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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.
For example, if you bought a car in 2010, use it as part of your business and then sell it in 2020, you should keep all of those car-related tax records until the statute of limitations expires ...
Filing for bankruptcy affects your credit score, which makes you a less favorable borrower in the eyes of many lenders. However, there are ways to get approved for an auto loan even with a Chapter ...
Declaring bankruptcy isn't your only option. Read on to explore a few other choices that may provide better outcomes for your financial situation. Before You File for Bankruptcy, Consider These 3 ...
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]
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 ...
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income.According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1]
For example, if you’re past due on your mortgage or auto loan, and you file for bankruptcy, lenders can’t foreclose on your home or repossess your car while the automatic stay is in place.
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