Generally you have to list your home as an asset. But there are different kinds of bankruptcy, and if things work out, your home ownership could be protected. See a bankruptcy lawyer!!
check Federal Bankruptcy act 801.3
When you file for bankruptcy, you generally have less equity than you owe. You can have a million dollars and file because you owe two million.
You probably won't be able to get credit for the next seven years.
Typically, that line of credit, which was most likely based on your assets and equity, disappears.
If you have credit accounts in good standing then do not include them in your bankruptcy.
You do not have to necessarily get credit counseling before you can file for bankruptcy.
You file bankruptcy on all debts you owe. If you only owe money on credit cards you can file on them. Otherwise, if you owe money to a doctor, hospital, bank or other place you have to list them.
That depends on, what's on your credit bureau file. The score will look at the age of your credit cards, balances and payment history
Yes; however, the issuer is not required to continue to extent you credit (can close the account).
The fact that you have a repossession on your credit report is not a determining factor of whether your can file for bankruptcy. Generally in bankruptcy you can remove the debts from the repossession of your vehicle.
Neither. Both of your stated options are bad.
The bankruptcy will appear on their credit if you include this card in your bankruptcy. If you leave the card off the bankruptcy, it will not effect their credit.
Thier actions, or lack, do not effect your ability to file for bankruptcy.
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Yes you can
This really depends on a number of facts that include the state that you live in, the amount of exemptions your state has for bankruptcy, whether your home has equity and whether you are current on the mortgage. It will also depend on what type of bankruptcy you are trying to file. In cases where there is no equity in your home and you are continuing to pay the home, you should be able to keep your home. If there is equity in your home then you need to look at what bankruptcy exemptions are available in your state to protect the equity in your home.
Sure... a good time to do it.
Yes. But in California, you can not have more than ~$330,000 of unsecured debt if you are going to file for Chapter 13. Check your local bankruptcy rules to see if you qualify for chapter 13 bankruptcy based on your debt.
File for bankruptcy and then try and start over. Your credit will be messed up though.