You are able to buy a new car while in bankruptcy, but the process is different depending on whether you are in a Chapter 7 or Chapter 13. Additionally, there are different real-world considerations that must be taken into account. In Chapter 7, you have the ability to buy a new vehicle as soon as Read More »
Leased vehicles are treated very differently, and somewhat more simply, than financed vehicles in bankruptcy. In a typical lease, you will have paid an initial downpayment to get the vehicle, then signed a contract to make a fixed monthly payment for a fixed number of months in exchange for you driving the vehicle. At the Read More »
Bankruptcy will absolutely stop repossession of your vehicle if the case is filed prior to the vehicle being recovered by the lender. Upon filing for bankruptcy protection, the Automatic Stay of Bankruptcy is triggered, which is a powerful injunction against your creditors that keeps them from pursuing any further collection actions against you, including repossessing Read More »
The vast majority of people who file for bankruptcy protection are able to keep their primary vehicle. Those with multiple vehicles may be able to keep all or may only be able to keep some or one, depending on their intent, the vehicles in question and the debt against them. They are able to do Read More »
Having multiple investment properties, or even a single high-value investment property, can affect which chapter of bankruptcy you elect to file under. The first key is determining how these properties are titled and held. Many people who venture into real estate as investment properties will create separate legal entities, sometimes a new entity for each Read More »
Unlike your primary residence, other types of real estate that you own generally do not have any exemptions available to apply to them. One common exception to this rule is cemetery plots, which are real estate holdings, and many states have a special exemption just for them. Other real estate holdings, including rental properties, investment Read More »
Yes, but there are considerations. In Chapter 7, if you wait until after your Section 341 Meeting of Creditors and the bankruptcy trustee files their Report of No Distribution, you have every right to sell your property. It was disclosed in the bankruptcy filing, the trustee had an opportunity to investigate and liquidate the property Read More »
This very much depends on your specific circumstances. First it must be determined by how the home is held jointly, as there are several ways to legally do this. Most commonly, the home will either be held in “joint tenancies”, which simply means that each of you have a one-half interest in the home, or Read More »
HOA dues are a bit of a different type of creditor in bankruptcy. They are generally a statutory lien against the property, so they cannot be avoided and must be paid if the property is to be kept. In a Chapter 13 case, they are generally treated as a “cure and maintain”, where you maintain Read More »
It is possible to remove a judgment lien from your home in bankruptcy, but it will depend on the equity you have in the home. If the value of the home is less than the total balance of any liens on the home in front of the judgment creditor, usually a mortgage, second mortgage or Read More »