There are some debts that you can’t discharge in bankruptcy. That includes child support and alimony payments, student loans, and income tax that goes back at least three years and maybe more.
If you’re current on your payments, you can probably keep your car. If you’re not current on your payments, the car will be taken, and usually the equity that you have in your car will be applied towards other debt that you already have.
The bottom line is, whether or not you can pay your bills. If you find, or feel as though you probably can’t pay your bills off in total, in the next five years or so, you may want to consider whether or not, you should apply for bankruptcy. Now, if you apply and if… Read More »
Bankruptcy for most individuals is either Chapter 7 or Chapter 13. If you’re a Chapter 7, it will come down to the amount of money that you make, the income, assets, and liabilities that you have. If you make too much, it’s possible that you may be pushed into a Chapter 13, so you’ll… Read More »
If you’re approved for bankruptcy, you obviously will have some debt discharged. However, you have a negative impact on your credit which can last up to 10 years. You’ll also have difficulty trying to secure loans for at least the first couple of years, but you have to weigh that against the situation you’re… Read More »
Those are certain assets or payments that the individual can keep even if they are in bankruptcy. For instance, if you’re the head of a household, you’re entitled to keep your wages up to a certain amount of money. You’re also entitled to keep your money payments if they are social security, disability, disability… Read More »
Non-exempt assets are assets that the trustee could look at to try to satisfy your outstanding debt. That includes cash, bank accounts, stocks, coin collections, second cars, second homes.
Chapter 7 is known as a liquidation bankruptcy. That’s where if your debt is discharged it’s wiped clean and you don’t worry about it anymore. The first thing you should do is look at your assets and your liabilities, and then if you actually wish to pursue it you would then seek credit counseling,… Read More »
There are filing fees with the court, there is some counseling you must go through, before your petition is filed, and after. It’s about $400 for filing fees, and then the question is whether or not, you wish to engage the services of an attorney, and that varies with how complicated your bankruptcy is,… Read More »
A 341 hearing refers to Chapter 341 of the Bankruptcy Code. It’s where you sit down with the trustee, and perhaps some creditors, to go over your assets and liabilities.