BANKRUPTCY VIDEOS
- Introduction to Bankruptcy
- Types of Bankruptcy
- Limits of Bankruptcy
- Filing for Bankruptcy
- Meeting of Creditors
- Bankruptcy Court Hearings
- The Bankruptcy Discharge
- The New Bankruptcy Law
- The Credit Damage Myth
- Chapter 7 Bankruptcy Explained
- Chapter 13 Bankruptcy Explained
Blog
- Bankruptcy Options For Automobiles
- How Often Can I File for Bankruptcy?
- Will Filing Bankruptcy, Cause Me To Lose My Recreational Vehicle(s)?
- Am I Better Off Trying to Work with a Credit Counseling Agency?
- Will I Lose My Retirement Account If I File Bankruptcy?
A commonly overlooked benefit of bankruptcy is how it can modify the obligations you owe on your motor vehicles / automobiles. Many people who come to... Read more
How Often Can I File For Bankruptcy? You can file for Bankruptcy multiple times. However, certain time restrictions apply. These time restrictions... Read more
Assuming you own the recreational vehicle free and clear or have substantial equity in it, the answer as to whether you will be able to keep it depends... Read more
Honestly, I cannot think of any situation where working with a credit counseling agency would be better than filing bankruptcy. I would suggest pursuing... Read more
In nearly all bankruptcy cases, you will not lose your retirement account. The bankruptcy code specifically provides certain exemptions. These bankruptcy... Read more
How Bankruptcy Law Protects You
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Stop Repossessions
The Automatic Stay prevents creditors from attempting to repossess property. Creditors have to get permission from the court to resume their repossession efforts. This means you will not have to hide your car if you are worried it may get repossessed. Usually, in the worse case scenario, if you are unable to work out a deal to keep the property, through the Bankruptcy, you get to schedule a time when you will return the property.
For example, if you have a vehicle that may be repossessed, the Automatic Stay will stop the creditor from repossessing your automobile. If you elect not to keep the vehicle, you will have thirty days from the date of the meeting of creditors, to return the vehicle. This amounts to about seventy five days use of the vehicle after the bankruptcy petition has been filed. The exception to this is if the creditor gets permission to lift the automatic stay and recover the vehicle at an earlier date. This exception will usually take at least thirty days to complete.