how do I claim bankrupcy?..do I loose everything, including the car I am leasing?
2007-01-30 11:16:57 · 6 answers · asked by malaki_mata 1 in Business & Finance ➔ Personal Finance
Some things have changed as far as filing bankruptcy is concerned. You must have an excessive amount of debt. You loose only the items you wish to file on. If you want to keep your home, car, whatever you do not include it in the bankruptcy and keep paying the payments on the items. First thing you need to do is to contact a lawyer that handles bankruptcy filing. They are listed in the yellow pages in your phone book. I know that the laws have changed but I don't know the changes. As far as credit. All the credit cards you have and claim in bankruptcy you no longer have and you can barely get any more for about a year or two. The bankruptcy will be listed on your credit report for seven years. As far as getting good rates on mortgages, car loans, or credit cards it takes about three years or longer. Think about this before you do it. If you have excessive credit card payments talk with a reputable company that deals in trying to get these paid off. Sometimes if you are behind they can talk with companies you owe money to and get them to reduce your amount owed and sometimes they can have the bills consolidated and you only make one payment. I hope this helps. Good luck...
2007-01-30 11:31:06 · answer #1 · answered by Debbie H 3 · 0⤊ 1⤋
What are you loosing that you have a claim? The Bankruptcy is your claim, and the settlement cost is your expense. Your credit will be good again 7 years after the Bankruptcy is paid off.
Once in this trap, you have to create a cash only life style. Once you have accomplished this, you need to learn to build assets on a day by day basic. If you learn both of these skills, you will have good credit before the bankruptcy is disc hared.
2007-01-30 11:30:49 · answer #2 · answered by whatevit 5 · 0⤊ 0⤋
It will be a minimum of 7 years before you can get anything like a car loan or mortgage, or unsecured credit card. If you do get any kind of credit, it will be at a high rate. Please, consider this: bankruptcy is EXPENSIVE, because the interest rate on anything you have now or need will dramatically increase. Even car insurance companies use your credit score in giving you a price quote, and employers view your score along with a background check. People are now being denied employment or graduate school education because of bad credit scores. Sounds cruel, doesn't it? This is not something to decide flippantly. Weigh the consequences.
2007-01-30 11:27:04 · answer #3 · answered by Lisa 6 · 0⤊ 0⤋
it quite is a very stable question. The bankrupt individual can not borrow or comply with pay anymore than $50 till the financial ruin and debt is disregarded. Then they're loose day after on the instant. financial ruin, in spite of what the television labeled classified ads state, are a blot on somebody's credit for a protracted time. Many banks have a coverage that if somebody data BK they can't cause them to any loans. i'm hoping this helps...
2016-11-23 14:55:29 · answer #4 · answered by ? 4 · 0⤊ 0⤋
Chapter 7 bankruptcy is the commonest denotation of bankruptcy. It stands for waiving or canceling of debts that you have incurred. As an individual, you can select between Chapter 13 or Chapter 7 bankruptcy. Selecting between the two is not easy. The bankruptcy court will study your circumstances before deciding which type of bankruptcy is applicable to you.
2007-01-30 22:31:09 · answer #5 · answered by Anonymous · 0⤊ 0⤋
the best way to do it is to get a good lawyer. it usually takes about 7 years to get over it, but i guess thats batter than paying your bills huh.
2007-01-30 11:24:28 · answer #6 · answered by racer88crx 1 · 0⤊ 0⤋