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Financial Debt Questions

What is financial debt?

Financial debt is where an individual owes money to either a company, business or another person. Normally, when a person has borrowed money and is facing debt this is for certain reasons, including college funding, or buying a house. In business or governments, debt is sometimes given in the form of bonds, where these are tradable securities enabling the holder to repay the debt at a certain time.

If an individual is finding themselves in financial debt what are their options when filing either Chapter 7 or Chapter 11 bankruptcy?

This person has two options since there are two different types of bankruptcy. One being Chapter 7 and the other is Chapter 13. Since, there are different types in filing bankruptcy that means that these two different chapters have different outcomes. A Chapter 7 bankruptcy would remove all of the individual’s unprotected debts that would include credit cards, judgments and their personal loans. A Chapter 7 bankruptcy would give this person a chance at a fresh financial beginning. With that being said, this person may have to give up all their possessions that go over their freedom. As for the Chapter 13 bankruptcy, this chapter is considered a repayment plan for that person. This chapter in many cases may require that the person repay most of their unprotected credit card debts within a 3 to 5 year time. With that being said, this person may be able to hold onto their possession that goes above their freedom.

In the state of Virginia if someone has financial debt will they be eligible to file for bankruptcy in order to keep their home and vehicle?

This individual would be able to file for bankruptcy only if they are no behind on their house or car payment. If they are not behind on these payments, the individual can file for Chapter 7 Bankruptcy and they may be able to be eligible for a removal of all the debts except for those that the individual agrees to continue to pay in order to keep their home and vehicle. Now, if the individual is behind on their house or car payment, the lender would be able to agree to allow this person to catch up and agree to pay their debt or they could refuse to allow this person to have the payments current or foreclose based on their failure to pay. Now, even if this person does file for bankruptcy the creditors can continue with their collection once they ask for the court’s permission to be removed from the automatic stay.

What can someone do if they are in a large amount of financial debt and are having trouble making their monthly payments? What type of bankruptcy would be available in this case and how would it affect the person’s credit score?

In this case, the individual may consider filing Chapter 7 bankruptcy. A Chapter 7 Bankruptcy would be able to remove all of their unprotected debts that would include credit cards, medical bills, judgments and if there are any personal loans. The individual may also be available to file for a fresh financial start. A chapter 7 requires that this person gives up their possessions, if any of the possessions go over their exemption. Now, with that being said this person does not have any nonexempt possessions, then that person will only lose their debts. As for how a Chapter 7 bankruptcy filing will affect a person’s credit score, this will place a negative mark on their credit. Many people believe that if they can gain a new mortgage after two years of filing bankruptcy.

Many people run into the problems of financial debt. Also, many people believe that within time they can overcome this debt and rise above it, and in many cases that is possible, but then there are some that feel like they can rise above this debt and need a little assistance to remove this debt or help lower their monthly payments so they can repay their debt. If you find yourself dealing with financial debt and not sure which bankruptcy chapters are right for you and your situation, contact the Experts online.

Ask a Bankruptcy Lawyer

FiveStarLaw
FiveStarLaw, Attorney
Category: General
Satisfied Customers: 3311
Experience:  Bankruptcy Lawyer. Experienced.
9968427
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