jack jack
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depends what chapter you are filing for ... ask a lawyer |
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mark c
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Talk to a lawyer..as much as I hate to say that to anyone. There are a LOT of moving parts in any bankruptcy; regardless of what chapter you're filing.
And ANYONE that tells you, even lawyer, that they can predict where you'll be in 6 months, a year, etc., etc. is full of it. Courts and lawyers and big companies with deep pockets can all make for that "on any given Sunday" to come true...one way or the other.
Good luck. |
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purpleaura1
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no not necessarily, if you file chapter 13 you want lose anything you'll just pay the money to the chapter 13 court office, if you file a chapter 7 you will have to give up your home and possiblely your car |
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Ryan M
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you will lose everything including your credit for upto 7 years wont be able to buy **** |
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Astro Gurl
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before you pay a lawyer to do the bankruptcy, take out mass amounts of cash on your credit card to pay him and to put a little away..
It will be included in the bankruptcy. |
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april v
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I'm not sure but i think it depends on what you file bankruptcy on you don't necessarily have to claim it on every thing i think you can decide what debts you choose to file on like say just credit cards or maybe one car not the other |
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litehmusicdj
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NO, YOU need to put a protection on the items that you're not declaring as part of bankrupcy. ask your attorney to put a protection on ithem, just declair, the iten that you're having trouble with, just be careful.ok. so seek an attorney. you can even do it yourself. it would cost you way less than an attorney. |
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spottedpuppytoes
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If they can't pay for it, yeah. |
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Discovery Tunnelâ„¢. Super Gay EgO
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... ask a lawyer |
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sput07018
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no!
usualy it protects you against creditors,cars homes and other essential things in order to live are protected.
you usualy have 7 years before your takin off the bankruptcy roles.
this should give you enough time to get your affairs in order.
consulting a lawyer is suggested.
cool |
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Kenneth H
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The first time bankrupt is protected from losing all their necessary items needed to carry on with life. In some cases the car may be protected as will their house if the payments are made and furniture, cooking utensils. It items thought to be a luxury are sold to pay creditors. These protections do not apply to second time bankruptcy. |
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?
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my parents filed bankruptcy, and you can loose it but i know with my parent they kept thier house and car with a promise to pay and thier payments were lowered. |
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The Grand Inquisitor
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They very well could loose them. I know someone who filed for bankruptcy but was not required to loose the house. The mortgage company kicked them out anyway. Apparently it was legal but a terrible thing to do to a family of 4. |
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Reaper King
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not necessarily. what you can do is a cash out refinance, that should give you enough headroom to live and maintain your goods while you are looking for another job. bk is the last stop, check into the refi first. |
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Tact is highly overrated
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It depends on your individual situation, question for your lawyer. They will be able to assess all of your info and tell you what you can keep, no you won't have to lose it if you can still make payments. |
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kvuo
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yeah if you cant afford to pay, you give it all up.
I did a chapter 7 in 2001, and kept my car, because I was in a loan on it, and could afford to pay for it. I had to file an "affirmation of debt" or some such in the paperwork. |
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welltraveledprog
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Filing bankruptcy won't cause you to lose your house or car -- the whole idea of bankruptcy is to get creditors off your back so you can get back on your feet, and "essential" things like your home to live in or a car to get to a job can be kept. BUT...the bankruptcy court will want you to pay off your house mortgage and/or car loan. You won't get to keep them and get off scot free -- you might get the court to arrange smaller payments, reduced interest rates, or even a period when you can make no payments, but you WILL still have to pay them off. If you lose your job, file bankruptcy, and can't get another job within a reasonable time and start paying those off, you will lose them. |
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?
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yes when you declare bankruptcy you will loose everything that is in your name. |
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Kittie_Nash
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bankruptcy will save the house "and maybe the car" but u will be forced into finding another job and soon. good luck |
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walkercreek0272
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You're fired!!.. |
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Veg Linz
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It depends. There are two main types of bankrupcy. There's chapter 7 and 13. One you loose everything and the other you agree to make payments until your debt is payed. I can't remember which one is which though but you could surely pull it up on the internet. Check with your credit union first though, many offer free financial counseling programs. There should be an easier way out than bankruptcy. Perhaps a home equity loan to consolidate debt, but only do that if you are going to cut up your credit cards and not run up more debt. |
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sahm2boys
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In Canada, you have the option to keep your home but you lose the vehicles. |
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pamela_davis
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If you don't pay for it, no matter if you'd declared bankruptcy, they take it over. If you file that doesn't necessarily mean that you have to include your house on it. You will still have to make payments or they will evict you.
What Happens to Your Property
If, after the creditors meeting, the trustee determines that you have some nonexempt property, you may be required to either surrender that property or provide the trustee with its equivalent value in cash. If the property isn't worth very much or would be cumbersome for the trustee to sell, the trustee may "abandon" the property -- which means that you get to keep it, even though it is nonexempt. |
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thank me im waiting@yahoo.com
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no the court will give them a repayment plan. an all of the past payment will still have to be paid they will go in the back end of the loan. |
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lois k
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yes you would in order to pay of as much of the debt that is possible if you have equity you will have to liquidate every thing to cover it all and what is left will go under bankruptcy act but then you will in the long run have to pay this if you do not want this holding over your head the rest of your life. but id all depends on how much you owe you could go to a bank and ask them to make out a plan to make payments that is manageable for you to pay and they will use you home ac collateral and buy up your debts . that way you will have just one payment that you will have to pay one that is affordable and if your life picks up financially you can pay it of faster and save some on interest . |
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michinoku2001
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Depends-different jurisdictions have different rules and the court has some discretion. If you need your car to get to work and you've agreed to pay some of your debts, then obviously it's not in your creditors interest to put you out of work. |
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TwilightWalker97
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Nnot necessarily, but you will have a world class-bad credit report. Talk to a bankruptcy lawyer about it, and think of a good place to rent an apartment ... |
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