Shakira asks: “What Happens to My Car During Bankruptcy? There is a powerful tool available only in a Chapter 7 bankruptcy called Redemption, which allows you to keep your car by paying fair market value to the creditor, not the amount you actually owe. In Shakira’s case, she owes Santander $16,816.84 on a 2010 Nissan Altima, but the vehicle is only worth a little over $3,000. The Solution – Redemption. I filed a Motion to Redeem with the Bankruptcy Court transforming Shakira’s $16,816.84 Santander car loan into $3,154.00. Shakira erased over $13,662.84 on her car loan and also erased all
In a bankruptcy case under chapter 7, you file a petition asking the court to discharge your debts. The basic idea in a chapter 7 bankruptcy is to wipe out (discharge) your debts in exchange for your giving up property, except for “exempt” property which the law allows you to keep. In most cases, all of your property will be exempt. But property which is not exempt is sold, with the money distributed to creditors. If you want to keep property like a home or a car and are behind on the mortgage or car loan payments, a chapter
Chapter 7 bankruptcy erases virtually ALL of your debt except student loans. You’ll receive a Discharge Order from a Bankruptcy Judge which will erase ALL of your credit cards, medical bills, personal loans, payday loans, and utility bills. You’ll be debt free. In 2017, almost 1 million people filed bankruptcy. It’s the quickest and most effective path to regaining financial security. I’ve perfected the process at Dunne Law Offices to get it done in 98 days from start to finish. In 98 days, you’ll be debt free. Call me for a free consultation at (215) 551 7109.
Chapter 7 bankruptcy cases are usually straightforward. On rare occasions, complications arise if creditors take aggressive action, if the trustee thinks you are hiding assets, or if you want to challenge creditors’ claims. Who can file? Any individual who lives in the United States or has property or a business in the United States can file a chapter 7 bankruptcy. If you received a chapter 7 bankruptcy discharge within the past eight years, you are disqualified from receiving a discharge in chapter 7. A similar disqualification may also apply if you received a discharge within the past six years in
Foreclosure is a harsh legal process and, when you are threatened with foreclosure, you should immediately try to obtain legal help. Foreclosure can move very quickly. One advantage of exercising your legal rights is that you can slow down the process. In the short term, delay can be helpful because it will give you more time to put into place a long-term solution to the problem. You cannot properly delay foreclosure just because you need more time. The actions you take must be based on some underlying legal claim or defense which is raised in good faith. Procedural Defenses May
Chapter 7 and Chapter 13 are two different kinds of bankruptcies available to individuals, some businesses, and married couples with financial problems. A straight liquidation bankruptcy, known as a Chapter 7 bankruptcy, involves the filing of a bankruptcy petition and statement of all property, debts, and budget information. The filing of the petition stops all creditor action against the Chapter 7 debtors and their property, including mortgage foreclosure, sheriffs sale, utility shut-offs, and other creditor harassment. Chapter 7 debtors can generally keep all their personal property, but debtors can keep their home and cars only if arrangements are made separately