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Key takeaways. Chapter 7 bankruptcy may allow you to exempt your vehicle if its value is under the exemption limit. The federal bankruptcy exemption limit is $4,450 until 2025, but it can vary by ...
Even after your bankruptcy file gets discharged, some lenders might require you to wait an additional 12 to 24 months to apply for an auto loan. How Bankruptcy Affects Your Car Loan Eligibility
Chapter 7 is a liquidation bankruptcy, where one's nonexempt property and assets — possessions not protected by bankruptcy — are turned over to a trustee, and debt is discharged in 3 to 6 months.
Chapter 13 bankruptcy: Chapter 13 allows a distressed debtor who has regular income, and total secured and unsecured debt of no more than $2,750,000, to maintain control of their assets while ...
Many types of taxes cannot be discharged in bankruptcy, including non-income tax debts. However, there are some exceptions for tax debt that meet certain qualifications.
To get debts discharged through Chapter 13, you must wait four years after filing a Chapter 7 bankruptcy. You can file for Chapter 13 before four years if no debts were discharged in the Chapter 7 ...
As part of a Chapter 7 bankruptcy, nearly all of your debt is erased or discharged. In order to discharge debt under Chapter 7 bankruptcy, however, nonexempt personal property of value is sold.
The idea of looking at your credit report after filing bankruptcy can be intimidating or anxiety-inducing. Still, you will want to make a regular habit of doing so for a variety of reasons.