When you file for bankruptcy, what happens to your car will depend on several factors. These include bankruptcy exemptions in your area, the type of bankruptcy you file, if you owe money on your car, and how much money you owe. In many cases, you will be able to keep your car as lo...
Bankruptcy does not have to be complicated. It is normally an easy process where you keep your car and home, but do not have to pay any debt. Rebuilding credit has gotten so much easier, there is no reason not to do the government program of bankruptcy. ...
Chapter 13bankruptcy allows you to retain your assets, but you must agree to a plan to repay your debts over a period of three to five years. The trustee collects your payments and distributes them to your creditors. Chapter 13 bankruptcy is normally chosen by people who want to keep their...
Your credit will be shot.Anyone considering bankruptcy needs to keep in mind that theircredit reportsandcredit scorewill take a major hit—one that can last for years. In the case of Chapter 7, bankruptcy will remain on your credit reports for up to 10 years; for Chapter 13, it's seven...
Try to keep your car and house after filing.Many people considering filing for bankruptcy worry that creditors could come after their car or house. While the laws vary by state, many consumers find themselves able to hang on to both assets. In Wisconsin, say Resop, if you continue to make...
7. You Lose All Your Stuff if You File Bankruptcy No! No, you will not. See my writing aboutexemptions. When you file for bankruptcy protection, you are allowed to keep a certain amount of assets, these are called exemptions. For example, you are allowed to keep a certain amount of eq...
You can use this type of bankruptcy to catch up on secured debts (such as mortgages or car loans) without losing your property and without risking the liquidation of any other assets as with Chapter 7. A Chapter 7 bankruptcy stays on your credit report for 10 years, whereas a Chapter 13...
Because of the stigma and shame that Americans attach to bankruptcy, people turn to it as a last resort — oftentimes after they have plowed through retirement funds and other assets that would be have been shielded from creditors by filing for debt relief. ...
Chapter 13 bankruptcy allows individuals to keep their assets and catch up on missed mortgage or car loan payments through the repayment plan. One of the primary advantages of Chapter 13 bankruptcy is the ability to prevent foreclosure or repossession of assets by proposing a repayment plan that ...
Delta plans to file for bankruptcy, consultant says; Filing may come Wednesday; airline would keep flyingHARRY R. WEBER Associated Press writer