Income and Money in Chapter 7 Bankruptcy
Income and Money in Chapter 7 Bankruptcy
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Is Social Security Safe in Chapter 7 Bankruptcy?
Generally, Social Security benefits that have been or will be paid to the debtor are safe in a Chapter 7 bankruptcy. However, if you have Social Security benefits in a bank account prior to filing for bankruptcy, or have received a lump sum payment, you may run into trouble if you have commingled (mixed) these funds with non-Social Security money.
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How Is Income From Child Support Treated in Chapter 7 Bankruptcy?
If you file for Chapter 7 bankruptcy and receive child support, you may be concerned about losing ongoing child support payments, payments you received before you filed for Chapter 7 bankruptcy, or child support arrears.
Common Types of Property in Bankruptcy
Common Types of Property in Bankruptcy
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Can I Keep a Post-Petition Bonus in Chapter 7 Bankruptcy?
If you get a bonus from your employer after you file for Chapter 7 bankruptcy, whether you can keep it depends on a number of factors.
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What Happens to Your Personal Property in Chapter 7 Bankruptcy?
When filing for Chapter 7 bankruptcy, many debtors are able to keep most or all of their personal property. What you’re allowed to keep depends on what property is deemed "exempt" by your state or the federal bankruptcy exemptions.
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Can I Keep My House If I File for Chapter 7 Bankruptcy?
No one wants to file for Chapter 7 bankruptcy and lose their house. Find out the steps you’ll need to take to keep your home when filing for Chapter 7 bankruptcy, including how to value your home, calculate home equity, and research homestead bankruptcy exemptions.
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Will Chapter 7 Bankruptcy Prevent a Car Repossession?
If you are not making timely car loan payments, Chapter 7 bankruptcy cannot permanently prevent a car repossession. However, Chapter 7 can temporarily delay the lender from repossessing your car and allow you more time to negotiate or cure your default.
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Keeping a Credit Card in Chapter 7 Bankruptcy
Filing for Chapter 7 bankruptcy wipes out qualifying debt and gets filers back on their feet. Learn why keeping a credit card in Chapter 7 bankruptcy is unlikely and why you should plan on rebuilding credit after completing a Chapter 7 bankruptcy case.
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Bankruptcy Exemptions - What Do I Keep When I File For Bankruptcy?
Bankruptcy exemptions determine what you get to keep during and after bankruptcy, including your home, car, retirement account, or personal belongings. But you'll have to comply with exemption rules. Find out which state exemption laws will apply in your bankruptcy case, or whether you can choose the federal bankruptcy exemptions instead.
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How Is Joint Property Treated in Bankruptcy?
How will your bankruptcy filing affect your spouse and the property you own together? The answer depends on what type of case you file, whether you file alone or with your spouse, how you own your property, and the laws of your state about marital property.
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Will I Lose All My Property If I File for Bankruptcy?
What happens to your property in bankruptcy, including your house and car, will depend on whether you file for Chapter 7 or Chapter 13. In Chapter 7, you'll lose your house or other property that isn't protected by an exemption. In Chapter 13, you'll keep all of your property, including your house, but you'll pay for nonexempt property that isn't covered by a bankruptcy exemption through the Chapter 13 repayment plan.
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Is Social Security Safe in Chapter 7 Bankruptcy?
Generally, Social Security benefits that have been or will be paid to the debtor are safe in a Chapter 7 bankruptcy. However, if you have Social Security benefits in a bank account prior to filing for bankruptcy, or have received a lump sum payment, you may run into trouble if you have commingled (mixed) these funds with non-Social Security money.
When Property Secures a Debt: Your Options
When Property Secures a Debt: Your Options
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Reaffirmation Agreements in Chapter 7 Bankruptcy
Except for certain types of debt that survive bankruptcy such as back taxes and child support obligations, most of your debts will be discharged (wiped out) at the end of your Chapter 7 bankruptcy case. If you owe secured debts (debts for which you have pledged property as collateral), your personal liability for those debts will be discharged in bankruptcy too.