corporation, while filing for Chapter 7 Bankruptcy?

As per the bankruptcy code, the individual may have to report all assets that he/she may have including stocks in a corporation while filing for Chapter 7 bankruptcy. He/she may not have to supply any balance sheets or bank statements. However, the bankruptcy trustee may request for bank statements and balance sheets if he/she needs more information.

Does an Individual have to inform the Trustee if he/she inherits Money after he/she files for Bankruptcy?

As per the bankruptcy code, an individual may have to inform the bankruptcy trustee if he/she inherits any amount of money after filing for bankruptcy. This money may be used to pay the creditors. He/she may also voluntarily dismiss the bankruptcy if he/she does not want to lose the inheritance.

Under the Bankruptcy Code, are Small Business Administration Loans Dischargeable?

In most cases, small business administration loans may be dischargeable under the bankruptcy code. These loans may also be restructured under Chapter 11 and Chapter 13 of the bankruptcy code.

Are Private Student Loans Dischargeable under the Bankruptcy Code?

Under the bankruptcy code, private student loans may not be dischargeable. However, private student loans may be discharged if the student is able to prove to the bankruptcy court that he/she cannot provide for basic needs such as food, clothing and shelter.

Can an Individual Reopen an already Discharged Bankruptcy, if he/she did not include a Debt while Filing it?

As per the bankruptcy code, an individual may petition the bankruptcy court to reopen an already discharged bankruptcy if he/she did not include a particular debt or creditor while filing for bankruptcy in the first place.

Can an Individual add or modify a Bankruptcy when it is still Pending?

According to the bankruptcy code, an individual may not modify or add anything to a bankruptcy case when it is still pending. Only the assets and debts of the individual as of the date on which he/she files for bankruptcy may be taken into account. Any debts that may be incurred after filing the bankruptcy may not be discharged.

Understanding the bankruptcy code and its various rules and acts can help individuals decide on how to repay their creditors and handle the bankruptcy situation. Information about the bankruptcy code can be helpful in understanding how to deal with a bankruptcy and how to distribute whatever income an individual may have to repay creditors.
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