What would a bankruptcy dismissal do to me?

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What would a bankruptcy dismissal do to me?

There was supposed to be an increase in my wage garnishment for my bankruptcy due to a payoff on a 401K loan. That did not happen. Now, I am being told if it is not paid, the bankruptcy is going to be dismissed. What does this mean for me? What happens to the creditors in the bankruptcy? Will I lose my home or car that are in the bankruptcy?

Asked on November 28, 2011 under Bankruptcy Law, Michigan

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

If your case is dismissed, it will put you back in the position you were in before you filed (less whatever payments you made to the Trustee that were already disbursed to your creditors).   Thus, your creditors can sue you, get judgments against you, and seek to collect on those judgments in accordance with your state's collection laws.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 9 years ago | Contributor

If your case is dismissed, it will put you back in the position you were in before you filed (less whatever payments you made to the Trustee that were already disbursed to your creditors).   Thus, your creditors can sue you, get judgments against you, and seek to collect on those judgments in accordance with your state's collection laws.

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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