Not if its a chapter 7 BK; there is too much equity (value) in the car (since most vehicle exemptions are about $3,000 or lower. If filing chapter 13, it might be possible to keep the car. But if its a chapter 7, it is highly likely that the car would be seized and sold off by the BK trustee to pay off your creditors, or make you pay the difference between the car value and car exemption. (and before you ask- NO, do NOT sell your car to friends/family/neighbors, etc... for a $1)
MAYBE! Most states set limits on the value of a vehicle that you can keep after filing bankruptcy. You can't go out and buy a brand new Porsche or Mercedes Benz and then file bankruptcy and keep the car. You will be limited to something that is worth less than $3000 or so.
You have not provided enough information to answer that question. Such as, are you living in it now? It is there a loan on the RV. What is the RV worth? Are you filing a Chapter 7 or 13? There are lots of questions to answer regarding your concern. I would advise that you contact an bankruptcy attorney and NOT try to file a bankruptcy yourself, if you are trying to keep an asset.
Can u keep your checking account after filing chapter 13?
Generally speaking, filing for bankruptcy protection temporarily halts ALL collection actions for all creditors, including foreclosures.
Credit rating plummets when filing for bankruptcy. Bankruptcy should be the last resort and one should try everything to not go bankrupt - keep saving as much as possible.
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
You can't file bankruptcy "for IRS debt." You have to list all your debts and assets, and you can keep what you can exempt under state or federal laws. If you have little or no equity in an asset, you should have no problem.
I think that at your age you really need to consult with a bankruptcy attorney before filing for bankruptcy. Filing for bankruptcy is the best remedy for many debt problems. However, there are other courses of action that may be better in certain situations, allowing you to avoid bankruptcy completely. One benefit of hiring a bankruptcy attorney is that doing so might actually help keep you out of bankruptcy court. You may also want to consider the effect this may have on the inheritance for your loved ones and on your standard of living.
Yes.The success of completing a chapter 7 bankruptcy only depends on your financial situation at the time of filing. Any unforeseen money gained after filing is yours to keep.
Any assets you have are potentially forfeit if you file for bankruptcy. There is no way to 'lock away' part of your estate above and beyond the things the law allows you to keep - such a practice would defeat the object of filing bankruptcy in the first place.
Here's a link to a great site that will tell you what you can keep in a Chapter 7 filing: http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/property_filing.htm