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What property can you keep if you declare bankruptcy in Oklahoma?
Wiki User
∙ 10y ago
That'll be determined by the courts.
Wiki User
∙ 10y ago
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What is selective bankruptcy?
Secured debt in Bankruptcy You can't file "selective" bankruptcy, but youcan normally keep property that is security for debts by agreeing to keep paying the debt.If there is too much equity in the property to keep it from the trustee, you may want to consider Chapter 13. Visit my profile/site for more information about Bankruptcy.
Can you keep rental property in chapter 7 bankruptcy?
You may be able to keep your rental property depending on how much it is worth. You cannot have over 35,000 dollars worth of equity in a property in most states. It is best to consult with a bankruptcy attorney before you file.
Can a person keep and file bankruptcy if the home is under any mortgage?
Yes he can file for Bankruptcy if he wants to depending on the situation of his property.
Does bankruptcy attorney keep rental property income?
The answer to this question depends on whether you are filing Chapter 7 or Chapter 13 bankruptcy. In Chapter 7 bankruptcy, if the rental property has equity, meaning that the value of the property exceeds what is owed on the property, the trustee would almost definitely seize property and sell it to satisfy some or all of your unsecured debts.
What assets can i keep during bankruptcy in minnesota?
In a typical bankruptcy you are allowed to declare certain assets to be excempt from the bankruptcy. Typically you will be allowed to keep your house (though you may be forced to downsize), a car (again,you may be force you to downsize), and up to a certain limit of other assetts that can be declared except. The details for exemptions can be given to you by <a href="http://www.bolinskelaw.com/">Minneapolis bankruptcy attorneys</a>.
What should you do if you want to file bankrupty but your name is on your parents' property and you don't want to lose the property?
File a Chapter 13 Bankruptcy It allows you to keep the property and make payments you can afford.
What bankruptcy can you file to keep your home if you are behind in payments?
If you are behind in your payments and you declare bankruptcy usually you can remain in your home and continue payments. However the lender will most likely begin foreclosure since you can't afford it and you are at higher risk.
Is there a way to keep property when a chapter 13 is converted to a chapter 7?
No. If it is not covered by the allowed bankruptcy exemptions then it is subject to seizure and sale or liquidation. The filer always has the option to have the bankruptcy dismissed,
Can you file parking tickets under a chapter 7 bankruptcy?
Parking tickets cannot be discharged under Chapter 7 bankruptcy. They can, however, be discharged under Chapter 13 bankruptcy. Chapter 7 bankruptcy is known as "liquidation" bankruptcy. This generally means that all of a debtor's non-exempt property may be sold by a bankruptcy trustee, though the laws for property exemption are different in each state. For example, in New York, most debtors are able to keep all of their property. Chapter 13 bankruptcy is a 'reorganization of debts', and allows the individual to keep their property and income while paying off all or part of their debt over a three to five year period. In the case of a Chapter 13 bankruptcy filing, the parking tickets can be considered "unsecured" debts (similar to credit cards and medical bills), and can thus be treated as such for repayment.
Can you keep your vehicles that are listed in a Chapter 13 bankruptcy if you choose to cancel the bankruptcy?
You can keep them as long asa you keep paying the car loans. But beware that there is court precedent where a creditor can force you to either surrender the property or reaffirm the debt. Reaffirming the debt is never a good idea.
When you have a debt for overpayments by social security can you declare bankruptcy on the social security debt and still keep your credit card?
== == NO, you have to turn in any credit cards and include the credit card debts in the bankruptcy. You can't pick and choose what debts you are going to include.
Does the credit owner will get in prison if he or she did not pay the bills?
No, unless he or she committed fraud in some way. Simply declare bankruptcy, the court will decide how your remaining assets will be used to pay creditors and which you keep. After declaring bankruptcy you cannot do it again for a certain number of years.
