I have a friend that at one time had a business with her husband he was killed on the job and she tried to keep the business going but failed she has already lost her home she is living with me along with two small great grandchildren under the age of 3. All she has is a vehicle that was donated to her by our church. She works at the school cafeteria and doesnt make enough money to pay her babysitting much less pass bills. Her checking account is being levied now for pass bills she has outstanding debts totaling around $30,000.00 from this past busy. The Chapter 7 bankruptcy sounds like you cash in your possessions would she lose her car . Would she even qualify to file Chapter 7?
type of bankruptcy
1 Comments:
Yes, she qualifies for Chapter 7 bankruptcy. If she owns a brand new valuable car with no loans against it, then yes, she would lose her car. If there are loans against the car, she could continue paying the loans. If her car has little or no value, it is possible that she could keep her car, but the answer will also depend on where she lives. We suggest she contact a bankruptcy attorney to review what she gets to keep before she declares bankruptcy.
By Bankruptcy Alternatives Blog, at 9:51 AM
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