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Chapter 7 bankruptcy is for an individual, company or corporation and will stop collection attempts in exchange for giving up assets. This type of bankruptcy is for people who can not afford to pay their debts. Sometimes people who file chapter 7 are allowed to keep some or all of their property but what they are allowed to retain will vary from state to state.
What else can I help you with?
What protection does Chapter 11 Bankruptcy offer?
Chapter 11 is the bankruptcy code issued to a business who files for bankruptcy. This type of bankruptcy protects a business and will allow it to get running again. If a business fails and applies for chapter 7, they must sell everything and give the proceeds to creditors. A person on chapter 11 does not have to do this.
Can you get a mortgage loan if you are in a chapter 13 bankruptcy?
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Do you have to be working to file for bankruptcy?
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
If planning to file chapter 7 bankruptcy California when is the time to voluntarily give back vehicle?
Ask the attorney that is filing your Chapter 7 case.
When is the best time to give back a vehicle when bankruptcy is an issue?
IF YOU GOING TO FILE BANKRUPTCY KEEP YOUR CAR AND PUT IT IN YOUR BANKRUPTCY IF YOU NEED YOUR CAR. IF YOU JUST WANT TO GIVE IT BACK JUST GIVE IT BACK ANY TIME BUT THE LOAN STILL GOING ON YOUR CREDIT FILE SO IF I WAS YOU I'LL PUT IT IN WHAT EVER CHAPTER YOUR FILEING.
What kind of information can you expect to find on Chapter 7 bankruptcy?
Chapter 7 bankruptcy, sometimes call a straight bankruptcy is a liquidation proceeding. The debtor turns over all non-exempt property to the bankruptcy trustee who then converts it to cash for distribution to the creditors. The debtor receives a discharge of all dischargeable debts usually within four months. In the vast majority of cases the debtor has no assets that he would lose so Chapter 7 will give that person a relatively quick "fresh start".
We filed chapter 7 bankruptcy. When can the bank take the house?
When you either voluntarily give up the house or you stop making payments (foreclosure).
Where to auto finance after being dischardged from chapter 13?
Just about anywhere. After a Bankruptcy either chapter 7 or 13. The banks are more willing to give you a loan becaus of the fact that you cannot file for another seven years.
You just filed chapter 7 bankruptcy you told them you did not want to keep your car so after you give it back will you be responsible for the remaining balance if it doesnt sell for how much you owe o?
If it was a part of the bankruptcy process, no, you aren't responsible. But it has to be specifically spelled out in the petition.
You filed bankruptcy and kept your house now you want to give it back?
The question has too little information to answer. How long ago was the bankruptcy filed? Was it a chapter 7 or a chapter 13? If a chapter 7, did you expressly state you were rtetaining the house and going to continue repaying the debt? What bakruptcy Court, since there are differences from state to state and even from court to court within a state? You may not need to relate this to bankruptcy at all, if the mortgagor will accept a deed in lieu of foreclosure (in a 7). If you are in a 13, you may be able to convert to a 7 and surrender the house.
Can a person give a home away while in a Ch 13 bankruptcy?
If what you want to do is give up your home so you don't have to pay the mortgage anymore, then the answer is yes. However, if you want to give up your home, then you should really consider a Chapter 7 bankruptcy, which does not require a repayment plan. Talk to a bankruptcy attorney in your area, who can tell you whether you qualify. For more information on the bankruptcy process, you can visit the website I added to the links. The above is provided for informational purposes only. It is not intended as legal advice, and does not create an attorney-client relationship.
Bankruptcy and Debt?
Bankruptcy is a legal process that allows individuals or businesses who can’t repay their debts to either eliminate them or create a structured repayment plan under court supervision. While it can provide relief, it also has long-lasting impacts on your credit and financial future. Types of Bankruptcy (for Individuals in the U.S.) Chapter 7 Bankruptcy (Liquidation) – Assets may be sold to pay off debts. Most unsecured debts (like credit cards) can be discharged, but you may lose property. Chapter 13 Bankruptcy (Reorganization) – You keep your assets but must follow a court-approved repayment plan (usually 3–5 years) to pay back some or all of your debt. Bankruptcy vs. Debt Relief Programs Bankruptcy: Wipes out debt or restructures it, but stays on your credit report for 7–10 years. Debt Settlement: Negotiates with creditors to reduce balances without court involvement. Debt Consolidation: Combines multiple debts into one payment, usually with lower interest. When to Consider Bankruptcy You have no way to repay debts, even with reduced settlements. Creditors are suing or garnishing wages. You have more debt than assets or income can realistically cover. Pros and Cons Pros: Eliminates or restructures unpayable debt Stops lawsuits and collection efforts Offers a “fresh start” financially Cons: Severe impact on credit score Difficult to get loans or credit afterward Legal costs and court filings involved Stays on credit report for up to a decade Check Better Debt Solutions
