2006-07-25 12:00:54 · 27 answers · asked by jene536 1 in Business & Finance ➔ Personal Finance
depends what chapter you are filing for ... ask a lawyer
2006-07-25 12:02:55 · answer #1 · answered by jack jack 7 · 0⤊ 0⤋
Filing bankruptcy won't cause you to lose your house or car -- the whole idea of bankruptcy is to get creditors off your back so you can get back on your feet, and "essential" things like your home to live in or a car to get to a job can be kept. BUT...the bankruptcy court will want you to pay off your house mortgage and/or car loan. You won't get to keep them and get off scot free -- you might get the court to arrange smaller payments, reduced interest rates, or even a period when you can make no payments, but you WILL still have to pay them off. If you lose your job, file bankruptcy, and can't get another job within a reasonable time and start paying those off, you will lose them.
2006-07-25 19:06:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The first time bankrupt is protected from losing all their necessary items needed to carry on with life. In some cases the car may be protected as will their house if the payments are made and furniture, cooking utensils. It items thought to be a luxury are sold to pay creditors. These protections do not apply to second time bankruptcy.
2006-07-25 19:07:42 · answer #3 · answered by Kenneth H 5 · 0⤊ 0⤋
It depends. There are two main types of bankrupcy. There's chapter 7 and 13. One you loose everything and the other you agree to make payments until your debt is payed. I can't remember which one is which though but you could surely pull it up on the internet. Check with your credit union first though, many offer free financial counseling programs. There should be an easier way out than bankruptcy. Perhaps a home equity loan to consolidate debt, but only do that if you are going to cut up your credit cards and not run up more debt.
2006-07-25 19:05:48 · answer #4 · answered by Veg Linz 2 · 0⤊ 0⤋
If you don't pay for it, no matter if you'd declared bankruptcy, they take it over. If you file that doesn't necessarily mean that you have to include your house on it. You will still have to make payments or they will evict you.
What Happens to Your Property
If, after the creditors meeting, the trustee determines that you have some nonexempt property, you may be required to either surrender that property or provide the trustee with its equivalent value in cash. If the property isn't worth very much or would be cumbersome for the trustee to sell, the trustee may "abandon" the property -- which means that you get to keep it, even though it is nonexempt.
2006-07-25 19:04:12 · answer #5 · answered by pamela_d_99 5 · 0⤊ 0⤋
Talk to a lawyer..as much as I hate to say that to anyone. There are a LOT of moving parts in any bankruptcy; regardless of what chapter you're filing.
And ANYONE that tells you, even lawyer, that they can predict where you'll be in 6 months, a year, etc., etc. is full of it. Courts and lawyers and big companies with deep pockets can all make for that "on any given Sunday" to come true...one way or the other.
Good luck.
2006-07-25 19:10:46 · answer #6 · answered by mark c 4 · 0⤊ 0⤋
They very well could loose them. I know someone who filed for bankruptcy but was not required to loose the house. The mortgage company kicked them out anyway. Apparently it was legal but a terrible thing to do to a family of 4.
2006-07-25 19:03:58 · answer #7 · answered by The Grand Inquisitor 5 · 0⤊ 0⤋
I'm not sure but i think it depends on what you file bankruptcy on you don't necessarily have to claim it on every thing i think you can decide what debts you choose to file on like say just credit cards or maybe one car not the other
2006-07-25 19:04:45 · answer #8 · answered by april v 1 · 0⤊ 0⤋
yes you would in order to pay of as much of the debt that is possible if you have equity you will have to liquidate every thing to cover it all and what is left will go under bankruptcy act but then you will in the long run have to pay this if you do not want this holding over your head the rest of your life. but id all depends on how much you owe you could go to a bank and ask them to make out a plan to make payments that is manageable for you to pay and they will use you home ac collateral and buy up your debts . that way you will have just one payment that you will have to pay one that is affordable and if your life picks up financially you can pay it of faster and save some on interest .
2006-07-25 19:13:43 · answer #9 · answered by lois k 2 · 0⤊ 0⤋
no not necessarily, if you file chapter 13 you want lose anything you'll just pay the money to the chapter 13 court office, if you file a chapter 7 you will have to give up your home and possiblely your car
2006-07-25 19:05:58 · answer #10 · answered by purpleaura1 6 · 0⤊ 0⤋
Nnot necessarily, but you will have a world class-bad credit report. Talk to a bankruptcy lawyer about it, and think of a good place to rent an apartment ...
2006-07-25 19:04:57 · answer #11 · answered by TwilightWalker97 4 · 0⤊ 0⤋