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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2603
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Quick question If I file a chapter 13 bk both personally and

Customer Question

Quick questionIf I file a chapter 13 bk both personally and corporatelyIf I sell my residence and other homes does that sale proceeds go the creditors ?If I have pending corporate n civil legal matters pending in court what happens to the cars we have retained for non payment for repairs made part of the customer lawsuit - What happens to pending case and the car if we file 13 bk ?Thanks
Carlos / CS1
Submitted: 2 months ago.
Category: Bankruptcy Law
Expert:  DrakeLAW replied 2 months ago.

Hi, my name is ***** ***** I look forward to helping you, please give me a moment to review and possibly research answers to your question.

Expert:  DrakeLAW replied 2 months ago.

1. Companies cannot file chapter 13. Only individuals with regular income can.

2. Yes, if you sold homes during bankruptcy, the equity would go to creditors. It seems to me you don't want to do that and should sell homes before filing BK.

3. Since companies can't filed ch 13, nothing will change regarding the cars.

Perhaps if you describe the problem to me a little more I can give you some more thoughts rather than just being stuck thinking about chapter 13.

Customer: replied 1 month ago.
Sorry sir been out of pocketRegarding the selling homes during BK 13 what if one of the homes is homestead ?Regarding the cars we have in our possession due to not payment of repairs what happens to the cars if I file a corporate BK pending in civil lawsuit ?CS1