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You can’t apply for a mortgage close on the heels of a bankruptcy. You’ll have to wait until a court or creditor approves your bankruptcy plan, you’ve discharged certain of your debts (as ...
“When you file for Chapter 7 bankruptcy, it’s known as a fresh start. You can discharge all your unsecured debts so that you’re no longer liable for them,” says Katie Ross, executive vice ...
You don't want to give up your home equity. There is a limit to the amount of equity you can have and still file BK. Usually it is around $50K; it varies by state.
In a Chapter 7 bankruptcy, the individual is allowed to keep certain exempt property. Most liens, however (such as real estate mortgages and security interests for car loans), survive. The value of property that can be claimed as exempt varies from state to state. Other assets, if any, are sold (liquidated) by the trustee to repay creditors.
The most common forms of default resulting in repossession are failing to make required payments and failing to maintain adequate insurance coverage. Many U.S. states have enacted additional laws that apply specifically to the repossession of purchased and leased automobiles, and which are intended to afford additional consumer protections. [3]
He described the significance of these entities: "In early 2007, asset-backed commercial paper conduits, in structured investment vehicles, in auction-rate preferred securities, tender option bonds and variable rate demand notes, had a combined asset size of roughly $2.2 trillion. Assets financed overnight in triparty repo grew to $2.5 trillion.
Bankruptcy can give you a fresh start by restructuring your debts or liquidating some of your assets, but it can ruin your credit. Debt consolidation combines several debts into one, ideally with ...
U.S. bankruptcy law provides for an automatic stay of any legal process against debtors or their assets (except perhaps legal process involving criminal law or family law) while bankruptcy is pending, but because U.S. bankruptcy courts cannot cram down loans secured by primary residences, creditors are able to file motions for relief from the ...