What does inactive bankruptcy mean?

What does inactive bankruptcy mean?

It is inactive for credit reporting purposes, so it sounds accurate. However, the fact that it is listed as inactive has nothing to do with whether a collection agency can still pursue the debt at a later time. You may be right that the collection agency has decided not to pursue the debt due to your wife’s bankruptcy.

What does it mean if a loan is inactive?

In most cases, a MIN status of “inactive” means that the debt has been paid in full. Mortgages are deactivated when you make all the payments but also when you refinance. In a refinance, the original loan is listed as “Inactive — Paid in Full,” and you get a new active loan with a new MIN.

Is it possible to file bankruptcy in Florida without a lawyer?

While getting legal advice from a bankruptcy lawyer can be a great investment in your fresh start, Florida has generous exemption laws, so filing bankruptcy without one is definitely possible. Filing Chapter 7 bankruptcy doesn’t mean you have to come up with the money to pay a bankruptcy lawyer.

Can You Keep your home if you file bankruptcy in Florida?

The Florida bankruptcy exemptions allows you to keep the entire value of your home during your bankruptcy as long as you meet a set of requirements. These requirements include: (1) living in Florida for a certain amount of time and (2) not having property over a certain number of acres.

Can you file for Chapter 7 bankruptcy in Florida?

If you file for Chapter 7 bankruptcy in Florida, you have a choice between the federal bankruptcy exemptions and the state bankruptcy exemptions. Exemptions are laws the bankruptcy court has in place to allow you to keep and protect your property.

How much does it cost to file bankruptcy in Florida?

Homeowners often use the exemptions under Florida bankruptcy law because the Florida homestead exemption is unlimited in amount. The cost of a Florida bankruptcy lawyer varies widely. We’ve heard of lawyers charging only a few hundred dollars for simple Chapter 7 bankruptcy in Florida. It can go up to the $3,000 range.

Previous Post Next Post