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.
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Related Questions
If your spouse dies and has credit cards in their name only can the surviving spouse negotiate with the creditors to get the amount reduced?
yes they can
How can one get credit cards after bankruptcy?
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.
How do you get addresses for credit cards for bankruptcy?
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.
Can you put credit cards on a bankruptcy?
yep
Is it possible to just declare bankruptcy on credit cards?
You can declare bankruptcy due to credit card debts, yes.
Do you have to list credit cards with a zero balance in a bankruptcy?
no
Am I still allowed credit cards after bankruptcy?
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.
Do you have to declare bankruptcy on all credit cards?
Yes. If you declare bankruptcy you must declare all cards, loans, assets and debts.
Can credit cards be used after someone files for bankruptcy?
Sometimes credit card charges are not included in bankruptcy. If they are then you will no longer be able to use them.
What kind of bankruptcy is it called when you only include credit cards?
Chapter 7. The credit cards would be unsecured debts.
Can you file bankruptcy on credit cards that are not in your name but you are responsible for?
check Federal Bankruptcy act 801.3
What happens to credit cards in a bankruptcy when there is a zero balance?
it does not work
Can you file for bankruptcy if your credit cards have gone into collections?
Yes.
Are there any types of credit cards one can get if they have declared bankruptcy?
When in bankruptcy it is not possible to have a credit card. Once the terms of the bankruptcy have been met, some credit card companies will consider issuing a credit card to some people.
Where can one get credit cards for people with bankruptcy?
People with bankruptcy can get credit cards from some companies that offer the option. While it is easy to get, interest rates and fees will be much higher as a result, until one can improve their credit score.
Can you file bankruptcy on a home equity loan and credit cards?
Yes.
If you are planning to file bankruptcy can you stop making payments on your credit cards?
no
What options are there to get out of debt?
It's true that there are a number of ways you can tackle your debt. If you have multiple debts across a few credit cards, you can always consolidate them with a consolidation loan or a balance transfer to a lower rate credit card. If you want to get the creditors off your back without filing for bankruptcy, you can negotiate with your creditors or even hire the services of a credit counselor or debt settlement firm who will negotiate with your creditors and help you establish a payment plan.
Filed for bankruptcy 8yrs ago and not credit card since should I get credit card now to esatablish credit score and how long will it take to build this up to be able to remove bankruptcy from credit?
Normally the bankruptcy will remain on your report for 10yrs. The longer it is on your report the less impact it has on your score, although still an eye soar to potential creditors. I would recommend establishing one or two cards to build up your credit. Orchard Bank and First Premier are two of the easiest approval cards. Also, I would recommend establishing a secured loan with a small credit union that report to the 3 credit agencies. On the credit card(s) try to keep the balances below 35% if the credit line. A good credit score is also based on various types of credit, not just revolving credit (Credit Cards).
You have a zales credit card it is a jewelry credit card can you file bankruptcy on this card along with your other credit cards?
Yes
How soon after chapter 7 can you get a loan?
There is no time frame for this and it depends on the loan type. Car loans are the easiest to get after filing bankruptcy. Cash loans are the hardest to get. Also credit cards are difficult to obtain with a bankruptcy on your credit report. Once you file, keep in mind you are now a "high risk" to banks and creditors. Your APR's will be very high, and that's if you get the credit of any kind to begin with.
Can I get credit cards after bankruptcy?
It is possible to recover from a bankruptcy. You should start by getting a secured credit card to rebuild credit. After about seven years you should be able to find a standard credit card that will allow you to get a card.
I filed bankruptcy for my credit cards my wife has her own credit cards in her name am I obligated to pay her credit cards also when we get a divorce?
If your name is not on the account, and the account is not considered a "joint account" by the credit card company, then you should not be held liable for any debt on your wife's credit cards.
Can you keep a few small credit cards after filing for bankruptcy?
No, however once you have completed the 1 year term of bankruptcy you can then apply for a pre-paid credit card to begin rebuilding your credit.
What bankruptcy information should you know before you consider filing for bankruptcy?
Bankruptcy is the filing of a petition that claims your assets, and your inability to pay for them. Bankruptcy severely effects your credit, and is present on your credit for 7 years. During this time getting credit cards or loans can be very difficult.
