Chapter 7 might not be for you. A chapter 13 stops foreclosures and repossessions. Filing both of these petitions are releif of active colletions, but which one suits your needs depends on several factors. Chapter 7 discharges repayment of "unsecure" dept such as credit card, medical bills, utility bills, etc. A court appointed trustee determines which properties,if any, must be sold to pay debit. Property that is not sold is called "exempt", which varies depending on area and may include home, car, insurance policies, retirement, etc. Check your state or local consumer protection office to find properties that are exempt in your county. This option is best if you do not expect to have a steady flow of income, if you have a lot of exempt property, and do not have significant assests such as alot of equity in home or car which could be sold to repay debt. Chapter 13 is a repayment plan of a portion of your debt depending on income. The debt is repaid over time, but interest rates are lowered, and balances reduced for example to minimize overall amount you pay each month. You are in bankruptcy until debt is paid in full. This is also ideal if you have alot of "nonexempt" property, such as a car or home that is either paid off or has alot of equity, or if your car is already in repossession and the bank is demanding the remaining balance be paid in full. It is up to the creditor if they will accept payments under chapter 13 once they obtain possession of the vehicle. Their decision will be made on your payment history with them, which if in this position, probably poor. If you think you are in jeopardy of losing property, stay in touch with them. If you can't make a payment on an agreed upon date, call them and they will work with you. If you keep in contact with the bank, you will know when, or if it is time to decide which one of these to file. If finances are spiraling out of control, don't stop answering the phone and opening mail, do the enevitable or it will cost you bigger bucks and more losses!
It is 180 days before you can refile
If it is a Chapter 7 Bankruptcy, you have to wait 8 years before you can file it again.
Yes, as long as you keep making the payments.
The best time to purchase a new home after filing for Chapter 13 bankruptcy depends on how long your bankruptcy will be. If you have your payments on a five year plan, then you may have to wait a little longer.
You do not have to be unemployed to file bankruptcy.
If, after meeting with an attorney, it is determined that you do not have an equity position in your home that exceeds the Illinois 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.
As long as your Lawyer says.
You can file bankruptcy again 7 years after the last time you filed.
You have to wait eight years after filing for Chapter 7 and 4 after filing for Chapter 13.
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.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Legally, yes. In reality no. And you won't be able to do any credit thigs for a long while.