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  1. #1
    sunshine052701
    Guest

    Default if you file bankruptcy do you loose all possessions?

    in bankruptcy do loose cars, house, furniture?

    How does this work - how does it help? Hurt?

    How long does it take ? How much does it cost? If you cant pay things

    you owe now how will the money for the bankruptcy come about?










  2. #2
    Jessica Mason
    Guest

    Default if you file bankruptcy do you loose all possessions?





    <DIV style="FONT-FAMILY: Calibri;">There are 2 types a Chapter 13 is a reorganization--you list all your debts and then your counselor will work out a "payment" plan type of thing and a Chapter 7 you give everything back, except I think you can keep 1 vehicle and $1,000. I am sure it varies by state too. Also, either type you will have to take an on linecourse about debtand of course pay attorney fees and court costs.
    <DIV style="FONT-FAMILY: Calibri;">
    <DIV style="FONT-FAMILY: Calibri;">Chapter 13's can sound good but can alsoonly to drag out the inevitable. If you decided to to this please make sure you can afford the monthly payment plan, because if you default they will take everything just like a Chapter 7, including your house. I have seen several families do this and still lose their home.
    <DIV style="FONT-FAMILY: Calibri;">
    <DIV style="FONT-FAMILY: Calibri;">I am like the last poster--is there any way to take on 2nd jobs for a while? Cut back to basics--no cable, no Internet, no cell phones, etc at least for a little while?
    <DIV style="FONT-FAMILY: Calibri;">As Dave Ramsey says " Live like no one else, so later you can live like no one else!"
    <DIV style="FONT-FAMILY: Calibri;">

    -------Original Message-------


    From: sunshine052701
    Date: 7/1/2008 6:52:43 AM
    To: Budget101_@yahoogroups.com
    Subject: Budget101.com : if you file bankruptcy do you loose all possessions?




    in bankruptcy do loose cars, house, furniture?
    How does this work - how does it help? Hurt?
    How long does it take ? How much does it cost? If you cant pay things
    you owe now how will the money for the bankruptcy come about?












  3. #3
    J Diane Northcutt
    Guest

    Default if you file bankruptcy do you loose all possessions?


    We just went through bankruptcy. How long it takes, what it cost and whether you loose stuff depends on several factors. There are three types Chapter 7, Chapter 11 & Chapter 13. You must go with the one that you qualify for , which is determined by your circumstances on the day you file and the six months prior to that.
    You don't loose anything with Chapter 13. The court works out a plan for you to make payments to your creditors with a portion of the debt dropped by the creditor. Chapter 7 wipes out the debt completely. You may loose some stuff.
    You need to consult a lawyer that handles bankruptcy. In this part of the country bankruptcy lawyers give a free consultation. We consulted two different ones which is also a good idea. We did not have to pay a penny untill we actually filed.
    There are cost involved. You should not wait untill you are pennyless to do this. About one month before we were pennyless we decided ( on legal counsil) to stop bailing water and go ahead and abandon ship.
    With some types of bankruptcy the court sets up a payment plan for the attorney fees along with the creditors.



    [quote]
    ----- Original Message -----
    From: sunshine052701
    To: Budget101_@yahoogroups.com
    Sent: Monday, June 30, 2008 11:00 PM
    Subject: Budget101.com : if you file bankruptcy do you loose all possessions?





    in bankruptcy do loose cars, house, furniture?
    How does this work - how does it help? Hurt?
    How long does it take ? How much does it cost? If you cant pay things
    you owe now how will the money for the bankruptcy come about?





  4. #4
    Lori Morgan
    Guest

    Default if you file bankruptcy do you loose all possessions?

    Just an additional note too. When we went through it, we found out

    "thankfully" that Texas has some of the most lenient bankruptcy laws.

    We filed Chapter 7, but all of our writeoffs were business related,

    which btw is still personal, but not as detrimental to your future

    ability to obtain a loan. Bankruptcy laws are determined by the state,

    where things like posessions, what types of items you can write off

    etc. I agree with Diane, consult an attorney before you spend all of

    your money. If you plan to file, quit making all credit card payments

    NOW and save about $3000 to pay your attorney.



    Lori

    Thankfully in Dallas





    --- In Budget101_@yahoogroups.com, "J Diane Northcutt"

    <jdnorthcutt@...> wrote:

    >

    > We just went through bankruptcy. How long it takes, what it cost

    and whether you loose stuff depends on several factors. There are

    three types Chapter 7, Chapter 11 & Chapter 13.








  5. #5
    nancy_proc
    Guest

    Default if you file bankruptcy do you loose all possessions?

    In my state, if you file the chapter 7 (fresh start), you won't lose

    most of your things. If you outright own items that have a lot of

    monetary value (expensive artwork, very valuable jewelry, cars or homes

    with a lot of equity), you may have a problem, as the trustee may

    sell/auction them to pay debtors. However, household furniture is

    usually not worth enough for them to bother. The value is usually based

    on what that item would sell for at a garage sale. If you have a car or

    home loan, the companies you have the loan through will usually just

    have a you sign an agreement called a reaffirmation that states that

    you will continue to pay on the loan. Also, a chapter 7 stays on your

    credit for 10 years before it drops off. If I remember right, a 13

    stays on for 7 years... Once you file, you are protected under the

    bankruptcy and your creditors are not supposed to contact you. An

    attorney could give you better info for your state and situation. Hope

    this helps.



    --- In Budget101_@yahoogroups.com, "sunshine052701"

    <sunshine052701@...> wrote:

    >

    > in bankruptcy do loose cars, house, furniture?

    > How does this work - how does it help? Hurt?

    > How long does it take ? How much does it cost? If you cant pay things

    > you owe now how will the money for the bankruptcy come about?

    >










 

 

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