3 Questions To Ask You Attorney About Filing For Chapter 7 Bankruptcy
If your financial life isn't as good as you want it to be, you may have problems paying your debt. This can be a very stressful and annoying time for you. It's in your best interest to consider filing for Chapter 7 bankruptcy because this may be the key to getting rid of your debt. It's important to ask certain questions before filing for this legal status and knowing the answers to these may be helpful to you.
Chapter 13: Do You Have To Give Up Your Deceased Parent's Summer Home?
If your parent passes away and leaves you a summer home as an inheritance right before you file Chapter 13 bankruptcy, you may wonder if you should add it to your case. The answer is yes. You must report all inheritances you receive within 180 days of filing your case. If you don't report the summer home, a judge can dismiss your bankruptcy. A bankruptcy attorney may help you keep your summer home based on its value and the exemptions in your state and federally.
Can You Keep Your Vacation Home If You File Chapter 7 Bankruptcy?
Making the decision to file Chapter 7 bankruptcy is never an easy one. Navigating the complicated rules of what is considered exempt and what you can discharge can be difficult. One of the key concerns about bankruptcy is what happens to your home. Chapter 7 rules have some distinct methods to let you keep your existing primary home. However, what if you have a second home? There are some very specific instances where you may be able to keep a vacation home under Chapter 7 rules.
Which Debts Are Discharged In A Chapter 7 Bankruptcy?
When you file for a Chapter 7 bankruptcy, many of your debts will be discharged by the court once the filing is complete. However, some debts will remain and you will still be responsible for them. If you are weighing whether or not filing for bankruptcy would be beneficial for you, it is important that you know which debts will and will not stand after the process is complete. Student Loans
The Effects Of Bankruptcy On The House You Live In
There are many differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy, including what can happen to the house you own. If you really want to keep the house you live in, you might be able to with either type of bankruptcy, but there is also a chance you could lose it. Here are three factors that influence the way bankruptcy affects the house you live in. The Equity In The House
