If the creditors sue you for unpaid balance they can put a lien on your home if it is in your name.
In a chapter 7, yes, you can keep your vacation if you have no equity in it. This assumes you have not run out and borrowed money against it knowing you were going to file bankruptcy. In a chapter 13, the equity is only relevant to the amount to be paid to the unsecured creditors. You don't "lose" the property.
quasi equity
The plan sets forth the debtor's proposed new capital structure, designates the different classes of claims and interests, and proposes possible alteration of the rights of creditors, conversion of unsecured creditors to equity holders, sale of assets
yes
Some are secured, some are not. A Home Equity Line of Credit is secured by real estate (a residence or property) A business line of credit may be secured by a stake in the business or lien against equipment or inventory. Business lines may also be unsecured. Personal or "signature" credit lines are unsecured.
Loan given by bank without security (meaning: Home equity is not used by bank)
two weeks
In a chapter 7, you can keep the house if there is no equity or the equity is exempt under the applicable exemption statute, or if you can pay the trustee the amount of the equity from some other exempt asset. If the house is in foreclosure, you usually would have to file a chapter 13. In a chapter 13, if the equity in the house, if not exempt, you may have to pay something to the unsecured creditors, increasing the amount of the plan and thus the plan payments. But you get to keep the house.
Yes, it is possible to have both a home equity and home improvement loan at the same time. The home equity loan will typically be guaranteed by the value of the property and the home improvement loan will typically be an unsecured personal loan. Ideally, one would use the home equity loan (or line of credit) for home improvement activities in order to write off a portion of the interest paid from their taxes (unsecured personal loans do not get the same tax treatment).
No, a home equity loan is actually considered a secured loan. This is because it is backed by the equity in your home, which serves as collateral for the loan. This means that if you were unable to repay the loan, the lender could potentially foreclose on your home to recoup their losses. In contrast, an unsecured loan does not require any collateral and is based solely on the borrower's creditworthiness. It's always important to fully understand the terms and conditions of any loan you are considering, so be sure to do your research and consult with a financial advisor if needed.
Net profit for a business is liability because it must be paid to equity holder and creditors.
How Much Do You Pay in Chapter 13?From the Nolo.com Debt & Bankruptcy CenterLearn which debts you must pay back when you file for Chapter 13 bankruptcy.The total amount you will have to repay your creditors over the length of a Chapter 13 case depends on a number of factors, including the type of debts you owe and the philosophy of the bankruptcy judges in your area. You can get a rough idea by following these steps.1. Add up the total value of your "nonexempt" property.Each state has laws that determine which items of property are exempt in bankruptcy, and in what amounts. For instance, many states exempt health aids, "personal effects" (things such as electric shavers, hair dryers and toothbrushes), ordinary household furniture and clothing without regard to their value.Other kinds of property are exempt up to a limit. For example, in many states, furniture or a car is exempt to several thousands of dollars. This exemption limit means that any equity in the property above the limit isn't exempt. (Equity is the market value minus how much you still owe.)Generally, the following items are exempt:motor vehicles, to about $2,000reasonably necessary clothing (no fur coats)reasonably necessary household goods and furnishingshousehold appliancesjewelry, to a few hundred dollarspersonal effectslife insurance (cash or loan value or proceeds), to about $4,000part of the equity in a residence (the amount varies from state to state)pensionspublic benefitstools of a trade or profession, to a certain value, andunpaid but earned wages.In a Chapter 13 case, your unsecured creditors must receive at least the value of your nonexempt property, so you will have to pay your unsecured creditors at least this amount. But this amount is the minimum, by law, that you must pay. The court will require you to pay more if:Any of your unsecured debts are "priority debts" -- such as back taxes or child support -- which must be repaid in full.If you have little nonexempt property and propose paying back only a small portion or your unsecured debts, those creditors might object to your plan. In some parts of the country, bankruptcy courts may approve Chapter 13 plans in which unsecured creditors receive nothing. In other areas, courts rarely approve Chapter 13 plans unless unsecured creditors receive 100% of what they are owed. Most courts fall somewhere in between.