thanx
2007-03-10 02:01:40 · 8 answers · asked by light224 1 in Business & Finance ➔ Personal Finance
If you own a Lamborghini, it will likely be sold to pay off creditors.
Exemptions vary from state to state so you'll need to look up your states laws on what you can keep. Most states have an exemption for homes up to a certain value. In other words, if you're living in a million dollar house, you're probably not going to get to keep it. But you'll need to do some research on whatever state you live in to find out what you'll be able to exempt from bankruptcy.
2007-03-10 02:12:25 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
The debtor on a secure debt like a house or a car can reposses the item if you are not paying. You are allowed to keep your primary residence as long as you keep up the payments, a vehicle as long as its paid off or your current in the payments, and a certain dollar amount worth of personal belongings, it depends on what the laws are where you live.
2007-03-10 10:10:48 · answer #2 · answered by Sane 6 · 0⤊ 0⤋
Depends on what property and the type of bankruptcy that is filed.
Check out chapter 7 , 11 and chapter 13 and see what works best for you.
2007-03-10 10:07:44 · answer #3 · answered by lisa s 6 · 0⤊ 0⤋
Trustee can sell your property to the extent that it is not exempt. Exemptions vary from state to state. Typically, basic property such as clothing, modest household goods and a small amount of equity in a vehicle might be exempt.
Some equity in a house may be exempt but this varies from state to state. Your retirement funds and welfare and social security benefits are exempt.
If you are not sure, you really should contact an attorney in your area.
2007-03-10 14:07:42 · answer #4 · answered by DLeibowitz 5 · 0⤊ 0⤋
when I filed bankruptcy some my property was not repossed. but the ones that said they wanted it or me to pay and I didn't pay them, I told them that they can have it back. but they never came to collect it. and that was back in 1998.
2007-03-10 10:09:50 · answer #5 · answered by misty blue 6 · 0⤊ 0⤋
You have the option to reaffirm. Most Morgagers would rather work things out with you than to have the property back. Maybe if the property was almost payed off the Morgager might not mind taking it back, but you have the right to reaffirm.
2007-03-10 10:06:51 · answer #6 · answered by Over The Rainbow 5 · 0⤊ 0⤋
It depends. You can choose to leave certain things out the bankruptcy. Some creditors will come to repo and some won't.
2007-03-10 10:05:25 · answer #7 · answered by Cybeq 5 · 0⤊ 0⤋
also depends on the amount of debt owed. And if you list your morgage as part of the bankruptcy, say bye bye to your house. If your fileing for a debt of say --50.000, your house should be safe.
2007-03-10 10:14:30 · answer #8 · answered by Mike E 3 · 0⤊ 0⤋