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.
Transcript If you lose your job or your income goes down while you’re in a Chapter 13, it’s possible to modify the plan to reduce the payment or convert the Chapter 13 case to a Chapter 7.
Transcript A Chapter 7 bankruptcy stays on your credit for ten years, a Chapter 13 stays on your credit for seven years. Notwithstanding the fact that the bankruptcy still remains on your credit you still may qualify for an automobile loan or low money down FHA mortgage even with the bankruptcy still on your … Continue reading “How will a bankruptcy affect my credit?”
Transcript The Means Test is used to see if you qualify for a Chapter 7 bankruptcy. It takes into account your income, your expenses, and your household size to calculate your disposable income. If you have too much disposable income, you won’t qualify for a Chapter 7 and you’ll have to file a Chapter … Continue reading “What is the Mean Test?”
Transcript It is possible to have your bankruptcy denied, however, it’s easy to avoid. If you are truthful and accurate when you answer the questions on the forms and answer the questions of the bankruptcy trustee, you should have no issues.
Transcript The 341 meeting of creditors is a meeting in which the bankruptcy trustee asks you questions about your income, your assets, and issues that may have arisen after the trustee reviews your bank statements, tax returns, and your bankruptcy schedules. Due to the nature and duration of the meeting it is unlikely … Continue reading “What is a 341 Meeting of Creditors for Personal Bankruptcy?”