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File an exemption if you want to keep your car. Most states offer an exemption for motor vehicles, meaning you can exempt your car from bankruptcy and maintain ownership.
Exempt property calculations and provisions are determined on a state-by-state basis. This is important within the bankruptcy process, and may affect an individual's decision to file Chapter 7 or Chapter 13 bankruptcy. State exemptions vary from strict to generous.
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
Find out how bankruptcy affects your auto borrowing eligibility, and learn tips to help you get a loan after filing. Learn about your options. Skip to main content
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
Taking on too much debt can put you on the fast-track to bankruptcy. In 2023, the number of non-business bankruptcies in the U.S. rose to roughly 434,000, marking a 16% increase over the previous ...
Before filing for bankruptcy, many people explore debt settlement or debt management programs. While these options can work for some, they may not be effective if you have large amounts of debt ...
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