You are allowed 1 car. I believe if the value is over $10,000 you may be required to sell it and buy something less expensive and use the balance of the funds to pay creditors. Check www.wiw.uscourts.gov/bankruptcy/Bankruptcy_Info.htm for more specific info. Laws vary by state.
You cannot be denied a passport for filing bankruptcy.
A chapter 7 bankruptcy filing remains on your credit report for 10 years. Chapter 13 bankruptcy remains for seven years. Under chapter 13 bankruptcy you repay at least a portion of the debt, so it is removed a little sooner.
American Debt Enders offers free consultation for filing chapter seven bankruptcy. Their phone number is listed on their web page. There are no one hundred percent free bankruptcy services just free consultations. There are filing fee involved to file for bankruptcy.
Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.
If you are facing some serious financial issues, you may consider filing for chapter 13 bankruptcy protection. If you do file keep in mind that there is no limit to the amount of times you can refile for the same protection.
On my website, I have an article on 10 tips to rebuilding your credit after bankruptch: http://www.chs-law.com/2005/05/rebuilding-credit-after-bankruptcy.html
Yes. Under the US Bankruptcy Law, you are allowed to file for Chapter 7 after 8 years from the date of filing the last Chapter 7 case that was discharged.Read more: If_I_filed_Chapter_7_bankruptcy_7_years_ago_can_i_file_again
You can't. A valid entry for a dismissed chapter 13 bankruptcy will remain on a credit report for seven years from the date of dismissal.
It is not necessary for both spouses who do not reside in a CP state to file bankruptcy if there are no joint debts. If there are joint debts then the non-filing spouse will be subject to collection procedures from creditors. On Oct 17th new bankrupcy reform goes into affect and it will be almost impossible for the average consumer to file a Chapter Seven BK.
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.
By law, a person (or couple) can only declare bankruptcy every seven years. If you go through with a Chapter 7 bankrupcy, it will take 7 years for it to rotate off of your credit history.
No, it will remain for seven years.