Assuming the fire was not set, you should have had insurance. If you had insurance that pays off the mortgage after a fire completely destroys the house, you are OK. If the insurance only pays the fair market value of the house, you will owe a balance. If the house was not completely destroyed, the insurance may pay enough to fix the burned portions.
The effect on filing a Chapter 13 depends on possible complicated bankruptcy legal issues, some of which may depend on your state laws regarding homestead. Consult your attorney.
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.
Uneffected.
The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.
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.
You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.
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.
When a business files for bankruptcy it basically means it can not repay the debts it owes to creditors. Generally a trustee will sell remaining assets and pay off creditors. The exact rules of what happens depends on what type of bankrupcty that is filed. In US for example there are Chapter 7, Chapter 13 etc.
IF you list it on the B/K. it goes away, you dont owe it anymore.
Generally, these are exempt assets and they remain yours, preumably to take with you.
If the credit card was included in the Chapter 7, nothing happens. The account will be closed by the creditor and the amount owed including any accrued interest is wiped out.