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Can you keep your vehicles that are listed in a Chapter 13 bankruptcy if you choose to cancel the bankruptcy?
Wiki User
∙ 13y ago
You can keep them as long asa you keep paying the car loans. But beware that there is court precedent where a creditor can force you to either surrender the property or reaffirm the debt. Reaffirming the debt is never a good idea.
Wiki User
∙ 13y ago
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Why would someone choose chapter 13 bankruptcy instead of chatpter 7 bankruptcy?
There are a few advantages to Chapter 7 bankruptcy versus Chapter 13 bankruptcy. For one, Chapter 7 is usually a quicker process than Chapter 13, with typical cases lasting only a few months. In addition, with Chapter 7 bankruptcy most, if not all, of one's unsecured debt such as credit cards and personal loans is eliminated whereas Chapter 13 requires it all to be paid back. Lastly, most Chapter 7 filers keep most, if not all, of their property.
When did new bankruptcy laws go into effect?
On October 17, 2005, new bankruptcy laws went into effect as a result of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. The old rules allowed most filers to choose between Chapter 7 or Chapter 13, and most chose Chapter 7 because it allowed for the complete elimination of debts without repayment . The new law prohibits filers with higher incomes from filing under Chapter 7.
Who do you remove a chapter 7 bankruptcy from your credit report?
You dont, the courts or credit companies are the only ones that can remove them. Very long process if they allow it and nowadays, they can choose to keep bankruptcy on your credit for 20 years or more.....
Will filing for bankruptcy reduce the principles on student loans and mortgages?
No, filing for bankruptcy does not discharge or reduce the principle on student loans, though the bankruptcy process may put 'recovery attempts' on temporary hold. Regarding mortgages, filing bankruptcy will potentially discharge your debt, though you may lose your home unless you choose to file a Chapter 13, which will allow you to consolidate debts and retain your home if you so choose.
How is it determined if you file chapter 7 or chp 13 bankruptcy - is it a ratio?
A Chapter seven is a total liquidation bankruptcy, which means the person will have to forfeit all nonexempt property. A chapter 13 is a consolidation bankruptcy, the person keeps all of their property and pays a specified amount to the BK trustee who distributes it to creditors. The time frame for repayment under a chapter 13 is 3-5 years. With new bankruptcy reform more people will be required to file a 13 if they can pay even a small part of the debt(s). The type of filing that can be used now depends mostly on the financial status of the person, rather than which one to choose.
Can you choose the vehicles on halo firefight?
No, there are no vehicles what so ever, your gonna have to live with mate, sorry.But you can choose vehicles in forge.
Can you pick and choose what you include in your bankruptcy?
You have to list everything in you bankruptcy. You may reaffirm what ever you chose to.
How to Choose Between a Chapter 7 and a Chapter 13 Bankruptcy?
There are two types of bankruptcies that individual consumers file; Chapter 7 and Chapter 13. Chapter 7 involves liquidation of assets and completely discharging a person’s debts and thus freeing them of the obligation to pay. Chapter 13 is a little bit more complicated.In a Chapter 7 bankruptcy, credit cards and other dischargeable debt is wiped clean and allows the debtor an opportunity to start over with no debt. The debts still remain on the credit report, but the debtor no longer owes any of the balances. In a Chapter 7, you are usually able to keep your car and house and other assets that are necessary in everyday living. Sometimes you are able to reaffirm these debts for lower and more affordable monthly payments and lower interest rates. The biggest difference between the two chapters is that the Chapter 7 is discharged within a matter of months, while the Chapter 13 could continue for 3 to 5 years.Chapter 13 bankruptcy is different from a Chapter 7 bankruptcy primarily because debt isn’t wiped clean. Chapter 13 is also referred to as a reorganization plan or an individual reorganization and is filed by debtors that have steady incomes and may not qualify to file a Chapter 7 bankruptcy. If the debtor has valuable assets that cannot be exempted, they may choose Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, the debts are combined and payments are made to a trustee for a period of time of 3 or 5 years. The payments that are made and the length is determined by the income and the amount of debt. After all payments are made to the trustee for the designated period of time, the debtor receives a discharge of debt.For both Chapter 7 and Chapter 13 bankruptcies, the debtor will have to go through a series of checks to make sure they qualify for these forms of debt relief. Most debtors qualify for one or the other, but should meet with an attorney if you are not certain as to which chapter you should file.
How to choose the best Bankruptcy Lawyers?
The bankruptcy world can be extremely confusing to someone who has never had to deal with it before, and it is therefore recommended that anyone contemplating bankruptcy retain the best firm of bankruptcy lawyers that they can find.On the whole, the better bankruptcy lawyers are those with years of experience in the field, so anyone contemplating filing for bankruptcy should check how long a particular firm has been in business before retaining them. If a consumer is unsure of what chapter of the Bankruptcy Code he or she wishes to file under, then this is something that can be brought up during an initial consultation with a general firm of bankruptcy attorneys. Those consumers who know what section they would wish to file under, however, should retain bankruptcy attorneys who are specialized in that particular field, whether it is Chapter 7, Chapter 13 or Chapter 11.Most firms of bankruptcy lawyers also offer free initial consultations so a prospective client should be able to obtain advice on whether to file bankruptcy and, if so, which chapter to file it under, for free. There is therefore no need to pay for an initial consultation, and those bankruptcy lawyers who ask for a fee upfront before they will even consult with a potential client are therefore to be avoided.Further factors that should be considered when contemplating which bankruptcy attorneys to retain are what the attorneys’ qualifications are, whether they are members of any particular professional associations and whether they have published any bankruptcy-specific articles in any legal journals. Although a bankruptcy attorney’s involvement in a simple Chapter 7 case may only last a few months, he or she may have to represent a debtor in a complex Chapter 13 or Chapter 11 case for years, and they should therefore be prepared to deal with complicated bankruptcy litigation matters including estate audits.Bankruptcy lawyers should also be friendly, easily accessible and should be available to assist their clients with all bankruptcy-related issues whenever necessary. Filing for bankruptcy is a frightening time for most debtors, and they need a lawyer that they can trust and count on to be on their side.
How do you file a personal bankruptcy?
The first step in filing bankruptcy is collecting all of your personal financial information. This will include a list of all your secured and unsecured debts (you might find ordering your credit report helpful), tax returns for the last two years, deeds to any real estate you own, car titles, and any other loan documents you may have. Most individuals will choose between filing a "Chapter 7" bankruptcy and a "Chapter 13" bankruptcy. You will benefit from consulting with a bankruptcy lawyer, when determining which form of bankruptcy you should pursue. When you are looking for a bankruptcy lawyer, you will typically benefit from hiring a lawyer who handles a lot of bankruptcy cases, and has good systems in place for processing bankruptcy forms and filings. If you are able, you may wish to seek a referral to a bankruptcy attorney from a lawyer you know and trust. If not, this is a category of lawyer that is often easiest to find through your local Yellow Pages.
Can you file bankruptcy on a truck repo past due loan?
No, if you mean, can you single out this debt to "file bankruptcy on." You file bankruptcy on ALL your creditors. You don't get to pick and choose. But you can certainly include such a debt in bankruptcy.
Am I legally allowed to refinance my home mortgage after filing bankruptcy?
You can legally refinance if you choose to, there are no restrictions from the bankruptcy. With that, you may find that lenders will not approve your loan because of the bankruptcy.
