2007-03-12 02:14:16 · 8 answers · asked by Lisa S 1 in Business & Finance ➔ Credit
Chapter 7 discharges all debt (with a couple of exceptions like taxes, child support owed and student loans).
Chapter 13, you repay some or all of the debt.
You would have to work with a bankruptcy attorney and/or a credit counselor approved by the Bankruptcy Court, to find out which one you qualify for. You will not qualify for Chapter 7 if it is determined you have the ability to repay some or all of your debt.
As for what is exempt, like houses, vehicles, personal items, it varies by state. Look up your state on the link below to find out what value of vehicle is exempt. If you own a Lamborghini, it's not going to be exempt. If you own a 1996 Chevy, it probably will. It will depend, in part on the value of the car.
2007-03-12 02:51:53 · answer #1 · answered by Faye H 6 · 0⤊ 0⤋
You can file bankruptcy to clear your debt, but choose to reaffirm certain debts such as a car loan or mortgage. The company that you will be reaffirming with will have to agree to this and you will most likely have to sign a contract stating this is what you are doing. Under the new bankruptcy code soft reaffs (no signature) are no longer given the same consideration so the will probably have you sign a secondary contract. Contact a good bankruptcy attorney, pay a little extra for someone reputable, you will appreciate it in the long run. You don't want something you thought was covered popping up in a few years.
2007-03-12 02:21:50 · answer #2 · answered by Lady79 2 · 0⤊ 0⤋
There is no "partial bankruptcy". But if you file bankruptcy, you have the opportunity to redeem the vehicle (buy it back for the value of the vehicle at the time of the bankruptcy), reaffirm the debt (continue to pay for it as agreed) or surrender it to the secured creditor. If your vehicle has equity, you have the right to exemptions in many states. For example, in Illinois, you can exempt up to $2,400 in value of one car and up to $4,000 in other property which can be applied to a car. Many people get to keep their vehicles.
2007-03-12 11:37:15 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋
It isn't a partial bankruptcy, but you can exempt your house if you own it, or your car, as long as you intend to keep making the payments. But you can't declare bankruptcy, exempt the house and car and quit making payments. The mortgage holder can still take them away from you if you default on the loans.
2007-03-12 02:18:55 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I have been through two bankruptcies in my life and through both of them I kept my cars and my house. In fact, I didn't lose anything. Even though my car was under the bankruptcy I just kept making the payments and they never repo'd it but you can choose to leave things out of the bankruptcy if you want to. It is called reaffirming the debt.
2007-03-12 02:19:22 · answer #5 · answered by Cybeq 5 · 0⤊ 1⤋
Yah they take everything that has debt owing to it. even your house in most cases. And after you go through bankruptcy, good luck on getting any of these things back.
2007-03-12 02:18:28 · answer #6 · answered by skinnywayne 3 · 0⤊ 0⤋
particular .They majority of the debt is held via the Fed and we pay employing cutting-edge sales so shall we cancel the pastime money and good purchase with China and Japan for the different 2.3 trillion . complete foreign places debt is under 3 trillion . All of this may well be obtainable IF we balanced the fee variety which the Simpson / Bowles Plan does .
2016-11-24 22:08:29 · answer #7 · answered by ? 4 · 0⤊ 0⤋
I'm thinking about filing Chapter 7 and I've gotten alot of info from www.creditboards.com...check it out!!
2007-03-12 04:45:53 · answer #8 · answered by Shai L 2 · 0⤊ 0⤋