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What happens to surrendered property in a chapter 13 bankruptcy?
Wiki User
∙ 14y ago
You get to pay for it, just like you promised and wanted to do originally. Oh, you may get the opportunity to change around how you pay for it...to make your life easier. I mean, it's all about you isn't it?
Well, they say that timeshares are properties that you can't get out with easily. You have to pay no matter what. That's what you will do in Chapter 13.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoAn individuals debts are not discharged under Chapter 13 bankruptcy, but rather, the individual may lower his debt payments to affordable levels. With regard to houses, a Chapter 13 bankruptcy is a good option to avoid foreclosure, make up for missed mortgage payments and stop back taxes on your house. So the simple answer to your question is that home property is not necessarily lost to the bank or creditors under Chapter 13 bankruptcy as long as the individual maintains the terms of their repayment plan, something easier said than done for many.
Wiki User
∙ 13y agoif you own a home free and clear, most likely it will be sized and auctioned off by the trustee, you will receive some money back (the value of your real property exemption). If there is a mortgage, but high equity, the same thing will happen. If there is no equity or very little (costs of seizing and selling the house make it uneconomical) then nothing will happen.
Wiki User
∙ 14y agoIt's usually sold or auctioned off by the lienholder.
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What happens to all your personal property in your home after chapter 7 bankruptcy?
Generally, these are exempt assets and they remain yours, preumably to take with you.
What happens if you wreck your car after filing for Chapter 13 bankruptcy?
If you wreck your car after filing for Chapter 13 bankruptcy you can file it on your insurance. You can then replace your car based on the bankruptcy order.
If you file bankruptcy?
What happens if you file bankruptcy differs depending on what chapter of bankruptcy you or your business decides to file under. The most common form of bankruptcy for the individual is Chapter 7. Under Chapter 7 bankruptcy, the banks may liquidate property and assets-except things that are explicitly protected. After this, most debts are forgiven-but not all, as certain debts do not qualify. Your credit score will then be severely damaged by the filing, but you will be free to slowly bring it back up as you will not be suffocated by debt. The article below goes into further detail on the process of bankruptcy.
If you file chapter 7 bankruptcy what happens with your state pension plan?
Uneffected.
What happens if you receive a pay rise after bankruptcy?
If you receive a pay raise after filing for bankruptcy, it will not change things. In fact, the pay raise will end up being surrendered.
Two people own property together and one declares bankruptcy what happens to the other owner?
Nothing. In a chapter 13, there is a co-debtor automatic stay, but other than that, nothing.
What are the difference between Chapter 7 vs Chapter 11?
The difference between Chapter 7 bankruptcy and Chapter 11 bankruptcy is what happens to a party during the process. Parties undergoing chapter 7 bankruptcy must sell of their assets in an attempt to pay off dept. Chapter 11 allows for one to attempt to maintain their assets. During chapter 11 bankruptcy the party must negotiate with creditors to stay afloat.
You are currently in a chap 13 bankruptcy can I change to a chap 7 bankruptcy?
You cannot change my bankruptcy, but you can convert your Chapter 13 to a Chapter 7. It happens frequently. You may want to check with your lawyer or an experienced lawyer since it can have unintended consequences.
What happens to someone in a personal bankruptcy?
It depends on whether or not you qualify for Chapter 7 or Chapter 13. For Chapter 13, you will slowly have to pay your creditors back over time. For Chapter 7, you have to assign a value to everything that you own. The creditors will then determine whether or not these items will be included in the bankruptcy in a hearing.
What happens if you are in bankruptcy and then become unemployed?
If you are in a chapter 13, if you are no longer able to make plan payments, you must either convert to a chapter 7 or dismiss the 13.
What happens to a mortgage in chapter 11 bankruptcy?
A C-11 is normally only for Corporations. It is a re-organization type of BK. The mortgage is like any other secured debt, and the creditor will be paid by the agreed terms of the reorg or get the property.
What happens if you miss your meeting of creditors in a California Chapter 7 bankruptcy?
You will probably receive one more chance. You need to have your lawyer contact the bankruptcy trustee and see if it can be rescheduled.
