WHAT IS BANKRUPTCY ? WHAT HAPPENS TO YOUR PROPERTY?
In your Chapter Seven Bankruptcy most credit card, medical, and legal debts are discharged. Also eliminated are most court judgements and loans.
Presented by Flint Bankruptcy Attorney Terry Bankert 810-235-1970 , Contact Bankruptcy Lawyer Bankert at www.attorneybankert.com
Some of your debt cannot be discharged like:
[1] debts to pay non discharge-able taxes ,
[2] court imposed fines and resitutions to include driver responsibility fines,
[3] back child support and alimony,
[4] debts owed to an ex spouse a a result of a divorce or separation,
[5] loans owed to a retirement plan such as a 401 (k) (because you are the creditor as well as the debtor in this situation.
[6] student loans ( unless you can show that repaying the loans would be an undue hardship.)
[7] federal and state taxes that were first due less that three years before you filed your bankruptcy.
[8] Debt for personal injuries or death resulting from your drunk driving.
Specific debts will survive your bankruptcy if the creditor seeks an order from the court to exclude it.
These excluded would be debts arising from your fraudulent actions, recent credit card transactions for luxery items, and willful and malicious actions causing personal injury or property damage.
Most of your property except pension and retirement plans becomes part of your bankruptcy estate when you file.
This is property you own or are entitled to own. The bad news is this include property you tried to protect by selling to family or friends for a reduced rate in the last two years. This includes certain types of property you have come to dis own within 6 months before you filed. This is also true of marital property even if only one spouse files.
When you go to your “ Meeting” the bankruptcy trustee is looking for property when sold will generate a profit to pay the trustee and your creditors. If you owe more on your car or house than it is worth the trustee will not be interested in it.
Yes you can keep your car and house if:
[1] you are current on the mortgage or auto loan.
[2] You have no significant equity in the house or car.
To keep after bankruptcy you must sign an affirmation agreement. You effectively remove them from the bankruptcy and say you will pay the balance. If your bankruptcy is completed with a discharge of debt you cannot file again for bankruptcy for 8 years.
For additional information contact Terry Bankert 810-235-1970. terry@attorneybankert.com
, http://www.attorneybankert.com .
In your Chapter Seven Bankruptcy most credit card, medical, and legal debts are discharged. Also eliminated are most court judgements and loans.
Presented by Flint Bankruptcy Attorney Terry Bankert 810-235-1970 , Contact Bankruptcy Lawyer Bankert at www.attorneybankert.com
Some of your debt cannot be discharged like:
[1] debts to pay non discharge-able taxes ,
[2] court imposed fines and resitutions to include driver responsibility fines,
[3] back child support and alimony,
[4] debts owed to an ex spouse a a result of a divorce or separation,
[5] loans owed to a retirement plan such as a 401 (k) (because you are the creditor as well as the debtor in this situation.
[6] student loans ( unless you can show that repaying the loans would be an undue hardship.)
[7] federal and state taxes that were first due less that three years before you filed your bankruptcy.
[8] Debt for personal injuries or death resulting from your drunk driving.
Specific debts will survive your bankruptcy if the creditor seeks an order from the court to exclude it.
These excluded would be debts arising from your fraudulent actions, recent credit card transactions for luxery items, and willful and malicious actions causing personal injury or property damage.
Most of your property except pension and retirement plans becomes part of your bankruptcy estate when you file.
This is property you own or are entitled to own. The bad news is this include property you tried to protect by selling to family or friends for a reduced rate in the last two years. This includes certain types of property you have come to dis own within 6 months before you filed. This is also true of marital property even if only one spouse files.
When you go to your “ Meeting” the bankruptcy trustee is looking for property when sold will generate a profit to pay the trustee and your creditors. If you owe more on your car or house than it is worth the trustee will not be interested in it.
Yes you can keep your car and house if:
[1] you are current on the mortgage or auto loan.
[2] You have no significant equity in the house or car.
To keep after bankruptcy you must sign an affirmation agreement. You effectively remove them from the bankruptcy and say you will pay the balance. If your bankruptcy is completed with a discharge of debt you cannot file again for bankruptcy for 8 years.
For additional information contact Terry Bankert 810-235-1970. terry@attorneybankert.com
, http://www.attorneybankert.com .
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