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If you have two financed vehicles can you keep them both in a bankruptcy as long as you make the payments?
Wiki User
∙ 18y ago
When you go into business/personal bankruptcy that means you have to give up everything. However, before claiming bankruptcy many people hide things or sell off vehicles to a trusted family member or friend. This way you can actually buy the car back at a later date. People who own companies often put their home, properties, etc., in their wife or husband's name and thus, the courts can't touch these items. Believe it or not, in business (not personal bankruptcy) you can start all over again under other partners or under a different company name. Sad, but true. Personal bankruptcy is much less lenient.
Wiki User
∙ 18y ago
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Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What happens if a co signer files bankruptcy?
They both go bankruptcy
Do you have to declare bankruptcy if you have a foreclosure?
No. But, it may be in your favor to do both. Check with a lawyer.
How bad is it to do a foreclosure and a bankruptcy at the same time?
You technically should not be able to do both at the same time. The bankruptcy should stop the Foreclosure proceedings in its track.
How does surrendering your house in chapter 7 affect your credit report?
If you are surrendering your house anyways, it is usually better for your credit score if you do it through bankruptcy. If your house is foreclosed on before you file bankruptcy, then your credit score is hit by both the foreclosure and the bankruptcy. If you let your house go back through bankruptcy, instead, then your credit score is only hit by a bankruptcy.
Do both parties on a joint mortgage have to file bankruptcy on a joint mortgage?
No, both parties on a joint mortgage do not need to file bankruptcy. They can file a joint bankruptcy or a single bankruptcy.
What happens if a co signer files bankruptcy?
They both go bankruptcy
What looks worse on your credit report Late payments or a bankruptcy?
Bankruptcy looks worse on your credit report than a late payment. They will both drop your score quite a bit, but a bankruptcy lets your lenders know you gave up on the debts owed, so making it harder to get new loans. You can always try to contact the credit bureaus to try and dispute the negative listings and have them removed if possible.
What happens during a chapter 7 or 13 BK with 2 financed vehicles if you don't want them or can't afford to reinstate them and will they both be repossessed or will you be stuck with one of them?
Vehicles are considered secured debt any action taken such as repossession, lawsuits to recover debt owed, reaffirmation agreement and so forth is strictly up to the lender.
Does both spouce's have to file bankruptcy?
yes
How is your credit affected by a chapter 13 bankruptcy verses a chapter 7 bankruptcy?
Both have the same negative impact on your credit.
Bankruptcy if married can one spouse file bankruptcy independently from the other Is the one spouse then held responsible for the first spouse's debts if bankruptcy Is filed?
One spouse can file bankruptcy separately and both are held responsible.
A car is financed in both me and my ex girlfriend's name who gets possession when we depart?
The registration determines ownership.
Do you have to declare bankruptcy if you have a foreclosure?
No. But, it may be in your favor to do both. Check with a lawyer.
If you file chap 7 what will happen to your 2005 truck and 2003 car that are paid for?
It will depend on whether you have a house with equity or not, and on the exemption you can claim in your state or if you can use the federal exemptions, and on how much the vehicles are worth. Any equity amount not exempt will have to be paid to the trustee, or the trustee may be able to take and sell one or both vehicles. Talk to a bankruptcy lawyer in your state.
Is it usual for the trustee to allow a couple to keep two vehicles if they are both paid for in a Chapter 7 bankruptcy?
Bankruptcy proceedings are not as clear cut as one would assume. What property is allowed to be kept and what is liquidated depends on many factors. First of all exemption status of the property. Whether the property is secured, jointly owned, etc. It is not ususal for a trustee to allow two paid for vehicles to be kept. But if they are not of reasonable value for sale purposes. Uf the parties involved have a disability (or a dependent does) etc. that can play a part in the decision.
Can a loan you borrowed from a friend be covered under a bankruptcy?
Generally yes, if there is a contract signed by both of you (the lender and borrower) and you include that debt in you bankruptcy filing.
