If i declare bankruptcy?

Question

Do i loss my owned flat? how does it affect me and what exactly do i loss

Answer 1

It will depend on how you file. If you are behind on the flat and don't catch up before you file, then you will probably lose it. However, if it is up to date, chances are you will be fine.
Depending on what you are filing on, will determine what you will lose. For example, if you've got a major purchase (such as tv's, stereos, appliances) on a store credit card(like sears), they can ask for it back, or reaffirm your debt( meaning, they will make it like a new loan, make a payment plan and allow you to keep it.

You really shouldn't lose anything.Unless you have a huge asset that is worth alot of money (and is paid off) It can be attached and the money from the sale, used to pay of your loans.

We filed a while back. We were able to keep the plot of land we had bought to build a house later, reaffirmed our car(and kept it and it even lowered our pmt) reaffirmed our debt with sears, even kept things such as our guns, workout equipment, furniture. We didn't really lose anything except our debt and our credit for 8 years afterwards.
The laws have changed now, so somethings maybe a little harder to keep.
But to be sure, talk to a Bankruptcy lawyer to determine exactly how it would work. Most have a free consultation to go over your finances and tell you what would be best for your situation.

Good Luck!

Answer 2

I don't know the bankruptcy codes where you live. But in New York, even if you file for bankruptcy, the government will allow you to keep your house (assuming you have one). However, your house's value can't exceed a certain value because a lot of fraud can take place. For example, someone can liquidate their assets and purchase a really expensive house and by law that person can keep the expensive house while relieved of all debt. The only state that I know of that has no restriction on how much your house can be valued is Florida.

As for how it will affect you, the above answer gives you a good idea on how your credit will be affected. I hesitate to give you any specific numbers as they differ from state to state (country to country).

Answer 3

I the flat is in your name only, then yes you may lose it. However. If familiy can buy the flat from you at its going rate, you could then pay them a tenancy amount (IE THE MORTGAGE PAYMENT) and still live there. ANy assets you have such as shares, savings or expensive jewlery can be taken into account by the OR. You will not lose the shirt off your back! Speak to a Insolvency Practitioner to get free impartail advice on this.

Answer 4

There are different types but you loss your credit for 7 to 11 years, which makes you feel like a second class citizen. Try not to do it. Most of the the time you can keep your home, and car and thats it.

Answer 5

filing for bankruptcy, is the very very last option you have if you cannot repay your debts. You will lose everything you have that is of value. Try to figure a way of repaying, and talk to you citizen advice bureau. If you do become bankrupt it will effect you financially for 15-20 years.
Thats if you live in the UK

Answer 6

definite .They majority of the debt is held by applying the Fed and we pay applying present day sales so we could cancel the interest money and good purchase with China and Japan for the different 2.3 trillion . entire distant places debt is below 3 trillion . All of this could be achievable IF we balanced the fee variety which the Simpson / Bowles Plan does .

Answer 7

If you are declared bankrupt, you own nothing. Your creditors can take your flat, car, TV and, technically, the shirt on your back. Don't go there unless you genuinely are bankrupt. If you own a flat then you can't be!

Answer 8

I would go to the courts and find out. I dont think you will lose your flat, but I would make sure before you goahead....