bankruptcy questions

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This video explores whether you can keep your house and your car if you file for chapter 7 bankruptcy in Kansas. In Kansas, you can keep your house and car if you file for chapter 7 bankruptcy. In other states, however, it depends on the type of exemption your state gives. Assuming you qualify to keep your house and car, there are still a couple of things you need to keep in mind. First, you have to continue making your payments. If you stop making your payments, your lender can foreclose on your house or repossess your car. Second, you need to discuss with your attorney what steps you should take regarding your home and car loan. Every situation is different, so you need to consult with your attorney to ensure you are addressing your home and car loan in the appropriate manner.

If, however, you are behind on your house payments, or you are facing foreclosure, chapter 7 bankruptcy is probably not right for you. At best, filing for chapter 7 bankruptcy will only temporarily halt a foreclosure action. In other words, it will not do anything to address the long term problem. If you are behind on your payments, the first thing you need to do is to try and negotiate some type of mortgage workout with your lender. If that does not work, then filing for Chapter 13 bankruptcy is probably your best option. Chapter 13 gives you the option of catching up on your late payments via a five year repayment plan. At the heart of a Chapter 13 bankruptcy is a three- or five-year repayment plan that allows you catch up on your missed payments. You can pay your missed payments back over the length of your repayment plan while keeping your house. And as long as you stay current with your payment plan, you will be able to keep your house.

If you find yourself overwhelmed with debt, filing for chapter 7 bankruptcy might be what you need to get a fresh start. However, filing for chapter 7 bankruptcy is not always the right solution. Especially if you are facing your house being foreclosed. For more information on bankruptcy, visit my site at www.bankruptcy-topeka.com. Or if you have any questions about whether filing for chapter 7 bankruptcy is right for you, call me at 785-274-9014 or email me at jacob@mcelweelaw.com.

REQUIRED 11 U.S.C. §528(a)(4) NOTICE: We are a debt relief agency. We help people file for bankruptcy relief under the United States Bankruptcy Code.

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