QUESTION
Will I lose any of my property or will it change anything?
Asked on Dec 06th, 2012 on Bankruptcy - North Carolina
More details to this question:
I claimed bankrupt 7 years ago. I own a home and cosigned for my boys cars (2) and also own my own car. Would it affect anything with the boy’s cars or my house if I bankrupt again?
11 ANSWERS
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Not enough information.What does affect mean?
Answered on Apr 24th, 2013 at 2:35 AM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Need to know more to determine which exemption scheme would apply.
Answered on Dec 11th, 2012 at 9:38 PM
It is possible that you can keep all of those assets if you file bankruptcy. That said, it can be complicated to determine what you can protect. I advise you speak with an attorney.
Answered on Dec 10th, 2012 at 2:08 PM
Bankruptcy Chapter 7 Attorney serving San Diego, CA
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Law Office of Asaph Abrams
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You can file a chapter 7 bankruptcy 8 (eight) years after the filing of a prior chapter 7 bankruptcy that concluded with a discharge of debt. Regardless of the prior chapter 7 bankruptcy, the current value of your assets must be addressed and qualified counsel can advise whether they are fully exempt. This answer (by San Diego bankruptcy attorney, Asaph Abrams) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon. It creates no attorney-client relationship; it may be pertinent to CA and/or its Southern District Bankruptcy Court only, and it's independent of other answers. It may be time sensitive, as in past the "Use by" date: laws and case law change. Hire legal counsel before acting or refraining from bankruptcy/legal action.
Answered on Dec 09th, 2012 at 7:15 PM
You won't be eligible to file Chapter 7 bankruptcy again until 8 years have passed since your previous bankruptcy. The law changed 7 years ago. You may be eligible for a Chapter 13 right now if you need the protection of the bankruptcy court. Without more information, it isn't possible to say whether or not your home and your children's vehicles would be vulnerable to being taken by a bankrupcy trustee or not.
Answered on Dec 07th, 2012 at 2:59 PM
William C. Gosnell
First you can't refill until 8 years after the discharge. Second your filing as the co-signer on the boys car could cause them to get their cars repossed. Third depending on your states homestead exemption.
Answered on Dec 07th, 2012 at 2:00 AM
Business Litigation Attorney serving Orange, CA
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Law Offices of Frank Granato
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Yes. That may prompt a repossession of the cars.
Answered on Dec 06th, 2012 at 5:37 PM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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It depends whether you are on the title to the cars with the boys. If you are, it could be a problem.
Answered on Dec 06th, 2012 at 3:12 PM
First, you will have to wait 8 years before you can file again. With regard to your home and cars, if you file and you are current on mortgage and car payments, you should be able to keep home and cars as long as you continue to make payments. With cars, you will have enter into reaffirmation agreements with the lenders. To know whether you can keep home and cars for sure, you will need to look at the values of the home and cars and see if you have sufficient exemptions to protect any equity you may have in them.
Answered on Dec 06th, 2012 at 3:08 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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You cannot file another chapter 7 for eight years after filing the last one. You can file a chapter 13. As to affecting co-debtors, it depends on whether the debt is being paid and what chapter bankruptcy you file. Please understand that filing for bankruptcy is a very complicated process. Especially since the changes in 2005. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Dec 06th, 2012 at 2:43 PM
Bankruptcy Law Business Attorney serving Asheville, NC
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Pitts, Hay & Hugenschmidt, PA
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If the boys keep up the payments, your bankruptcy shouldn't be a problem.
Answered on Dec 06th, 2012 at 1:59 PM