Various federal and state agencies hold millions in unclaimed funds. When individuals fail to claim money owed to them, the government retains the money until the recipient claims it. However, many individuals do not know they are entitled to this cash.
You may have money waiting for you. To claim bankruptcy funds, you must know if you qualify for it, how to locate the money, and go through the process of claiming it. Find out more about getting your unclaimed bankruptcy funds.
Filing for bankruptcy is a last resort in most cases. If you need to file for chapter 7 or chapter 13, you are likely in a desperate financial situation.
The bankruptcy process does not wipe away all your debt. In exchange for partial debt forgiveness, you will have to pay your creditors what you can.
After filing for bankruptcy, representatives will review your assets to be sold. Once they liquefy your assets, the government will distribute the funds to your creditors.
Creditors are organizations and people to whom others owe money, such as credit card companies and lenders. If someone owes you money files for bankruptcy, you could be owed bankruptcy money.
A court will determine who is owed what and how much. However, the court needs to be aware of the debt the filer owes you.
You could be entitled to unclaimed bankruptcy funds if:
- The bankruptcy court was unaware of the owed debt or did not send you payment.
- The court representative could not locate or contact you.
- There is inaccurate or outdated information, such as name and address changes.
- The recipient of unclaimed funds is deceased and you are handling their final affairs.
The U.S. Treasury department holds unclaimed bankruptcy funds until the person owed claims them. If you are an eligible recipient, you will need to go through the process to claim those funds.
If you think someone owes you money and filed for bankruptcy, you should find out how to find unclaimed bankruptcy funds. Learn how to claim them on the next slides.
By Admin –
