Quote:
Originally posted by Rodeo
Com'on, tell us at least some possibilities. What happens after the bankruptcy is "executed?"
Let's say someone owes me $100. Do I get paid anything? If so, how much? When?
Show off you knowledge of the Bankruptcy Code. Answer one simple question.
I mean, you have been arguing bankruptcy law for like 4 pages, you must know something about it ...
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[sigh] It depends, why do they owe you $100? If this was unsecured debt and beyond the "look backperiod" you'll likely get nothing. Unless they are above the state median income for a comp household then you'll get something (how much I don't know as it's part of the new laws).
If the debt was secured the debtor may wish to reaffirm the debt in which case you'll get regular payments for the full amount if you wish(like starting a new loan).
Or the asset may be liquidated and you'll get its revenue and possibly more from further liquidation.
Or they may set up a chapter 13 program where you get regular payments based on the debtors ability to pay for I think 7 years max???Maybe it's 5?? Either way you get the idea.
And on and on and on, but the answer is "It depends"
But the bottom line is I don't claim to know everything about this....just enough to know that you're full of ****.