Since this forum has been such a great resource I thought I'd share some item which I learned along the way with my Bankruptcy. Some of these questions and answers are pertinent to my region but thought some of these questions would be beneficial for others as well.
Should I keep my bank account open if I have debt which I plan on Discharging with the same bank?
Yes, unless it's a credit union. Credit unions are notorious for freezing accounts as soon as they receive notification that BK has been filed.
I received a 1099-c, do I have to claim it on my taxes?
You have to report the 1099-c however it does not impact your taxable income. Taxact and H&R Block online service both have easily accessible tools to utilize the form 982. Turbotax does not, it requires manual entry of the 982.
If debts are discharged on my credit report does that mean the creditor has accepted Bankruptcy and will not dispute by filing an Adversary Proceeding?
If a creditor plans on filing an AP they will not report the debt as IIB until after they have received a desired settlement. So if your credit report is showing all clear that means you're in the clear and will not have an AP filed.
Do I have to pay student loans during Bankruptcy?
Through chapter 7 Bankruptcy stay places the student loans on hold. However the moment you're discharged the student loans pick back up and you will be required to pay. My discharge was 2/5 and the student loans picked up and said I was due 2/7 and a day late on 2/8. So if you file ensure you account for continuing to pay your student loans as soon as you discharge as in that week.
I will update this as I have more time since I have several additional questions which I got answered.
Should I keep my bank account open if I have debt which I plan on Discharging with the same bank?
Yes, unless it's a credit union. Credit unions are notorious for freezing accounts as soon as they receive notification that BK has been filed.
I received a 1099-c, do I have to claim it on my taxes?
You have to report the 1099-c however it does not impact your taxable income. Taxact and H&R Block online service both have easily accessible tools to utilize the form 982. Turbotax does not, it requires manual entry of the 982.
If debts are discharged on my credit report does that mean the creditor has accepted Bankruptcy and will not dispute by filing an Adversary Proceeding?
If a creditor plans on filing an AP they will not report the debt as IIB until after they have received a desired settlement. So if your credit report is showing all clear that means you're in the clear and will not have an AP filed.
Do I have to pay student loans during Bankruptcy?
Through chapter 7 Bankruptcy stay places the student loans on hold. However the moment you're discharged the student loans pick back up and you will be required to pay. My discharge was 2/5 and the student loans picked up and said I was due 2/7 and a day late on 2/8. So if you file ensure you account for continuing to pay your student loans as soon as you discharge as in that week.
I will update this as I have more time since I have several additional questions which I got answered.