It’s critical to stay current on your car payments during the bankruptcy process if you want to keep your car. If you own your car with no loan, then the equity is the total fair market value. This means that if the car is paid off, or has been a gift, and is worth more ...
Chapter 7 bankruptcy is a debt relief process that is focused on individuals and allows for their eligible debts to be completely discharged. Chapter 11 bankruptcy is focused on businesses and repayment of debts through reorganization of the business. ...
Should you decide that you can’t (or don’t want to) keep your vehicle, you can surrender it during the bankruptcy process. You’ll have to indicate your intentions to the court and the car lender on a specific form (Statement of Intention). You can obtain this form from your Plano ...
Secured debts, like your home mortgage or car loans can eliminated or discharged in a Chapter 7 Bankruptcy. You can keep the property if you continue to make your regular payments or surrender the property to the lender and walk away with no personal liability. In some instances you will nee...
While Chapter 7 is technically called a “liquidation”, don’t be alarmed by that word. Most often, people filing both Chapter 7 and Chapter 13 bankruptcy keep all of their personal property, furniture and car(s). It is extremely unusual in Connecticut for anyone with an experienced attorney...
• The Chapter 7 bankruptcy process takes just four to six months, so it is fairly quick. You can start improving your credit right away. • You will continue paying on your house and car if you want to keep your assets. • You are required to complete 2 counseling courses, one ...
Our Chicago bankruptcy attorneys can guide you through the complexities of the process and help you make informed decisions about your financial future. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is also known as liquidation bankruptcy. It helps individuals and businesses wipe out their unsecu...
to get rid of the debt, they will need to give up their property. The creditor has the right to keep a lien on a piece of property until the debt is paid. For example, if an individual can’t afford their car payment, they can give the vehicle up in the bankruptcy and no longer...
Chapter 7 bankruptcy is the debtor's (non-exempt) assets are sold to repay outstanding debts, with the remainder of the debt not needing to be repaid. Qualification for Chapter 7 bankruptcy is contingent on earning below a certain income threshold. Chapter 11 bankruptcy is where the debtor ...
Chapter 7 bankruptcy does not protect co-signers from being pursued by creditors. If a debtor’s loan or debt has aco-signer, the creditor can still seek repayment from the co-signer even after the debtor’s obligation is discharged. In addition, filing for Chapter 7 bankruptcy is a matter...