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I just don't understand the problems people have understanding this:
Bankruptcy is not a pick and choose. EVERYTHING, all debts, all assets of yours must be included. You do not - YOU CANNOT exclude anything!
All things are given classifications and priorities.....some may be exempted. Either to not be dissolved and stay as your asset, or to be paid in full, or to be not extingushed if any extinguishment of debt is needed.
Now, the fact you seem to not understand the basics means, if I was you, I would take a lot of time to REALLY learn what bankruptcy is.
Start with..it is NOT a part of financial planning,...it is never anything good to do....and that anything done at any time in preference of a debtor or creditor...in anticipation of BK is reversable.
And, nothing in it is YOUR choice...the whole point being...you've screwed up so much, that your promises, in fact nothing you've done can be relied upon....and by filing...you agree you are entirely untrustworthy. Not worthy of making decisions. (Well, if you are doofus...pay your debts, don't make new ones!)
Generally -
Under bankruptcy laws, you may keep: * Household furnishings, household goods, wearing apparel, appliances, books and pets to $1,000 * Burial plots and crypts * Health aids * Lost future earnings recoveries * Disability or health benefits * Life insurance or annuity contract proceeds * Medical benefits deducted from wages * ERISA-qualified benefits, except IRAs * Public benefits * Property of business partnership * Wearing apparel, books, tools, instruments or appliances necessary for trade or profession to $5,000 * 75% of disposable wages * Cash or any property to $6,000 * Aggregate interest in real or personal property to $5,000 A bankruptcy does not wipe out voluntary liens, like mortgages and deeds of trust, or tax liens. So the lender still has the right to foreclose if you do not pay. If you pay, everyone is happy. Remember, the lender does not want the property; it wants you to pay regularly on the loan. Foreclosure is a last resort for the lender if it concludes it can't get the owed money any other way.
What else can I help you with?
How long after filing bankruptcy are you able to receive credit cards purchase a house or a car?
2 years
How long does a bankruptcy stay on a credit report?
Ten years from the date of discharge.
How to rebuild credit after bankruptcy?
A great option to rebuild credit after bankrutpcy is getting a secured credit card. Secured credit cards can be used just like regular credit cards, the key difference is that they require an up front deposit to secure the credit limit. For example if you want a $500 credit limit, you will need to make a $500 deposit. For most secured cards there is no credit or bankruptcy check. You will receive a card as long as the issuer can verify your identity, residence and deposit. You will build positive credit as long as you make your monthly payments on time and keep your balance below your credit limit. Once you build positive credit histoty, you can then qualify for unsecured credit cards. You can close your secured credit card account at any time and receive a full refund of your original deposit amount (minus anything you owe). For more information secured credit cards check out http://www.yourcreditcardgps.com/best-secured-credit-cards.html
How long does bankruptcy stay on your credit in NC?
It stays on your credit report for 10 years in every state. Bankruptcy is a federal procedure.
How long after a bankruptcy can you apply for credit?
Do not worry about applying for credit after bankruptcy. The applications will come to you before the ink on the court documents has dried.
Filed for bankruptcy 8yrs ago and not credit card since should I get credit card now to esatablish credit score and how long will it take to build this up to be able to remove bankruptcy from credit?
Normally the bankruptcy will remain on your report for 10yrs. The longer it is on your report the less impact it has on your score, although still an eye soar to potential creditors. I would recommend establishing one or two cards to build up your credit. Orchard Bank and First Premier are two of the easiest approval cards. Also, I would recommend establishing a secured loan with a small credit union that report to the 3 credit agencies. On the credit card(s) try to keep the balances below 35% if the credit line. A good credit score is also based on various types of credit, not just revolving credit (Credit Cards).
How long does chapter 13 bankruptcy stay on credit report?
Bankruptcy filings typically stay on a debtor's credit report for 10 years.
Can you get hired by bank that you have credit cards with?
Yes - as long as your credit cards are in good standing.
How long does a bankruptcy remain on your credit?
10 Years at least
How long is bankruptcy on credit report in Ohio?
10 years
How long does a bankruptcy stay on your credit in California?
7 years
How long does bankruptcy stay on credit record?
It depends on what type, but the typical bankruptcy will be on your record for 7 years.
