Bankruptcy

A Chapter 7 is the most common type of bankruptcy, and you may be wondering what the qualifications for filing are.

Depending on your financial situation, you can file either a Chapter 7 bankruptcy or a Chapter 13 bankruptcy, but there are some key differences you should be aware of.

Filing for bankruptcy can impact your ability to keep your vehicle. You should go over these frequently asked questions about bankruptcy and your car with your lawyer before filing.

Bankruptcy filers are often able to discharge most or all of their debt, which means they are no longer legally required to pay it. However, some types of debt can't be discharged.

If you’ve already received a discharge from a Chapter 7 bankruptcy, you have to wait eight years from the date you filed before you can file another Chapter 7. You aren’t able to file before the eight years is up, and there are limits on how many times you can receive a discharge.

If you're thinking about converting your Chapter 13 bankruptcy into a Chapter 7, you're bound to have some questions about how it affects your ability to purchase a vehicle in the future. Car buying is extremely difficult after going through multiple bankruptcies, but let's see how you're impacted after a converted bankruptcy.

Individuals in the US can file either a Chapter 7 or Chapter 13 bankruptcy, but you may not know which is right for you. Learning about the major differences between a Chapter 7 versus a Chapter 13 bankruptcy can help you find out.

While it's possible to buy a car while in an open Chapter 7 bankruptcy, you may not want to. Finding financing during this process is hard, due to the liquidation of assets. Plus, if you have enough cash to buy a car, it may jeopardize your bankruptcy.

It might be possible to get an auto loan while in an open Chapter 7 bankruptcy, but it may not be a good idea.

Your trustee plays an important role during a Chapter 13 bankruptcy. See how they can help you get an auto loan.