Bankruptcy – Common Questions
Can a bankruptcy stop a foreclosure or vehicle repossession?
Yes. If you fall behind on your home or vehicle payments you can file a chapter13 bankruptcy to catch up the payments and keep your home or vehicle. You need to file your case before a foreclosure or repossession occurs.
Can I keep my house and/or my vehicles if I file for chapter 7 Bankruptcy?
Yes. You can file for a chapter 7 bankruptcy and keep your house under the following scenarios:
- If you owe money on your house and/or vehicle and you are current in your payments.
- If you can exempt the equity available in your house. Depending on what county you live in, you can exempt a dollar amount for house.
Am I eligible to File Chapter 7?
You can file for bankruptcy if your household income is below the median income for your household size where you live. You can also file if more than 50% of your debts are for your business.
Can bankruptcy help me reinstate my drivers license? Yes. If you have traffic fines, criminal fines, or child support enforcement fines, a Chapter 13 bankruptcy case can help reinstate your license.
