what happen if a person file bankruptcy?

if a person own a business and he looseing money,if he file bankruptcy will the somebody take he’s house and the car he have?

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Posted March 10th, 2010 in Bankruptcy Q And A. Tagged: , , .

3 comments:

  1. Nevada Pokerqueen:

    When you file bankrupcy there is chapter 7 or 11. One abolishes your debt and the one one allows you to still pay off bills but no creditors breaking down your door.
    They can not take your home that you live in. They can take the car. They can take any other items you own to sell to pay off the debt like rentals, boat, motocycles, plane, RV, business fixtures, and any other tangible item you have even furniture if not paid off.

    I do not like bankrupcy. It can ruin you for a long time. It ruins your credit, makes you a rental risk for an apt or home, and basically ruins your chance to buy anything on credit for a long time (7-10 years). After that time you are still hurt because you not only show a former bankrupcy but you show not credit in that period of time. When you use credit responsibly you get good credit, when you use credit not wisely by paying your bill or if you have not used your credit in a long time you show Bad credit.

    If your business is not doing well get help. Talk to a financial person who can tell you what to do to get out and how you can pay your bills. By consolidating bills it helps get one payment made for all. Sell the business (fitures, inventory) or just close it down and have an auction firm sell the fixtures and inveltory to pay off your debt.

    You may even want to talk to an attorney. Dont file bankrupcy. Remember you will not be able to rent a home or apt or get any assistance in the near future with your bills. It will be cash only.

    March 10th, 2010 at 5:07 pm
  2. UNI Panther:

    Normally, you get to keep your house and your car. If you have multiple cars you probably won’t keep them.

    March 10th, 2010 at 5:07 pm
  3. darkfire_dragon:

    depends.

    March 10th, 2010 at 5:07 pm

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