Do financial institutions understand morals and ethics?
Debt repayment is not deductable on your personal tax return, only interest. In the case of repayment of debt discharged in bankruptcy you are no longer being charged interest, so it is repayment of debt only.Just a thought... goofy laws... once the debt is written off, what would you record a payback as on your taxes?
No it is not common at all. But that doesn't mean I wouldn't do it.I agree that if you owe a person money, you are obligated to pay that back, but in the case of business to business, is repayment something that is common practice?
Sure it is, but we already understand your stance on banks from your previous post.Paying back debts to the bank after bankruptcy just isnt feasible.
I agree I would pay back money owed to a person I borrowed from.
Paying back debt previously discharged in bankruptcy requires one to already have recovered and have $ left over from taking care of the family.On a personal level paying back debts is much different than paying back a business that gets tax incentives, government loans, and involves the legal system that demolishes your credit and ability to recover from financial hardship.
LOL! If a company bought your debt from your original creditor I can just about guarantee they would let you know who they were.You then must find out who owns the debt and attempt to pay them back.
In a Chaper 7 where the debt is fully discharged, no, there would not be.^^^ After the bankruptcy process, would their be any debt to sell to another company?
Good on you for doing the right thing! I applaud you! And yes, once the debt is sold, you no longer owe the original creditor, you owe the buyer of the debt.I just know that 25 years go, I had to have emergcey surgery just a couple weeks after getting out of the military and I had no insurance. I paid the hospital $50 a month, which was a big amount for me back then. I got a letter one day, after a year of taking my payments that they sold my account. A couple of years later, I was able to get with that company and pay a pecentage of the debt and it was considered paid in full. It made me feel better that I had paid the debt, but my credit took the ding for a few years. The point was, after I was back on my feet and had the money to pay the debt, the hospital wouldn't even talk to me about it because they had sold the debt
Your post made me realize I should have been saying Chapter 11/13 and not just 11 in my previous posts. As to your question, if both parties agreed to a settlement then, to me, that is the same thing as paying what you owed. As you know, in a Chapter 7, it is forced on the creditor.As a man that has filed both a chapter 7 and a chapter 13, repayment on the 7 wasn't possible.
As you know, in a Chapter 7, it is forced on the creditor.
Yep, and they wouldn't have had it forced on them if they had been amenable to payments. Since they weren't, at least in my case, hell can freeze over before they get a red cent from me. Even if I were to win Mega millions. I paid for that 7 for 10 years.
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Possibly the same situation as Patrick ???