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What debt can be discharged if I file Chapter 7 Bankrupty?

Generally, all unsecured debt can be wiped out (discharged) in Chapter 7. Debts that may not be discharged include most taxes; debts obtained through false pretense, fraud, embezzlement, or theft; debts for luxury goods or services obtained within 90 days of the filing or cash advances obtained within 90 days of the filing under a … Read moreWhat debt can be discharged if I file Chapter 7 Bankrupty?

Will I lose my house or car if I file for bankrupty relief?

In most cases, filing bankruptcy will not cause you to lose your home, car or other assets. When you file bankruptcy, the issue is what the Trustee is required to sell or liquidate to pay your creditors what they are entitled to. In Maryland, you are allowed to exempt (protect) up to $12,000 of equity … Read moreWill I lose my house or car if I file for bankrupty relief?

What is Chapter 7 bankrupty and what’s different from Chapter 13?

Typically, an individual who is eligible for bankruptcy relief will proceed either under Chapter 7 or Chapter 13. Chapter 7 relief is intended for individuals and small businesses who have very little in the way of equity in their assets and little if any disposable income, i.e. people who live from paycheck to paycheck. Chapter … Read moreWhat is Chapter 7 bankrupty and what’s different from Chapter 13?

If my house has a judgment lien, will I lose my home in bankruptcy?

Any time a creditor obtains a judgment, it can become a lien on your home. Once it becomes a lien, the judgment is secured by the equity in your home. If the judgment impairs an exemption you are entitled to with respect to the equity in your home, a motion may be filed to avoid … Read moreIf my house has a judgment lien, will I lose my home in bankruptcy?

Can I file for Bankruptcy myself without a lawyer?

There is no law stating that you need to have a lawyer represent you in bankruptcy. Obviously, money is tight for people who are seeking bankruptcy relief and in some cases one may have no choice but to do everything oneself. However, the bankruptcy laws can be difficult to understand without experience in their application, … Read moreCan I file for Bankruptcy myself without a lawyer?

Should my spouse also file for bankrupty?

Whether both spouses should file for bankruptcy relief depends on several factors, most importantly how much debt the other spouse has and one’s ability to pay off such debt if one does not file. Whether, when, who, and which chapter one should file under may include eligibility, pragmatic, and strategic planning considerations. These various considerations … Read moreShould my spouse also file for bankrupty?

Should I withdraw and spend my IRA or 401(k) before I file for bankruptcy?

In most cases that is the worst thing you can do! Retirement funds enjoy a special exemption in bankruptcy, and early withdrawal will result in substantial tax penalties and interest. Do not use these funds to try to avoid having to file bankruptcy without first having an experienced bankruptcy attorney thoroughly review your situation. Contact … Read moreShould I withdraw and spend my IRA or 401(k) before I file for bankruptcy?

Should I get caught up on my mortgage first or wipe out my credit card debt?

It is not unusual to be caught between a rock and a hard place. Chapter 7 is designed to wipe out unsecured debt that the debtor cannot afford to pay and facilitate a fresh start. The trustee is required to liquidate assets that have non-exempt equity and distribute the net proceeds to your creditors. Chapter … Read moreShould I get caught up on my mortgage first or wipe out my credit card debt?