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Banckrupcy question

Old 11-08-2010, 03:38 PM
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Unhappy Banckrupcy question

Legal eagles or somebody that knows this topic please clear this for me,if you file for chapter 13 and later on you can't keep up with that arrangement because you'r out of work can you change that to a chapter 7 if so what is the procedure.Are tou still responsible for any amount that you owe if you surrender your house and car or boat.
Old 11-08-2010, 03:42 PM
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I don't have the answer, but my heart goes out to you, your family and to everybody else that's going through these hard times.
Old 11-08-2010, 04:02 PM
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I never understood how you get to keep your car, house or boat under a bankruptcy? Ok the car I understand, you need to get to work I guess, your house, well what about moving to an affordable rental? And the boat? what the fu**? Somebody filing gets to keep the boat?
Old 11-08-2010, 04:20 PM
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Originally Posted by surrender View Post
I never understood how you get to keep your car, house or boat under a bankruptcy? Ok the car I understand, you need to get to work I guess, your house, well what about moving to an affordable rental? And the boat? what the fu**? Somebody filing gets to keep the boat?
No offense,but are you stupid or what or want to be too smart i know i need to get to work i just can't find one,yes i'm living in an affordable rental now,and yes under chapter 13 you can keep your house and car and boat and so on because it's a reorganizatiion the change to chapter 7 is my question so if you can't help with the specific question just don't post i didn't ask for your point of view.thanks
Old 11-08-2010, 04:22 PM
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Originally Posted by surrender View Post
I never understood how you get to keep your car, house or boat under a bankruptcy? Ok the car I understand, you need to get to work I guess, your house, well what about moving to an affordable rental? And the boat? what the fu**? Somebody filing gets to keep the boat?
Ignorant and no answers.

Chapter 13 tries to stop the flood of phone calls, harassment, horrendous penalties and interest. It attemps to put order where there's chaos. It makes for a court ordered schedule of repayment. You need an attorny. Strangely, the attorny will want to be paid up front.

If you file chapter 7, most likely your house has already been foreclosed on. The court will seize all assets. The court will let you keep things that are necessary to live. Typically you can keep the basics such as clothes, a car (if you own it), etc. The boat will be sold. You don't get to choose who you pay.

You need an attorny. I am no expert in this matter. I'm assuming your stuck and not just trying to get out of your obligations. Sorry for your problems. You will survive this and get back on your feet.
Old 11-08-2010, 04:29 PM
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I got caught up in the emotion of the previous responce and didn't really answer your question either. The simple answer is no. You also won't have any credit for 7 or so years. I'd suggest that if you have an Am Express CC, don't list them as a dept if you don't have to. Again, talk to an attorny.
Old 11-08-2010, 04:30 PM
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Originally Posted by surrender View Post
I never understood how you get to keep your car, house or boat under a bankruptcy? Ok the car I understand, you need to get to work I guess, your house, well what about moving to an affordable rental? And the boat? what the fu**? Somebody filing gets to keep the boat?
Under Chapter 13 you would be required to include the asset's distressed sale value in your plan. IE you will be paying the creditors the amount they would receive if the asset were liquidated along with the trustee's fee of around 10% of total plan value.
Old 11-08-2010, 04:35 PM
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Originally Posted by 101grunts View Post
Legal eagles or somebody that knows this topic please clear this for me,if you file for chapter 13 and later on you can't keep up with that arrangement because you'r out of work can you change that to a chapter 7 if so what is the procedure.Are tou still responsible for any amount that you owe if you surrender your house and car or boat.
Your attorney would be the one to ask. That said yes there have been cases of failed chapter 13s being converted to chapter 7 liquidations. Usually based on the ability or lack there of to stick to the chapter 13 plan.
Old 11-09-2010, 06:54 AM
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From what I understand, the judge will have almost unlimited authority to decide what happens. Your lawyer will be able to tell you what is probable but if you are in disagreement with the creditors it won't be a sure thing. Try to work with them to keep mutual expenses down.

Good luck!

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