Can I file bankruptcy on credit cards only?

Can I File Chapter 7 Bankruptcy on Credit Cards Only? In Chapter 7, you must include all of your debt in your bankruptcy case. But, you can voluntarily repay creditors after the bankruptcy is over if you choose to do so. It would be very unusual to repay a credit card debt.

Which type of debt would not be forgiven in a straight bankruptcy?

Non-dischargeable Debts And, even though it cannot eliminate all debt, it can help you eliminate a number of debts so you can start working to rebuild your credit score. Some examples of debts that are not forgiven by Chapter 7 bankruptcy include the following: Student loans. Child support or alimony payments.

When you file bankruptcy can they take your retirement?

In most cases, your 401k and other retirement accounts are protected in bankruptcy. In most cases, you can protect retirement accounts, including a 401k, from your creditors in bankruptcy. Read on to learn more about whether your 401k account is exempt in bankruptcy.

What happens to my rental property if I file for bankruptcy?

If you own a house, an apartment, commercial space, or a multi-unit building that you rent out to tenants, then you should consider how it will be affected if you file for bankruptcy. Whether you get to keep the property may depend on whether you file under Chapter 7 or Chapter 13.

What happens to real estate in Chapter 13 bankruptcy?

If you have significant equity in this property, the trustee can take it, sell it, and distribute the proceeds to your creditors (after paying off the mortgage and any other loans or liens on the property). In Chapter 13, you can keep all of your property — but you’ll have to repay a portion of your debts in a three- to five-year repayment plan.

What happens to your taxes if you rent a house?

Fortunately, if you decide to keep the property as a rental, you have a slew of tax deductions that will work in your favor. In California, for example, most expenditures made on your rental property can become a tax write-off, so long as you don’t hire a property manager to oversee the place for you.

Can a person keep their home in bankruptcy?

You can keep property that you can exempt (protect) under your state’s exemption laws. The Chapter 7 trustee appointed to oversee your case sells any property that you can’t protect with a bankruptcy exemption and uses the proceeds to pay your creditors.