Posted by Maria on 8/15/05 11:27am
Msg #59128

BK

I just got my commission this past June and due to some personal problems I might have to file a BK. I don't want to do this but my income right now is not really good and my notary business has not picked up. As it is I'm struggling to make the bills and support my children. Will filing a BK affect my commission? I would really appreciate a quick answer. Thank you very much.

Reply by CA on 8/15/05 11:38am
Msg #59132

Why would it have an effect on your commission? The fact is that more and more people are filing for BK, not because of credit card debt, but because of real reasons....medical bills, loss of job, deaths, etc. Filing BK alone doesn't make you a bad person. I wish more people would realize that. Habitual filers and those doing to pusposefully avoid their obgligtions are a different story. BK is there for those who truly struggle and need the relief to start over.

In CA at least, they care about CRIMINAL convictions. Bankruptcy is not a criminal procedure, even though some people make it out to be.

Reply by Brian/CA on 8/15/05 11:50am
Msg #59135

Believe I read somewhere that they are changing the laws regarding BK and it is going to be harder to file. You should call someone soon if this is what you plan on doing. Seems like it changes in Oct, but not sure.

Reply by Iris_WA on 8/15/05 12:52pm
Msg #59151

My understanding is a bit different

Possibly I misunderstood? It is not going to be harder to file for BK but, depending on income, harder to have debts discharged. In other words, one can still file, but may have to pay back anyway.

Reply by Brian/CA on 8/15/05 1:01pm
Msg #59155

Re: My understanding is a bit different

It isn't something that I really paid attention to, I had just heard that alot of people were trying to get their BK's filed so they could meet the dead line. It will not be so easy to get rid of debts by doing Bk's in the future.

Reply by MelissaM/FL on 8/15/05 1:37pm
Msg #59159

Re: My understanding is a bit different

It will be harder to file for a Ch. 7 BK. Basically, if one isn't below poverty level, one would have to file a Ch. 13. And, I also understand that there will be more follow-up by the trustee on reporting of debts. I read some good articles online about the changes and one of those changes is that the attorney/bpp (bankruptcy petition preparer) could be subject to fines if it is discovered that the petitioner has not disclosed all assets and/or creditors.

I'm not well-versed in BK law since that's not an area of interest for me. However, my business partner, who has been a bpp for many years, has decided that she will not prepare any BKs after October 1, 2005. She said the liability issue is just too great.