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.
You don't file bankruptcy "on" anything. You file bankruptcy to get the protections bankruptcy offers. If there is no equity in the rental house and you surrender it to the creditor, you will be able to keep your (presumably different) home if it is up to date on mortgage payments, or if you file a Chapter 13 with a Plan that includes becoming current.
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.
Yes, as long as you keep making the payments.
yes in texas and south carolina
sometimes but barley ever
can a person file bankruptcy if the home is not under any mortgage?
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.
yes, just keep your house exempt from the bankruptcy
You can file bankruptcy on a home and all unsecured debt. You can include your home if you wish or re-affirm your home and your vehicles. Be sure to go to a Bankruptcy Lawyer and find out first hand. Many offer free consults and will give you a much more reliable answer than myself or any other idiot on here.
You can but three things can happen depending on which type of bankruptcy you file. 1. You can either include the home in the bankruptcy and move out. 2. You can declare the house and exclude it from the bankruptcy and continue paying the mortgage. 3. You can include it in your bankruptcy and work out a payment plan with the court to continue paying the mortgage. The short answer is 'yes' you can file a bankruptcy and own a home.
No. You should use your funds to pay your secured debts, such as home mortgage or car loan, if you intend to keep it after filing for bankruptcy
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
Can I keep my paid off autos if I fie bankruptcy?
Probably not, but it depends on the value of the home and the exemptions available to cover that value.Consult a local bankruptcy lawyer.
If the mortgage is not paid.....then the home will foreclose and the owner will need to vacate. This is not a bankruptcy. So, the answer is no. You do not have to file bankruptcy in order to foreclose.
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
If you file bankruptcy, you file bankruptcy on everything. You can not file bankruptcy on one loan.