QUESTION
Can I file a chapter 7 bankruptcy for my mortgage and car payments?
Asked on Jun 12th, 2012 on Bankruptcy - Colorado
More details to this question:
aan an individual file Chapter 7 for mortgage for their car and mortgage and, also a student loan ($45.00) pus one gas credit card.
14 ANSWERS
Burton J. Green
Student loans are not dischargeable debts and will remain after your bankruptcy. If you are intending to surrender your car and your home to the lenders, you can (not necessarily advising you to do so) file bankruptcy and discharge all potential deficiency liability on the loans. If you want to retain your home and/or car, chapter 7 will not help. however, a chapter 13 might be your answer. Sit down with an attorney to discuss your situation.
Answered on Jun 25th, 2012 at 5:10 PM
Family Law Attorney serving Hackensack, NJ
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The Law Offices of Stuart Jon Bierman
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Generally, the answer is "yes" as to mortgages, car loans, and credit cards _but_ student loans are usually not eliminated thru bankruptcy. However, student loans can be eliminated in certain limited situations when one can show extreme hardship.
Answered on Jun 21st, 2012 at 5:23 PM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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If you are ready to give up your home and car, you can discharge those debts. The gas credit card is likely also dischargeable. Student loans generally do not get discharged in bankruptcy.
Answered on Jun 21st, 2012 at 11:19 AM
Yes, bankruptcy discharges your liability on mortgage, car payments and general unsecured debts. Student loans are dischargable only in rare situations and circumstances.
Answered on Jun 21st, 2012 at 10:40 AM
Barbara A. Fontaine
You cannot get rid of mortgage payments nor car payments and still keep the house and car. Usually you cannot get rid of student loans either.
Answered on Jun 21st, 2012 at 10:10 AM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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Are you surrendering the home and car? You can eliminate these debts, but you should consult an attorney.
Answered on Jun 20th, 2012 at 7:01 PM
Bankruptcy Attorney serving Atlanta, GA
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Saedi Law Group, LLC
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If you are walking away from the home or car then yes you can file Chapter 7 to discharge that debt. You cannot discharge your student loan debt. However, if you wish to retain your home and car you should schedule a meeting with a bankruptcy attorney for a consultation to see which option would be best. Chapter 13 or 7.
Answered on Jun 20th, 2012 at 5:57 PM
Bankruptcy Attorney serving Overland Park, KS
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The Smalley Law Firm, LLC
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Yes, but student loans generally cannot be discharged in bankruptcy and if you must continue to make your house and car payments if you want to keep them. I suggest you consult with a bankruptcy attorney to discuss your options and the details of your situation.
Answered on Jun 20th, 2012 at 5:56 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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You can get a discharge for your mortgage, car loan, and credit card but not your student loan.
Answered on Jun 20th, 2012 at 5:54 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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An individual can file chapter 7 bankruptcy for car and mortgage payments, but they have to keep the payments current if they want to keep the assets. Student loans are largely regarded as non dischargeable, but credit card balances are. One should seek the advise of a bankruptcy attorney when considering chapter 7.
Answered on Jun 20th, 2012 at 5:41 PM
Yes, it appears that you may file a chapter 7. However, if you are going to let your house go to foreclosure and you have only one mortgage, you do not need to file for that. If you are going to keep the car and continue to make payments, then there is no reason to file on that account. Be sure that filing makes sense for you before you jump in.
Answered on Jun 20th, 2012 at 5:41 PM
child support Attorney serving Northborough, MA
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Aaron Hutchins
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If your home has any equity in it, you may not qualify for a chapter 7. You'll need to consult an attorney about that. Student loans are rarely, and close to never, discharged.
Answered on Jun 20th, 2012 at 5:39 PM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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If you ever filed bankruptcy before, question is not whether or not you are able to file bankruptcy, but whether to do so is in your best interests. In your particular case the debts associated with your car and your house are most probably secured and therefore will be very difficult to discharge unless you are willing to give up both the car and the home. Student loans, as they are now a minister totally by the government, and the government makes the rules, I'm not generally dischargeable. Credit card debt is generally dischargeable as long as it has not been fraudulently incurred. However, filing the bankruptcy trump card for a single gas card would be, in my preliminary opinion, very foolish.
Answered on Jun 20th, 2012 at 5:35 PM
Daniel James Wilson
If you want to keep your house and car you have to make payments. A Ch 13 is sometimes very helpful in catching up on mortgage arrears, but bottom line is if you want to stay you have to pay.
Answered on Jun 20th, 2012 at 5:33 PM