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What else can I help you with?
Will bankruptcy pay off car debt?
No. The secured property may be sold to pay the debt. However, you may (possibly) escape any deficiency that sale brings.
If credit card puts lien on house and i file bankruptcy can i still file the credit card in the bankruptcy?
You have to, it is a debt...it is just a secured debt...by the lien on the property.
Can they take your car through a bankruptcy when you still owe on the car?
Bankruptcy covers all you property and all your debt. Some places allow 1 car as exempt from the sale of property, but not all. You need to check your local rules and ask it be exempt at your bankruptcy hearing.
What is the top priority when distributing assets from someone declaring bankruptcy?
Secured creditors to the extent of their security on specific property (e.g., mortgage interest on real property)
What if the creditor sells the car anyway while automatic stay is in effect?
In a Chapter 7 bankruptcy, a secured creditor has the right to repossess any secured property and sell it. However, if the car does not bring enough at the sale to pay off the entire loan and cost of repo, the automatic stay prohibits the creditor from pursuing this deficiency balance.
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 file bankruptcy if you are hiding your car from being repossessed?
You can, but it most definitely would not be advisable. The vehicle would have to be listed in the bankruptcy schedule as a secured debt which means it is NOT dischargeable in a BK.
Does bankruptcy force an adjustable mortgage into a fixed mortgage?
No...and in fact it may well resolve the mortgage by selling the property it is secured to to pay the lender.
Can a secured debt be taken from you after it was discarged in a chapter 7?
In most Chapter 7 cases you are not including secured property unless you are surrendering the property back to the creditor. If you are holding on to secured property during a chapter 7 process the property must be reaffirmed with the creditor at time of filing meaning you have an agreement with the creditor to leave the property out of the bankruptcy and continue to make your payments. When you discharge debt through chapter 7 it doesn't make sense that you could keep a secured piece of property and not pay for it. Maybe you were unclear about what you were really doing.
What are creditors holding secured claims?
If you signed a Security Agreement, then your creditor has a secured claim on the collateral specified in the agreement.
What happens when a creditor does not file a proof of claim for a secured debt in a bankruptcy case?
A secured creditor does not need to file a such a claim, the lien against the property is sufficient proof. Generally the lien holder/lender will ask for the automatic stay to be lifted so foreclosure or repossession action can continue or be implemented against the property. In a chapter 7 bankruptcy the borrower must be able to reaffirm the secured debt to avoid recovery or litigation action from the lender.
How long do you have to wait after transferring a secured property into a relatives name before filing bankruptcy in California?
How long a federal prison sentence would you like?
