If I File For Bank rupcy will they take my house and my car if there not payed off
2006-12-09 10:08:33 · 12 answers · asked by Anonymous in Business & Finance ➔ Credit
The thing is that it's really no longer your decision when you go for bankruptcy... it's up to the court and trustee to determine what you keep and what you can't keep. Only an attorney can answer that for you, if you even qualify for bankruptcy. The laws have changed. You can elect to reaffirm your loans and debts but, again, it's out of your hands as to the court's decision. Bankruptcy needs to be a last resort in starting over and shouldn't be the first thing you think of. Consider a debt management program like one through the organization below. They can guide you and will suggest bankruptcy if they cannot assist you get your budget under control.
2006-12-09 10:13:42 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Chapter 13 will not take your assets, but chap 7 will most likely take those things. I'm n the middle of a chapter 7 myself but I didn't have anything to give up. My car is paid for and I rent and everything in my apt, was paid for cash money. So either seek a debt management or credit counseling, or file the chap 13.
2006-12-09 11:04:55 · answer #2 · answered by MadameJazzy 4 · 0⤊ 0⤋
It really depends on which bankruptcy chapter you filed. In any case, you are normally allowed to keep a vehicle, your primary residence, and a few other things. For example, 2 firearms (one pistol and one rifle).
Since you're filing for bankruptcy anyway, you might as well ask your bankruptcy lawyer about this. After all, you ARE paying him to file the paperwork, right?
2006-12-12 22:08:07 · answer #3 · answered by Guru Sharma Prasad 4 · 0⤊ 0⤋
It's different in every state. OJ moved to Florida because their laws let keep your house no matter how much equity you have in it.
The more equity you have in a car or house, the more you will have to pay as you go through the Bankruptcy process, in order to keep them.
See a lawyer who specializes in bankruptcy.
2006-12-09 17:02:39 · answer #4 · answered by Same Song Different Verse 2 · 0⤊ 0⤋
.Have you heard about Credit Consolidation, this is one way consolidating your bill and lowering your payment not only that you could also get away of paying the whole amount of your bill.
Depending on the proposal that you will have. All you have is to find this people who does that instead of applying for bankruptcy.
2006-12-09 13:41:39 · answer #5 · answered by linda c 5 · 0⤊ 0⤋
Nope they will only take stuff like if you have 2 cars they will take 1 I think or if you have expensive jewerly or if you have a secone vacation house or something expensive!! You will continue to pay your house and car!!
2006-12-09 10:11:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
With a 13 it just consolidates your debts so you still have everything. With a 7 they take anything not paid for unless you reaffirm your debt (sign paperwork to say you want to keep them and will, therefore, keep paying on them). I hope this helps.
2006-12-09 10:12:37 · answer #7 · answered by Mrs. Always Right 5 · 0⤊ 0⤋
i know they cant take the house. I'm not sure about the car. but in any case you will still have to finish paying for them. they wont give them to you for free.
2006-12-09 10:12:06 · answer #8 · answered by george 2 6 · 0⤊ 0⤋
There are different kinds of bankruptcy! You should consult with a legal firm to get more info on this.
2006-12-09 10:11:07 · answer #9 · answered by ? 6 · 0⤊ 0⤋
you will need to check with a bankruptcy lawyer. some give a consultation for free.
2006-12-09 10:10:16 · answer #10 · answered by St♥rmy Skye 6 · 0⤊ 0⤋