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Well if you do not owe anything on your home you should have equity and the courts may require you take out a mortgage to pay-off your creditors. If your creditors know you own your home they can record liens against it and get there money if you refinance or sell your home. Call an attorney in your area most will do a free consultation. You have to find one that specializes in Bankruptcy. I think states are different but here in Georgia they will not allow a Chpt 7 (full discharge) if you have a debt free home..they want you to do a Chpt 13. This is where they re-adjust your monthly debt to an "affordable" amount and you re-pay your creditors.
Wiki User
∙ 14y ago
Wiki User
∙ 15y agoIf you cleared any proceeds from the sale of your home you would have to report this fact to the bankruptcy trustee, and some or all of that money could be attached to satisfy your debts. Some states (notably Florida among them) exempt your primary residence from being touched by a bankruptcy as along as you actually reside in it, BUT once you sell it the money from the sale is fair game.
Wiki User
∙ 15y agoYes..but the house as an asset is included in th BK
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Can you still keep your vacation home if you file bankruptcy if there is no equity?
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
Will we still be able to use our credit cards after we have file for bankruptcy because we co-signed for someone who failed to paid their bills?
Yes you can
What if you hadn't paid in over eight months on your car can you file bankruptcy and keep my car?
Not likely. You will still be required to surrender the vehicle.
When can you file bankruptcy after you have paid off a bankruptcy?
When you filed for the bankruptcy, you are also declaring total surrender of the business to the hands of creditor. Although, you can still maintain rights of the company, for the sake of proper decorum, it is advised to allow the bankruptcy trustee to work on the survival of the company.
If you are trying to file bankruptcy and two accounts are paid off by cosigners can you still file bankruptcy on your remaining debts?
Yes. However due to the new bankruptcy reform the party involved may have to file whichever type of bankruptcy the trustee feels is applicable. The point of the reform is to prevent multiple BK filings. The premise is, if the debtor has even a small amount of nonexempt income it is to be used for repayment of debts.
If you filed chapter 13 and had it dismissed and paid of the debt is there any way to get it off of your credit report?
No. Filing a bankruptcy creates a public record that does not go away because you did not complete the bankruptcy. - once you file and get a case number you have filed for bankruptcy. if you didn't follow through and it got dismissed is regardless. you still filed for bankruptcy and it will still be on your credit report.
Will you get rid of credit card debt with bankruptcy?
No. If you file bankruptcy, you are basically telling the creditors that you don't have any funds to pay them. Your finances are being held by the court and the lawyers will tell the creditors that you filed bankruptcy. You are still responsible for the debt. WRONG! If you file bankruptcy and file a chapter 7, if the judge approves your appeal all your credit card debts are erased, and creditors have to stop calling and harassing you. If you file a chapter 13, you are still responsible for a certain portion of your debt, to be paid over a 5 year period, and creditors have to stop calling and harassing you.
Can a court order a company or person to file bankruptcy in the state of Georgia?
Bankruptcy is normally voluntary, however if your creditors feel it is required for them to get paid and you refuse, they can force it - an involuntary bankruptcy.
Do you have to return Lowe's merchandise after you file for bankruptcy?
No you dont. It is considered used and paid for when it comes to merchandise.
Can you still receive service on extended warranty purchases if you file bankruptcy?
Yes. If you paid for, and subscribed to, warranty services prior to banklruptcy AND had paid for them up-front, you are owed those services regardless of your present financial status.
You are 82 years old your house and car are paid for older home and 2001 car but you have a lot of credit card debt Can you file for bankruptcy just for your credit cards?
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.
Will paying off a car loan raise your credit score after a bankruptcy?
The bankruptcy will still be reported on your credit file for up to ten years however, it will denote that the car loan was paid off. So to answer the question wil it raise your credit score. The answer is no.
