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What can you do if you just recently had a chapter 7 bankruptcy then soon after had your car repossessed?
Wiki User
∙ 16y ago
Usually a car you are still driving cannot be included in a chapter 7 unless it is turned back into the finance company because it is considered an asset that, if sold, could help pay off your other debts. If you do not include it in the bankruptcy, you are under the same obligation to make payments and if you don't then the car gets repo'd.
If you file for bankruptcy the first thing I would do is talk to your lawyer about the options open to you if you want to keep your car.
Wiki User
∙ 16y ago
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Can an individual file for bankruptcy on his small business if he has recently filed Chapter 13 on his personal debt?
you can if you was out of 13 but if your not if you had this dept when you file 13 you can get your lawer to add it in just talk to your lawer.
Where can you get a free bankruptcy evaluation by a local attorney and information on filing for chapter 7 or chapter 13 bankruptcy?
Just call the bankruptcy attorney's network at 877-530-8616 and they will hook you up with a local attorney in your area that gives out free bankruptcy evaluations.
What is the difference between a chapter 11 bankruptcy voluntary dismissal and a chapter 11 bankruptcy dismissal via consent order?
There really isn't much difference in these cases. The difference is just one of how they were filed. Both are voluntary dismissals.
I have just been discharged in a Chapter 7 Bankruptcy what does that mean?
The case, that you asked for, has been completed and resolved.
What is chapter 7 bankruptcy liquidation?
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
Where can one read chapter 7 of bankruptcy law?
The web site provided by the US government is the best site to read chapter 7 bankruptcy information. This site tells you what the law is, which is the bottom line, and is an excellent place to start.
Can you increase income with part time job after bankruptcy chapter 7 without them taking it?
If you have filed for Chapter 7 bankruptcy, any additional income you earn from a part-time job may be subject to seizure by the bankruptcy trustee. This is because Chapter 7 bankruptcy involves the liquidation of assets to pay off creditors. However, it's important to consult with a bankruptcy attorney for advice specific to your situation as laws and regulations can vary.
What Are Chapter 13 Bankruptcy Exemptions?
Although most debtors keep all their property after filing a Chapter 13 bankruptcy, debtors must file exemptions when applying for this type of bankruptcy just like they do when they file for Chapter 7 bankruptcy. Filing exemptions in a Chapter 13 bankruptcy is for the benefit of creditors rather than the debtor himself. The exemptions inform the creditor of how much she is entitled to and allows her to compare the settlement of the case with the settlement the creditor would receive if the debtor filed Chapter 7 bankruptcy instead.Best Interest of Creditors TestU.S. bankruptcy law requires Chapter 13 bankruptcy applications to pass the "best interest of creditors test." Creditors involved in a Chapter 13 bankruptcy must receive at least as much from the bankruptcy as they would if the debtor filed Chapter 7 bankruptcy instead. The bankruptcy trustee performs this test by deducting the debtor's exemptions from the full value of the estate to determine how much the estate would be worth if the debtor filed Chapter 7 bankruptcy. Creditors may receive more from Chapter 13 than they would from Chapter 7, but they may not receive less from Chapter 13.Determining Payment AmountChapter 13 exemptions, or more specifically, the best interest of creditors test, are also used to determine how much the debtor must pay over the lifetime of the plan. To make this determination, the bankruptcy trustee compares three numbers. The best interest of creditors test, or the non-exempt value of the estate minus administrative costs, is one of these three numbers. The total amount of priority claims, such as alimony, child support and back taxes owed, is another number the bankruptcy trustee looks at, as is the debtor's disposable income, or income after payroll taxes each pay period. The bankruptcy trustee takes the biggest of these numbers and divides it by the life of the plan to determine how much the debtor must pay each month.ConsiderationsChapter 13 bankruptcy may be attractive to some debtors because debtors are at low risk of losing their property through this arrangement and there are no income limitations on this type of bankruptcy. However, debtors cant file for Chapter 13 bankruptcy if they have such large exemptions that the bankruptcy will fail the best interest of creditors test. In addition, Chapter 13 bankruptcy negatively affects the debtor's credit for seven years and requires debtors to pay the bankruptcy trustee on a monthly basis.
Can you dispute your bankruptcy and have it removed before ten years It was a chapter 7 and it was just over 7 years ago?
check google
Should you file Chapter 13 Bankruptcy after your vehicle has been repossessed My car pymt is 2 months behindand I can't maintain the payments. What are my options?
Are you upside down in the loan? Sell it or trade it in on something you can afford. You need to be proactive with the bank and let them know the situation so that they can help you. They want to find a solution the the problem just as much as you do.
Is it possible to buy a home after filing chapter 13 then chapter 7 bankruptcy?
Yes, it is possible but there are circumstances. Time is a big factor, that is how much time has passed since the chapter 7 was discharge? I know of lenders who will provide loans just one day out of bankruptcy. But a fairly decent credit score has to be there and if its a refinance there has to be some equity in the property.
Where can one get free bankruptcy counseling in the US?
American Debt Enders offers free consultation for filing chapter seven bankruptcy. Their phone number is listed on their web page. There are no one hundred percent free bankruptcy services just free consultations. There are filing fee involved to file for bankruptcy.
