HomeIf you want file bankruptcy on credit cards of a large amount could you lose your house to pay off creditors?
Wiki User
2017-01-27 14:25:19
2017-01-27 14:25:19
How a home is handled in bankruptcy depends on the type of BK filed, state or federal or a combination of the two. In chapter 7, all nonexempt assets are liquidated to pay creditors. The state or federal homestead exemption would apply in regards to the home. In a chapt. 13, debts are consolidated and a payment plan of 3-5 years is set up to repay creditors. And any secured debts are usually reaffirmed with the lender. You can refer to the bankruptcy statues of your state to ascertain if your home is protected by the homestead exemption amount.
Related Questions
To get credit cards after bankruptcy you can apply to credit companies that you haven't had previous experience with or go with your old company and get a card with a lower limit on it.
Get a copy of all three credit reports. The addresses and/or phone numbers of all your creditors should be listed on the report. You should also include the addresses listed on your statements so that in case your credit report has an error your creditor will still get notice of your bankruptcy.
When going into bankruptcy, your credit card accounts will be cancelled as a result, so you will NEVER be able to use your credit cards if you go into bankruptcy. Depending on the type of bankruptcy, you will be able to apply for new credit cards (and other loans) after seven (7) or ten (10) years.
You can declare bankruptcy due to credit card debts, yes.
Yes, it is still possible to get a credit card after bankruptcy. "Secure" credit cards require you to place a security deposit down in the event of default, but they are a good way of rebuilding your credit.
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