0
In a Chapter 13 Petition in Bankruptcy, you are allowed to keep all of your property. This is because in a Chapter 13 Petition in Bankruptcy, your Chapter 13 Plan Payment to the Trustee partially depends on the amount of non-exempt assets you own. In other words, although you get to keep all property, the more non-exempt property you own at the time of your filing, the larger repayment percentage you would owe towards your unsecured creditors. I hope that helps.
Michael A. Fakhoury, Esq.
Wiki User
∙ 14y ago
Wiki User
∙ 15y agoYour disposable income for a period of from three to five years. Disposable income is your income minus reasonable expenditures.
Add your answer:
Earn +20 pts
Can you file chapter 7 in Florida and keep your home and property?
No
Are you allowed to keep your primary home and investment property if file you chapter 7 or 13?
If I file chapter 7 or 13 how long can I stay in my house?
Can keep your rental property if file chapter 7 in Ohio?
If it has value above its debt, probably not.
What should you do if you want to file bankrupty but your name is on your parents' property and you don't want to lose the property?
File a Chapter 13 Bankruptcy It allows you to keep the property and make payments you can afford.
Can you keep your cars when you file for chapter 7?
Yes, in most cases, a person can keep their cars when they file for Chapter 7 bankruptcy. It will ultimately depend on the bankrupt court.
Can you keep your property if you file chapter 7?
If it is exempt, then yes you can keep it. Anything over the exemption amount belongs to the trustee to pay off creditors.
Can a person literally file for chapter 13 protection and then never follow through without consequence in other words file to get his property back and then not follow through without consequece?
You can file and not do anything, but it would then be quickly dismissed. While he might keep his property, it will soon be foreclosed/repossessed unless he follows through with the ch. 13.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
What is chapter 13?
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
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.
Can you file chapter 7?
Anyone who is seriously struggling with debt can file for chapter 7 bankruptcy and it is up to the court to determine whether or not you will be eligible. Chapter 7 bankruptcy is usually best for people who:* Have no steady stream of income* Have a lot of exempt property* Cannot keep up with a strict payment plan
