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If you file chapter 7 can you keep your secured debt?
You may be able to keep some or even all of your secured debt. Simply reaffirm at the time you file, or it can be done as an addendum later. Your attorney will be familiar with the process. Keep in mind that the additional debt you keep may make it difficult or impossible to continue with the bankruptcy. Consider this as you decide what to reaffirm and what to surrender.
If you discharge the debt of your home with a chapter 7 bankruptcy can they take your home if you are paying the monthly loan payments?
The debt is secured by the property. The debt won't be discharged without the property being used to pay off as much of that debt as possible (called a secured claim..getting the first right to the money from that asset - any excess (that is extra debt) becomes an unsecured claim pais by the sale/seizure/sue of the unsecured assets)....NO IN BK YOU DON'T GET TO JUST DISCHARGE DEBTS AND KEEP ASSETS. BK involves all of your debts and all of your asssets...(not selected ones)...they are given priorities under the law and by the court...one is used to pay the other...excess debt of some types may be discharged and in essence "forgiven". And I'm confused, if you think the debt on your home was discharged - so their is no loan...what payments would you have to default on?
If you have a large balloon payment due in 2 months and 110k worth of credit card debt will you lose the house when you declare bankruptcy?
that depends. a couple things you'd need to consider are whether all of your debt is unsecured (credit card debt, generally) or whether you also have secured debt (mortgage, car) - this, and your goals in filing bankruptcy, will affect which chapter you file in. another large consideration is what type of exemption your state has for homes. it may be that you are unable to exempt your home because it is worth more than the allowed exemption. in a chapter 7, you'd sell it and keep the value of the exemption. in a chapter 13, you could pay off the difference in value during the length of the plan. chapter 7 is generally known as the discharge chapter, meaning if your debts are unsecured, they will be eliminated. chapter 13 is the repayment chapter, which allows to pay back only a portion of your unsecured debts and maintain payments on secured debts. short answer is, talk to an attorney.
What happens when you are left in bankruptcy?
You are not left in bankruptcy, you enter into it willingly. In chapter 13 you enter into a repayment plan and all your debts are paid in about 5 years. chapter 7 negates all debts that are unsecured like credit cards and leaves you with only your secured debt like home and cars. In both cases you keep your vehicle and home
What is Statement of intention in chapter 7?
A document filed to disclose which secured debts the debtor intends to reaffirm. The debtor typically reaffirms debts secured by collateral he wants to keep. When a debtor reaffirms a debt, it is excepted from the discharge. The debtor can be sued on the debt if he fails to pay it, even after the discharge is entered.
What does Chapter 13 bankruptcy law do?
this is a big question, but generally, chapter 13 is used to strip off a second, unsecured mortgage or to retain unexemptable property. you will continuing paying on your secured debts, e.g. your mortgage, and will generally repay only a fraction of your unsecured debts. this will be done over 3-5 years.
What is worse chapter 7 or chapter 13?
If you are behind on your home mortgage, and you want to keep your home; or if you owe back tax to the IRS, then chapter 13 would probably serve you better. However, it is more complicated, and each month you must pay your disposable income toward a debt adjustment plan. If you just want to get a discharge from all debt, and you don't mind losing any property that serves as collateral for a debt, or if you are current on debt secured by property you want to keep, AND you have a lot of other unsecured debt that you need discharged, then chapter 7 would probably better serve your purpose. Whether one is worse than the other depends on your goals, and on whether you are the debtor (you owe the money) or are a creditor (you want to collect a debt).
Filing bankruptcy should you keep making payments until discharge?
I am not an attorney but.... Yes, you can keep any loans or credit cards as long as you reaffirm with that company. When you file, you list all your creditors. If you do not owe money to a specific credit card, then they are not considered a creditor. So, when its all over with, you can use the card. However, the card will eventually know that you filed, because they "check up" on you once in a while and they will find out. Then they may cancel it or just raise your interest rate. Why would you keep unsecured debt? One should list every creditor to whom they owe money prior to filing. Failing to do so is a violation of bankruptcy laws. Sure, you can reaffirm secured loans if you can afford the collateral under the terms of the note. All unsecured debt should be discharged in chapter 7.
Can you file on aarons rental furniture in chapter 7 bankruptcy in Washington state?
You cannot discharge secured debt. You either have to reaffirm the debt / keep paying. Companies like Aarons will come to repossess their property.
How can you get a credit card that is not secured when you have no credit?
There are banks that give people with no credit a chance. But you should keep in mind that the interest rates of unsecured credit cards for bad credit are usually very high. So you should pay your bills on time.
Can a secured debt be taken from you after it was discarged in a chapter 7?
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
What are the advantages of filing for bankruptcy?
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
