Question

are there any downsides to live chats with bunkruptcy courts? if so what are they?

Answer 1

Yes, their are many downsides to live chat wih bankruptcy court, some of these are :

1.the bankruptcy may be published in trade journals or a newspaper, and information is available on a searchable register called National Personal Insolvency Index (NPII). Information can be obtained by anyone who pays a search fee (including a copy of an extract).

2.money and valuable goods (with certain exceptions) owned or being paid off at the date of bankruptcy, or acquired during the bankruptcy, will vest in the Trustee and be available for the Trustee to sell to pay creditors
3.a payment made to a creditor within six months before the filing of a debtor's petition and potentially a longer period under a creditor's petition, which gives that creditor a preference over other creditors, is void and may be recovered by the trustee and distributed to all the creditors
4.former bankrupts are likely to have difficulty in obtaining credit in the future
5.a bankrupt may operate a business (not a company), but if a business or assumed name is used, every person with whom they have dealings must be told of their bankruptcy and real name [Bankruptcy Act 1966 s 269(1)(b)]. Any assets acquired by the business may be claimed by the trustee

6.Tax refunds from federal, state or local governments may be denied based upon your bankruptcy.