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Can you convert from a chapter 13 bankruptcy to a chapter 7 bankruptcy and keep your home and car?
Wiki User
∙ 16y ago
Yes, depending on your situation. You should contact an attorney to discuss how it will effect you.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Wiki User
∙ 16y ago
Wiki User
∙ 15y agoIndividuals can't file a Chapter 11 (that's for businesses to reorganize under). The alternative to chapter 13 for individuals is Chapter 7, which is essentially a liquidation. Whether an individual can keep his house or not depends on the exemption laws in their state (the amount of assets that can be kept by the individual filing bankruptcy). The homestead exemption defines how much equity in the individual's home can be kept. Some states, like Texas and Florida, have generous homestead exemptions while others don't. The federal exemption set the homestead exemption at around 18K; individual states decide whether bankruptcy files must use state exemption amounts or may choose between state and federal exemption amounts.
Wiki User
∙ 15y agoIt depends on whether you can afford to pay the second home's mortgage, taxes and maintenance along with your Chapter 13 plan payments. If there is no mortgage on it, and you have no exemptions left to apply to its value, you might be required to pay a 100% plan and may not be able to afford that. Consult an experienced bankruptcy lawyer.
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Can you keep your home if you file chapter 13 bankruptcy?
yes
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
Can you keep your home in a bankruptcy in NC?
It depends on which "chapter" of bankruptcy you file. I suggest you speak with an attorney to see what you can do.
Can you keep your home if you file a chapter 13 bankruptcy?
Yes, as long as you keep making the payments.
In chapter 7 can you keep the house?
Yes. you can keep the home. Make sure to consult a bankruptcy attorney
Can you keep your home if you file chapter 7 bankruptcy and owe more on your second mortgage than the first?
yes
Can I file bankruptcy and keep my home?
If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments
If you file bankruptcy in one state and own a home in another state may you keep it?
The answer depends on the type of bankruptcy you file and the value of your home. In Chapter 7 bankruptcy, you may be required to sell the home unless it falls within certain exemption limits. In Chapter 13 bankruptcy, you can typically keep your home and create a repayment plan to catch up on missed mortgage payments. It's best to consult with a bankruptcy attorney to understand your specific situation.
Can you keep your free and clear home if you file chapter 7?
Probably not, but it depends on the value of the home and the exemptions available to cover that value.Consult a local bankruptcy lawyer.
Can you keep your airline miles in a chapter 7 bankruptcy?
Yes
Can you keep your vehicle if you file chapter 13 bankruptcy?
yes
Can you keep home in bankruptcy?
In the State of Illinois, you can keep your home while filing a Chapter 7 if it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions and continue to be current on your monthly mortgage payments.
