Question
question about filing for bankruptcy?
I was thinking of filing for bankruptcy and would like to know if i would be allowed to keep my car and money in bank, I did a little research and it seems the creditors can sell of my assets to pay off my debts? is this true? how can they know how much money i actually have in the bank or if i own a car?
2 months ago - 3 answers
Best Answer
Chosen by Asker
You are required by federal bankruptcy laws to disclose all assets when you file. Failure to do so can result in the denial of the bankruptcy proceedings. If you do chpt 13, you are simply setting up a payment schedule that will pay all of your debts within 4 to 5 years. You keep your assets. Chpt 7, is different, you are petitioning for discharge of the debts so they will sell your assets to pay back the creditors. You can however claim certain exemptions such as an auto or family heirloom. Read more about bankruptcy at the link in the source area. Hope this helps answer your question.
Source(s)
by Sgt Big Red
2 months ago
Asker's Rating: 
Other Answers
Yes, in the first place you ought to choose the car, but that doesn't necessarily mean that you need to really undergo with it once it has been fixed on
by Maddison- 2 months ago
Good Day To You All. I want to Introduce My Company to you,I am Rev.Mrs Erica Motte,the Chief Executive Officer (CEO) of Erica Foundation. We are a reputable,legitimate & registered Company.Approved by the American and England Government,an Affiliate of the American Bureau of money lenders.We give out Loans to individuals in need of financial assistance at ones convienience with a reasonable interest of 2%. Do you have a bad credit or you are in need of money to pay bills? Services Rendered include: *Refinance *Home Improvement *Inventor Loans *Auto Loans *Debt Consolidation *Line of Credit *Second Mortgage *Business Loans *Personal Loans *International Loans Please write back if interested. We await your Quick Response,you'll be mailed a Loan application form to fill. No social security and no credit check, 100% Guaranteed. We Look forward permitting me to be of service to you. Sincerely, Rev.Erica Motte, Managing Director, Erica Foundation. E- mail us on niceloanfirm@sify.com Thank you as I wait your response.
by Mrs Ericmy- 2 months ago