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Can you file chapter 7 bankruptcy and keep your house while on a repayment plan?
JordansMom
Yes. Most secured property such as a home and/or vehicle can be kept if the lender agrees reaffirmation of the property. The homestead exemption is also a deciding factor in what happens to a house in a total liquidation BK.
Wiki User
∙ 19y ago
Wiki User
∙ 14y agoIn most cases, yes. Contact your lawyer to be certain.
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How do you buy a house while in a chapter 13 bankruptcy?
The chapter 13 petitioner/participant must receive the approval of the bankruptcy trustee for all major financial transactions.
Can you receive a federal Stafford loan while in chapter 13 bankruptcy?
I'm currently in my third year of chapter 13 repayment, I was going to go back to schools full time night time program, looking for advsie on trying to pay for it, also I make over 60,000, but my chapter 13 repayment is based on this amount
Can you have a cosigner on a car loan while in the last few months of bankruptcy?
When participating in a Chapter 13 BK repayment all major financial transactions must have the approval of the bankruptcy trustee. If the person does not clear the action with the trustee the "13" can be dismissed with prejudice.
While in a chapter 13 bankruptcy can you stop the bankruptcy?
Yes, and if things don't work out, you can refile.
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
Can an individual establish a corporation while on chapter thirteen bankruptcy?
Yes, a person can start a business or corporation while in the midst of a Chapter 13 bankruptcy case. If you are looking for start-up funding, you will have to ask the bankruptcy court for permission.
Can you refinance during chapter 13?
While participating in a Chapter 13 bankruptcy, no major financial transactions are allowed w/o the permisson of the bankruptcy trustee.
Is it possible to get an auto loan while currently in an active Chapter 13 bankruptcy?
While in a 13, debt repayment, all major financial transactions have to be cleared with the Trustee that handled the case. The court is usually understanding in circumstances where the debtor needs a vehicle or home repairs, etc.
Can you keep your house while going into bankruptcy?
No.
What is chapter 13 bankrupt?
There is a big difference between chapter 7 and chapter 13 bankruptcy. Generally speaking, chapter 13 bankruptcy is a type of Reorganization bankruptcy. It filing a plan with the bankruptcy court suggesting how you will repay your debt. Some debts must be repaid in full while others require only a percentage or nothing at all.
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Can you do a loan modification if you are in chapter 13?
A Chapter 13 bankruptcy puts the entire debt collection process on hold to give the filers time to work out a court-approved repayment plan for a portion of their debts. Thus, because the process is on hold, a loan modification can not be enacted while a mortgage is currently under the supervision of the Chapter 13 trustee. However, it is possible to negotiate a modification of a loan with the mortgage lender during the bankruptcy. But it will be necessary to have the bankruptcy case voluntarily dismissed before the modification can be finalized and put into effect. Banks may not be willing to negotiate with the borrowers under the circumstances of a Chapter 13, though.
