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Your chapter 13 plan payment is based on your non-exempt assets and your income. The less assets you have, the less income you have, the less your payment will be. Most people who file a Chapter 13 only pay back a small percentage of their unsecured debts. If you’re considering filing for bankruptcy, I suggest … Continue reading “How much of my debt do I have to pay back in a Chapter 13?”

If you have a claim for personal injury or medical malpractice against a third party, a Chapter 7 bankruptcy trustee has the right to settle your claim and use the funds to pay your creditors. If you have a claim, you should consider filing a Chapter 13 so you remain control of the claim. If … Continue reading “If I file bankruptcy, will they take my lawsuit settlement?”

A Chapter 7 bankruptcy will not discharge student loan and most recent IRS debt. It is possible to wipe out all IRS obligations, but the rules are complicated and must be applied in a case-by-case basis. If you are considering filing for bankruptcy to wipe out IRS obligations, I suggest consulting with an experienced. bankruptcy … Continue reading “What debts can not be discharged by a chapter 7?”

There’s no law against applying for credit cards after a bankruptcy. However, you may have to apply for a secured card to rebuild your credit or for a card with a very low credit limit. If you are considering filing for bankruptcy, I suggest Consulting with an experienced bankruptcy attorney.

It is relatively easy to qualify for a loan after a bankruptcy. However, if you have no down payment, expect the interest rate to be fairly high, if you’re able to put down a few thousand dollars, it lowers the default risk to the lender and will reduce the interest rate of the loan. If … Continue reading “Can I ever get a car loan again?”

You are eligible for an FHA after chapter 7 two years after the discharge. During those 2 years, you must have kept your credit clean and avoid taking on additional debt. If you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

A chapter 7 bankruptcy will remain on your credit for 10 years, however it is not 10 years of purgatory. I have many clients who are able to get their credit scores above 700 even with the bankruptcy on their credit report. You can qualify for a car loan immediately after the bankruptcy and for … Continue reading “How will this affect my credit?”

If you intentionally lie on your bankruptcy schedules or during a bankruptcy court hearing you are committing a federal offense and could be charged with a crime whose punishment includes jail time if you are considering filing for bankruptcy, I suggest consulting with an experienced bankruptcy attorney.

In a chapter 7, it is possible to have the trustee take your tax, refund, your tax. Refund is an asset. They may not be fully exempt in a Chapter 7, bankruptcy proceeding. However, in Florida, the portion of your tax, refund, that is from earned income. Credit is 100% exempt. If you are considering … Continue reading “Will the trustee take my tax refund?”

Assets transferred to friends or family prior to filing bankruptcy have to be disclosed to the court and can be set aside by a bankruptcy trustee. If the transfers are not disclosed and hidden it can result in denial of the bankruptcy and criminal prosecution. If you are considering filing for bankruptcy, I suggest consulting … Continue reading “Can I give some assets away to friends and family?”