- July 1, 2008 at 3:00 am #259224
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
— In Budget101_@yahoogroups.com, “sunshine052701”
> 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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