Transcripts A Chapter 13 can be used to lower your car payment. The principal amount of the loan can be reduced to the current market value of the car and interest rates, which sometimes are as high as eighteen to twenty percent for people with bad credit, can be reduced to five or six percent.
Transcripts Exemptions are assets that are protected in a Chapter 7 bankruptcy. Exempt assets can’t be sold by the trustee for the benefit of your creditors.
Transcripts Transferring assets to friends or family members prior to the bankruptcy filing is a bad idea. The bankruptcy schedules require you to disclose all transfers, the bankruptcy trustee will ask about transfers, the court can undo any transfers that are deemed to be fraudulent and if the court or the trustee finds out about … Continue reading “Can I transfer assets to someone else before I file a bankruptcy?”
Transcript Florida has a homestead exemption which means 100% of the equity in your house is protected from your creditors or a federal bankruptcy trustee. The rule does not apply to secured creditors such as mortgage or an association.
Transcript The majority of people who file a Chapter 13 do not have to pay back 100% of their debt. The payment is based on your income, your expenses, your household size, and your non-exempt assets.