it depends on your state exemptions and what you mean by savings... for example, some states provide for 150$ of a bank account to be exempt, meaning everything else will become part of the bankruptcy estate to repay creditors.
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
If I file chapter 7 or 13 how long can I stay in my house?
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.
The advantages of filing for bankruptcy are different depending on which chapter bankruptcy is filed. Chapter 13 is more for home foreclosure and auto loans, it's advantages allow the person in debt to pay their debt back over a longer period of time and keep the things they have worked very hard for. Chapter 7 advantages are that the person in debt can make payments for less than a year and be debt free and most if not all of the unsecured debt owed can be dropped.
Many debtors have this common doubt can I keep my home after filing bankruptcy. The question for this answer is based on the factor determined by the current situation. There are two Chapters in bankruptcy legal process decides whether debtor can enjoy the full rights of having their private property. They are Chapter 7 bankruptcy and chapter 13 Bankruptcy. Chapter 7 bankruptcies rights are crafted in a form of legal structure that you need to walk away from home till you settle your debts. Chapter 13 bankruptcy illustrates individual can stay in their property but need to pay a small amount of mortgage on monthly basis to money lenders. If you have any queries regarding after filing for Bankruptcy process can you keep your house in safe manner or not visit websites like findlaw.com, bankruptcy.expert , lawyers.com to get a clear conclusion.
Can u keep your checking account after filing chapter 13?
Sure...you can not want to keep the house without filing BK too
Here's a link to a great site that will tell you what you can keep in a Chapter 7 filing: http://bankruptcy-law.freeadvice.com/consumer_bankruptcy/property_filing.htm
Yes, for a while at least.
If a car is leased, you can keep it as long as you are paying it on time.
No, this is a luxury item and the trustee will feel like the money is better spent paying off other dept. I was unable to keep two atv's when I filed chapter 13.
It's a chapter of bankruptcy. It allows the person that is filing to keep their property. The person that has filed will pay back their debts over a three to five year period.
When you file a Chapter 7 bankruptcy, you have the option to keep your home and 1 vehicle. If you are able to make the last 2 payments on the car, you can keep it and not include it in the bankruptcy.
Yes.The success of completing a chapter 7 bankruptcy only depends on your financial situation at the time of filing. Any unforeseen money gained after filing is yours to keep.
If I file chapter 7 or 13 how long can I stay in my house?
Only if you use it for legitimate way to get to work if is strictly for fun the bank can and will repo it trust me I know from experience
Whether you are entitled to your tax refund will depend on what type of Chapter of bankruptcy you are filing and whether the bankruptcy exemptions can be used to protect the tax refund. If you are filing for Chapter 7 bankruptcy then you can generally keep the refund if the available state bankruptcy exemptions provide protection for it. If you are in a Chapter 13 bankruptcy you are typically required to turn over the tax refunds during the life of the Chapter 13 case.