You get to pay for it, just like you promised and wanted to do originally. Oh, you may get the opportunity to change around how you pay for it...to make your life easier. I mean, it's all about you isn't it?
Well, they say that timeshares are properties that you can't get out with easily. You have to pay no matter what. That's what you will do in Chapter 13.
An individuals debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. With regard to houses, a Chapter 13 bankruptcy is a good option to avoid foreclosure, make up for missed mortgage payments and stop back taxes on your house. So the simple answer to your question is that home property is not necessarily lost to the bank or creditors under Chapter 13 bankruptcy as long as the individual maintains the terms of their repayment plan, something easier said than done for many.
if you own a home free and clear, most likely it will be sized and auctioned off by the trustee, you will receive some money back (the value of your real property exemption). If there is a mortgage, but high equity, the same thing will happen. If there is no equity or very little (costs of seizing and selling the house make it uneconomical) then nothing will happen.
It's usually sold or auctioned off by the lienholder.
Generally, these are exempt assets and they remain yours, preumably to take with you.
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.
Uneffected.
If you receive a pay raise after filing for bankruptcy, it will not change things. In fact, the pay raise will end up being surrendered.
Nothing. In a chapter 13, there is a co-debtor automatic stay, but other than that, nothing.
You cannot change my bankruptcy, but you can convert your Chapter 13 to a Chapter 7. It happens frequently. You may want to check with your lawyer or an experienced lawyer since it can have unintended consequences.
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
If you are in a chapter 13, if you are no longer able to make plan payments, you must either convert to a chapter 7 or dismiss the 13.
A C-11 is normally only for Corporations. It is a re-organization type of BK. The mortgage is like any other secured debt, and the creditor will be paid by the agreed terms of the reorg or get the property.
You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.
Yes you can sale your home but the bankruptcy court will take the proceeds from the sale and disburse them to your creditors that you owe. No, everything except your selected exempt property belongs to the bankruptcy estate, as of the moment you file, and it can only be sold by the bankruptcy trustee, with permission of the court, to satisfy your debts in an orderly fashion.