If you’re facing Chapter 7 bankruptcy, you may lose your car. However, depending on where you live and your personal circumstances, you may be able to keep your car even if you file Chapter 7. In other instances, filing Chapter 13 may be a better option if you want to keep your car.
What if I file for bankruptcy? Debts discharged through bankruptcy are not considered taxable income. If you are an individual debtor who files for bankruptcy under chapter 7 or 11 of the Bankruptcy Code, a separate "estate" is created consisting of property that belonged to you before the filing date.
Protection from creditors is one important benefit of bankruptcy filing.. There are many reasons debt can catch up to a person, including job loss and illness to.
whether you file for Chapter 7 or Chapter 13; if you file for Chapter 7, how much equity you have in your home, and; if you file for Chapter 7, the amount of the available homestead exemption. Your Home in Chapter 13 Bankruptcy. In Chapter 13 bankruptcy, you keep your property and repay your debts (some in full, others in part) over time.
This means that if your property is worth less than a particular dollar amount, you can keep it. In general, Chapter 7 exemptions are much lower, stricter, and offer less flexibility than chapter 13 exemptions. So if you file a chapter 13 bankruptcy, you are much more likely to keep your house than if you file a chapter 7.
If you are unable to keep up with your credit card and loan payments, filing Chapter 7 bankruptcy can erase some of your debts. Chapter 7 bankruptcy is an option for consumers with limited income. If your income is too high to qualify for Chapter 7, you can file for Chapter 13 bankruptcy protection.
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With this, you can discharge any remaining unsecured debts. If you find your debt payments too much, you need to protect yourself. File for bankruptcy and do your best to recover from there.
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Filing for bankruptcy is a legal process that either reduces, restructures or eliminates your debts. Filing bankruptcy with a court is the first step. You can file on your own or you can file with an attorney. Bankruptcy costs include attorney fees and filing fees. If you file on your own, you will still be responsible for filing fees.