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A debtor surrenders or forfeits any non-exempt assets: These assets are usually in the form of personal belongings or property and are treated differently from state to state. In most states, filers can keep most personal items and household goods, while property exemptions vary. Absent the ability of the debtor to maintain payment in full on real property assets, these assets are usually forfeited.
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What is chaptur 7?
Chapter 7 is a "fresh start" bankruptcy. You are discharged from all debt included in the bankruptcy. There are some debt that you cannot discharge.
Can you file personal bankruptcy and medical bankruptcy within a short time period?
If you are referring to a chapter 20 (chapter 7 + chapter 13), then yes it is possible. The BK court doesnt differentiate between the types of debts (i.e. taxes, mortgages, medical debt, or credit cards) so you cannot file a chapter 7 for personal debt, and then expect to be allowed to file a chapter 7 for medical debt soon after.
Can college debt be included in a bankruptcy?
No. Educational loans will remain with your during and after the bankruptcy is completed. This holds true regardless of whether you decide to file for Chapter 7 or Chapter 13 bankruptcy.
Can a HELOC that is charged-off by the lender be included in a chapter 7 bankruptcy?
It has to be included in a bankruptcy filing. A charge-off is a tax break for the lender. It has nothing to do with whether the debt is still owing.
Are all debts automatically discharge in chapter 7 bankruptcy for a bankruptcy that occurred in 1988?
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
How soon after Chapter 7 bankruptcy can you have the title to a house or condo given to you?
Why should you get the title? If the debt is secured by the condo or house, you cannot get a discharge of that debt unless you surrender the asset in the chapter 7.
Can you file bankruptcy on your house after chapter 7 discharge?
Your mortgage should have been included in your chapter 7 discharge. If it was- then you are no longer liable for the mortgage, but the lender can still foreclose on the property. If the mortgage was not included- then why wasnt it included.
What is the bankruptcy differences?
The difference between the types of bankruptcies have mainly to do with whether the filing is for an individual or a business. There are two types of bankruptcy for individuals. Those are Chapter 7-by far the most commonly filed form of bankruptcy and Chapter 13-which is more of a debt consolidation type of bankruptcy. Both have various positives and negatives. The article below goes into the specifics of Chapter 7 vs Chapter 13.
What exactly is a bankruptcy chapter?
A bankrupsy chapeter refers to the four types listed in listed in title 11 of the US code. They are 7 (liquidation), 11 (reorginazation), 12 (farmer debt adjustment) & 13 (debt adjustment).
Can credit card debt be erased in Tennessee bankruptcy?
A Chapter 7 BK can eliminate credit card debt.
Can medical bill included in a chapter 7 bankruptcy?
yes it is
What is the difference between chapter 11 vs chapter 7 bankruptcy?
The major difference between Chapter 11 bankruptcy and Chapter 7 bankruptcy is that Chapter 11 offers more flexibility so that debtors can negotiate terms without having to sell their assets. Under Chapter 7 bankruptcy, the debtor's assets are almost always sold to pay off their debt. Chapter 7 also features a level of debt forgiveness, whereas Chapter 11 does not.
