if i file bankruptcy can i keep my house and cars?and will my pay check be garnished?

Answer 1

because of the recent law changes regarding bankruptices you would be well advised to consult with a bankruptcy lawer. But first you MUST go through credit counseling and they may be able to help you advoid bankruptcy (a now mandatory requirement for filing bankruptcy) Your pay check will NOT be garnished but anything else you need to ask for a professional (in other words not here) these questions

Answer 2

You can have a place to live, and a car or two in a bankruptcy, wage garnishment laws have changed, I can't advise you on this currently, but both wage garnishment and bankruptcy can be avoided. You can't squat for 14 years after a bankruptcy, that is a long time. Look for other alternatives.

Answer 3

Hello,

Ensure that bankruptcy is your last option. If you are in 'hardcore debt', which you will never be able to repay then your only choice is really to declare yourself bankrupt.

But, if there is a way in which you can avoid bankruptcy; then you should always take this route! Speak to an independent financial advisor if you can, they may be able to sort a IVA (where an amount is offered to creditors for settlement of the debt).

If they can prove you were reckless* with your finances, then the bankruptcy order will hang over you for longer (up to 15 years). If you've been unlucky but not reckless, and the amount of debt isn't too high; then you may get away with it being delcared bankrupt for just 1 year.

* I.e. spending a lot more than you earn on many credit cards, and repaying the minimum amount each month; this shows you have no intention of clearing the debt.


If you are going to declare yourself bankrupt:

- Put your assets in someone else's name (who you trust).

- They will try to get some of the money back by selling your assets (i.e. car and house).

- They cannot take the money you earn after you are declared bankrupt, as its yours; however, if you do have any money saved then they may insist that it be used to clear the debts.


Thanks

Answer 4

When you file bankruptcy you list the debts you wish to be forgiven and list the debts you plan to keep. Then you prove how your earnings will pay the debts you keep. There is no garnishment of your pay, however, you cannot claim debts owed to courts, child support or alimony in the bankruptcy. These court ordered debts can be garnished from your pay. Make sure you triple check the paperwork before signing. A friend of mine lost their car becasue they 'thought' they were keeping the debt but it was on the forgive list and the car was repoed.

Answer 5

This is a common myth spread around by the credit card companys.

in reality yes you can. If you file Chapter 7, you keep what you can pay for. In many cases filing bankruptcy is the first step to fixing your credit as most ppl in that position already have late payments.

Only the unsecured debt goes away (credit cards mostly) in bankruptcy.

If you file for Chapter 13, the creditors are basicaly told "accept ANY payment from this person" even if its $10. You dont take as much of a hit on credit history.

But sometimes you simply need to close your eyes and cut your losses :(

Answer 6

Depending on what you are filing bankruptcy on I have seen it go many ways. The new BK law is tough and could hurt you more than help you if you do not have appropriate legal counsel. You should look into a debt settlement program with www.fdnsolutions.com
I used there program with some unpaid bills and they averaged a savings of 68 cents on every dollar owed. Pretty good and the payments are resonable.

depending upon the debt they can either helpo you to avoid BK and keep your credit in tact with out the life long public record of a bankruptcy being there. IT STAYS THERE FOR LIFE!!!!

Answer 7

in a chapter 13 bankruptcy, you may be able to keep your house and (1) car. your paychecks can be garnished by the amount the court deems necessary to complete your bankruptcy plan. otherwise, you will make the payments to the bankruptcy trustee on your own.

Answer 8

definite you may i filed financial disaster 7 financial disaster 4years in the past and that i stored my checking account. Now in case you have alot of money on your checking & low value rates thats distinctive. unsure on that because of the fact i do no longer understand what saving is all approximately. yet that replaced into additionally until eventually now the recent regulation on submitting financial disaster.

Answer 9

Have you ever tried refinancing your house to get some extra cash out of your home equity to use on your car and credit card bills? 1-800-738-5363

Answer 10

Most likely.