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Filing Chapter 7 and Chapter 13 Bankruptcy

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Generally, people file Chapter 13 bankruptcy if they have valuable property not covered by an exemption, like a home or car, but want to keep this property. If a debtor is behind on secured loan payments, a Chapter 13 bankruptcy filed with bankruptcy attorney can allow the debtor to make up these payments over time while keeping the home or car. You can file for Chapter 7 bankruptcy again after six years has passed from the date of your last filing. A Chapter 13 bankruptcy can be filed at any time. In a Chapter 7 case that you file with our bankruptcy attorneys, you can keep all the property which is exempt from the claims of creditors. In determining whether property is exempt, you must keep a few things in mind. The value of property is not the amount you paid for it, but what it is worth now. Generally, the trustee is interested in the resale value of your property so for most personal effects this is the garage sale value of your property. (See: Bankruptcy Overview) You also need to call our Layton Bankruptcy Lawyers to have them help you look at your equity in property. This means that you count your exemptions against the full value minus any money that you owe on mortgages or liens.

For example,

If you own a $50,000 house with a $40,000 mortgage, you count your exemptions against the $10,000 equity you have in the home. While your exemptions allow you to keep property even in a Chapter 7 bankruptcy case, your exemptions do not make any difference to the right of a mortgage holder or car loan creditor to take the property to cover the debt if you are behind.

If you are behind in payments and can afford to make the loan payment and to make the amount you are behind over a period of three to five years you should consider a Chapter 13 bankruptcy with bankruptcy attorneys in Layton Bankruptcy Lawyers. In a Chapter 13 case, you can keep all of your property if your plan meets the requirements of the bankruptcy law. In most cases you will have to pay the mortgages or liens as you would if you didn’t file bankruptcy.

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