0
All would have to be included.
You do not go Bankrupt on certain things. Everything you own and everything you owe must be included, ot the case will be dropped and you could face fraud or contempt charges. Again, in BK you do not pick and chose what is included. All are given priorites and some are exempt fom being used and some exempt from being discharged. Secured debts get first call from the money from the sale of the asset securing them. Frequently a house, (if you can and have paid the mortgage), and a reasonable car (and things like work tools, personal household goods, etc), are classified as exempt or may be saved.
ALL your assets and all your debts are included. Your assets are used to pay your debts, the extra that can't be paid may be discharged. You do not get to eliminate debts and keep those things of value you want to. That would clearly be unfair.
A timeshare is considered an asset since you own that certain unit although the idea of it is that you own a certain vacation time. Yes, you can include that one on bankruptcy along with your other assets.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Can I keep my house and car out of a bankruptcy?
You are normally allowed to keep the house you are living in and one car in a bankruptcy.
Can you file Chapter 7 and keep your house and car?
Whether you can keep your house and car depend on how much equity is in your house and car and the available bankruptcy exemptions within your state. If the bankruptcy exemptions allow you to protect the equity in these assets then you should be able to keep them in bankruptcy.
If you filed bankruptcy and it was final and a reaffirmation agreement was signed but discharged by the courts you have always been current on your car payment can you keep the car and continue paying?
Long as you put it in your reaffirmation so that it will not be part of your bankruptcy you will be able to keep it. Same thing as with a house. Just as long as it was part of the agreement that it was not included in your bankruptcy then you are o.k.
Can i keep house and car in banruptsy?
It depends on what type of bankruptcy you're talking about. The most commonly referred to would be chapter 7 in which you would be allowed to keep a vehicle, however the house would be sold off.
What are the laws regarding reposition after bankruptcy?
can they send a police to my house to repo my car? can they send a police to my house to repo my car?
What assets can i keep during bankruptcy in minnesota?
In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except. The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
I filed bankruptcy in July and included my car in the bankruptcy it discharged out of court in Oct its now December and they still havent picked up the car how long after that does the car become mine?
unless you opted to keep your car and continue to make payments, they should have repoed it already. in other words, if you still want to keep the car you can only if you keep paying for it.
What vehicles can be kept in a bankruptcy?
any car you have it has to be added to your bankruptcy but you get to keep it, as long as you don't go out and buy a brand new car then file , that wont work they wont put that on you will have to pay for it
Can you keep your car if you file for bankruptcy in Missouri?
You may keep your car in any state where you file bankruptcy, provided you reaffirm with the lender, or you exclude the vehicle debt from the bankruptcy. This of course is also dependent upon remaining current on the loan payments also. You should really discuss this matter with your BK Lawyer.
Can you keep your car?
If your asking can you keep your car in a Chapter 7 bankruptcy, the answer is yes, if the value of the car less than the total of your state's exemption for personal property. If there is a loan on the car, then the value of you car is probably 0. However, if there is a loan, you must reaffirm it in the bankruptcy. This means that you make a new promise to the lender to pay the loan even though it was discharged in the bankruptcy. Usually, you must be current in all of your car payments in order to reaffirm the debt.
Chase bank sent you a letter stating your car was charged off and creditirs notfied. If you claim the charge off in bankruptcy can you keep the car?
You can keep 1 car and your primary residence.
