What chapter of personal bankruptcy allows me to keep my mortgage, lease and active credit cards?
Country relating to Question: United States
State (if USA): Massachusetts
all but commiting to attorney
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*Special Note:If you experience technical problems, please XXXXXXXXXX@XXXXXX.XXXHello,My name is XXXXX XXXXX X'd be happy to provide you with information today. I am a licensed attorney but I am not your attorney. The law does not allow me to provide legal advice or form an attorney-client relationship on this public forum. If at any time the information which I provide is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button. You may want to consider a chapter 13 bankruptcy. I will explain.As an individual, there are two types of bankruptcy available. A Chapter 7 and a Chapter 13. There are distinct differences in between a Chapter 7 and a Chapter 13 bankruptcy.A Chapter 7 bankruptcy could discharge (erase) all of your unsecured debt such as credit cards, judgments and personal loans. It would be an opportunity for a fresh financial start. However, you may have to surrender assets, if any, that exceed your exemption.A Chapter 13 bankruptcy is a repayment plan for an individual. It may require that you repay some of your unsecured Credit Card Debt over a 3 -5 year period. However, you may retain assets that exceed your exemption.Here are the exemptions for Massachusetts:http://www.bankruptcyinformation.com/MA_exemp.htmI think this is what you wanted to know. Please let me know if I have answered your question or whether you would like further informationPlease let me know if the rating box is missing or you are unable to rate for any reason
Bankruptcy Lawyer. Experienced.
The purpose for my seeking this bankruptcy is because I have a complaint against me for 60k as a gaurantor on a lease from a business. How does that figure in?
Chapter 13 allows a debtor to pay debts over a five-year period. The unsecured debts that have not been paid at the end of the five-year period are discharged/erased
How does that effect me trying to erase the Complaint for 60k but keep paying on most credit cards, lease and mortgage?
Thank you so much for the bonus.You would need to pay all of your disposable income into the chapter 13 plan. The disposable income would be paid toward your mortgage and other secured debt and the balance toward unsecured debt. At the end of the five-year payment period, most unsecured debt would be discharged.
So I can't keep mortgage payments and lease as is and erase Gaurantee?
That doesn't sound good. I am finalizing a refi at the moment.
Typically a debtor would be able to continue the mortgage payments as well as the lease – the difference would be that the payments would be made through the bankruptcy court during the five-year period.If you due choose to file a bankruptcy, typically it is best to wait until your refi has been completed. Once a bankruptcy is filed, the lender will not refi
Then I guess lastly how does that erase the complaint from the gaurantee.
Once a bankruptcy is filed, the automatic stay of the bankruptcy court prevents any action against a debtor outside of the bankruptcy court. Any liability that you may or may not have under the guarantee would be structured into your five-year payment plan
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What does an exemption mean in this case? Will my mortgage not be included in a chapter 13? it is $260,000
I am not online right now. I would be happy to answer your question when I return online in approximately one hour.
Exemptions are the items that debtor may retain in either a chapter 7 or 13 bankruptcy Here are the exemptions for Massachusetts:http://www.bankruptcyinformation.com/MA_exemp.htmWould you like to more fully explain your situation so that I can give you a better idea of how bankruptcy may affect you? If so, please make a list of your assets and the fair market value of the assets, your debts, any anything else you think may be relevant
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