QUESTION
Which bankruptcy can I file if I have mostly closed accounts?
Asked on Aug 12th, 2011 on Bankruptcy - Michigan
More details to this question:
I am recently unemployed and I have a lot of closed accounts. My car has just been repossessed so I really need to know if I can include it also, and get it back.
7 ANSWERS
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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As long as you qualify, Chapter 7 bankruptcy is the cheapest, easiest and fastest type of bankruptcy. Most debtors file chapter 7 bankruptcy. If your case has complicating factors, you may have to file a chapter 13 bankruptcy. You can include the liability from the repossessed vehicle in either chapter 7 or 13.
Answered on Aug 15th, 2011 at 1:55 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you have mostly closed accounts chapter 7 may be the best option. If you recently have had a car repossession chapter 13 might be a better alternative.
Answered on Aug 15th, 2011 at 7:35 AM
Glen Edward Ashman
Very few repossessed cars are returned. Unless you do a 13 quickly AND pay for the car, the answer as to the car is usually no. Most unemployed people cannot do a 13. ALL your debts must be in the case. Chapter 7 is usually the choice for the unemployed, but without more info as to your past earnings, etc. there is no way to know what you can file.
Answered on Aug 14th, 2011 at 3:27 PM
Chapter 7 bankruptcy is the most widely employed provision used by people in situations like yours (for those who qualify).
Answered on Aug 14th, 2011 at 3:27 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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Depends on a lot of factors, but Chapter 7 may be your better choice.
Answered on Aug 14th, 2011 at 3:09 PM
judith runyon
Talk to a bankruptcy attorney to see which chapter you qualify for.
Answered on Aug 13th, 2011 at 11:34 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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All debts must be listed in a bankruptcy case. The fact that an account may be closed does not mean it does not exist nor does it mean that it cannot be discharged in a bankruptcy case. Most debts are eligible for discharge. A debt for a repossessed car should be listed as there may be a deficiency balance owed after sale by the repossessing entity.
Answered on Aug 13th, 2011 at 11:29 AM