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What does bankruptcy do im probably going to have to file…

what does bankruptcy do im...
what does bankruptcy do im probably going to have to file
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Answered in 13 hours by:
3/7/2018
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,987
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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hi. Do you know what chapter you are looking to file?
if you have minimal assets, and your budget passes the budget test, then chapter 7 debt elimination may be a good choice. You can discharge most consumer debts. Student loans, government debts, some taxes, child support and such are not discharged in chapter 7. If you have a house or car, you can choose to reaffirm (keep) those debts to keep the assets they are tied to. It keeps you on the hook, so you can keep them. If you don't want them, you can surrender them and discharge these debts too.

Chapter 13 is a debt repayment plan. You can discharge the consumer debts by paying a percentage back. This is based on your budget.

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Customer reply replied 5 months ago
it would be chapter 7 just loosing everything in hurricane Harvey and FEMA taking forever to do anything I've accumulated hospital bills and spent every dime I have and still trying to find work I make sure I make my car payment but that interest will get me in the end

oh, sorry to hear that you were hit hard by the hurricane. Medical bills are dischargeable for sure. You have 3 choices for your car in a chapter 7. you can surrender it, discharge debt and get something new afterwards, you can reaffirm = keep debt/keep car, or you can redeem the car. That option is where you will buy the car for fair market value. THis works when you owe more than the car is worth. There are lenders out there that can finance the buyout, and you usually will pay a lot less over the life of the loan that way.
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Customer reply replied 5 months ago
Thank you for your assistance I will be in touch again

Thank you. please click accept and rate me 5 stars to get credit for answering, and feel free to request me in the future. thanks!

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,987
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
Terry L. and 87 other Bankruptcy Law Specialists are ready to help you
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Customer reply replied 5 months ago
I enjoyed the speedy response and the detail in which my questions were answered I feel confident about the decision I have to make thanks to the EXPERT THAT ASSISTED ME !
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Category: Bankruptcy Law
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Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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