If I File For Bankruptcy Can I Keep My Car?

Many financial victims wonder what will happen to their car if they file for bankruptcy. They fear their car will be taken, leaving them and their family stranded with no mode of transportation to get the kids to school and themselves to work.

More often than not, the real question is not "can I keep my car?," but rather which bankruptcy option is best for you for choosing to keep the car. The current economic climate and high rate of default contributes to a favorable environment for debtors in bankruptcy wishing to keep their vehicle.

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Bankruptcy Law Firms

Filing for bankruptcy can be an excruciating moment. Individuals or firms have the option of filing for bankruptcy as a last option when their debts are out of control. Bankruptcy is filed when the debt is extremely high and the creditors are practically camping at the door. Expenses due to medical, legal, or credit card expenses usually make a person lean towards the option of bankruptcy.

Even though bankruptcy provides the individual with a credit free life later, it affects the credit rating for about 10 years, so filing for bankruptcy is not really a very easy option. Also, some cases, such as those dealing with mortgage and alimony, may not even be considered in the court as proper reasons for bankruptcy. Bankruptcy must also be considered only when all other options have been exhausted.

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If I File Bankruptcy, Will Everyone Find Out?

The quick answer is no, but like all legal matters, bankruptcy is part of the public record. The catch is for the public at large to view bankruptcy filings they must have a Public Access to Court Electronic Records (PACER) account and pay $0.08 per page to view the records. I have never heard of a private individual with a PACER account. For the most part only attorneys or other legal professionals have PACER accounts.

So who does find out? The most obvious people that find out are the people or companies that you owe money to. The underlying goal of bankruptcy is to treat the people you owe money the same depending upon the type of debt that is owed. All creditors must be listed in the bankruptcy petition schedules to be treated properly. They will all receive notice of your bankruptcy case directly from the Bankruptcy Court via United States mail.

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Stuck In The Bankruptcy Box - Households That Make $50,000-$100,000 Per Year

Most people who file bankruptcy have a household income of $50,000 to $100,000 per year. They are stuck in the bankruptcy box. The reason is that if those households make enough money to have protectable assets, but not enough money to survive an unexpected financial hardship.

You see, if people have very little income they are what is called "judgment proof." Judgment proof means that even though a creditor can get a judgment against a debtor, there is nothing to seize from the debtor. If there is nothing to seize then a debtor is judgment proof, i.e. the judgment is uncollectible. At the opposite end of the spectrum are households with more than $100,000 income per year. If a household has more than $100,000 per year, then it is more likely that it will have sufficient savings to get through a rough patch.

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Credit Counseling Can Help You Avoid Filing Bankruptcy

Filing for bankruptcy is a drastic step, which makes most people feel overwhelmed. There is a great deal of paperwork that must be done, and filing can be emotionally taxing. Because the whole process is quite complicated, it's wise to get help to make certain that the chapter bankruptcy filing is done right.

The first place to go for assistance would be a credit counseling agency. Often they can assist people in avoiding filing for bankruptcy altogether. Credit counselors can recommend helpful ways to deal with debt collection, or work with creditors to lower monthly payments, reduce interest charges and late fees, or even totally eliminate them.

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Understanding Your Insurance Policies Can Help You Avoid Bankruptcy

Though there are many reasons a person may end up filing for bankruptcy, there are certain things that can be done ahead of time to minimize the likelihood that you will need to declare bankruptcy. One key way to protect yourself against a potential financial disaster is to fully understand each insurance policy you have. The most important policies to understand are the rules of your medical, car, and home insurance.

Medical insurance can be exceedingly complex to decode, but it is imperative that you ask questions of your provider to ensure you know how you will be covered in the event of a serious illness or injury. Some medical insurance can look appealing because of low monthly payments, but the tradeoff may be very little to no coverage when you need it most. These insurance details are "hidden" within the pages of your policy details.

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Debt Consolidation, Debt Settlement Or Bankruptcy - Debt Relief in Phoenix, Arizona

Debt consolidation loans are becoming increasingly popular in Arizona, including Phoenix and Scottsdale. As the consequences of the economic slowdown become apparent, overwhelming personal debt is a reality facing many. Debt settlement is increasingly gaining popularity. But what is the right choice for a given individual? The only true way to know is to read up on the options. Many will want to consult with several experts in different areas about their particular situation.

In addition to consulting with a Phoenix bankruptcy attorney, you may want to speak with a few other experts. A new breed of debt professional is the certified debt arbitrator. These experts are unique in their qualifications. They often have special relationships with creditors. They can quite possibly help you avoid bankruptcy. Since they are trusted by these creditors, they can negotiate in a way that is out of the question for most individuals. They are a good starting point for most people interested in really getting a handle on their personal debt.

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Application for Waiver of Court Filing Fee in Chapter 7 Bankruptcy

Ironically, it is not cheap to file bankruptcy. Don't misunderstand me. For most people who are struggling with their financial situation filing bankruptcy is much less expensive than repaying the debts to be discharged in the bankruptcy case. But there are costs associated with filing bankruptcy. These include attorney's fees, the court's filing fee, and costs associated with ordering a credit report and taking the credit counseling and financial management courses required by the Bankruptcy Code.

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