bankruptcy outcomes
CHAPTER 7 Bankruptcy!!?
Do they take away your vehicles when they are not yet paid off when you file? What are the negative outcomes? Is this the right route or is Chapter 13?
The others are correct as the new bk laws have changed. Due to people who abused the bk system. Most likely you will need to file a chapter 13.
In regards to a Chapter 7, every state has a limit of personal assets you can keep. For example if you own your car out right and is worth 15,000.00 and the the bk statue for that State limit on a vehicle is $20,000.00 it is exempt from the BK. This would not pertain to you since you not “own” them free and clear. You can exempt loan you have on the cars out of the bk, but if you were to default on the loan the loan company can sue you for the unpaid balance and other fees. You can include them in the bk and still choose to make the payments. There is always exceptions to every rule.
In a Chapter 13 assets aren’t “auctioned” in the BK but you are making payments per the plan. Any time you default on your BK loan you are risking yourself
Bankruptcy isn’t rocket science but it can be complex and hard to understand all the statues. So I highly recommend hiring a reputable BK attorney who can help you file correctly. They normally have free consultation
Filing BK is not the end of the world and can help someone regain a fresh start.
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Do size and diversification type matter? An examination of post-bankruptcy outcomes.: An article from: Journal of Managerial Issues $5.95 This digital document is an article from Journal of Managerial Issues, published by Pittsburg State University – Department of Economics on December 22, 2003. The length of the article is 6664 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it … |
