When it comes to bankruptcy information, it is imperative that you understand that the more informed you are, the more accurate would be the made decisions. Following are some of the most frequently asked questions in this regard.
How Does Bankruptcy Affect The Obligations Of A Co-Signer?
As per bankruptcy information, if you are a co-signer, you will not be liable to pay the debts that are dischargeable. However, do understand that you will be held primarily responsible for the debts that are non-dischargeable. What is more, if you are filing bankruptcy with a co-signer, do not forget to list the co-signer as a creditor in your schedule. You should always remember that they have a contingent claim against you. As a co-signer, you will be liable to pay all the non-dischargeable debts, such as student loans, certain taxes etc.
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Does Bankruptcy Allow The Debtor To Keep His Or Her House?
The bankruptcy information regarding homestead exemptions varies from state to state. Every state has different laws. However, each state allows exemptions of homestead properties up to a certain amount. Since laws also give you some liberty to choose your exemption scheme, the maximum amount exempt under this section depends upon your selection of scheme and of course your specific circumstances. Overall, you may exempt a maximum of $100,000 in equity. In order to make the best use of bankruptcy exemptions in this regard, you are advised to calculate the equity of your house using a value that must be based upon the forced liquidation against the best selling conditions to arrive at your house's real value. Now that you know the value, try deducting the total amount that you owe plus selling and transfer costs from this value.
This is the right method using which you will be able to calculate the equity of your home. When it comes to bankruptcy information, you must know that the value of liquidated properties is usually very low in a depressed market. Since every state has defined the homestead exemptions in different ways, you are also advised to hire a bankruptcy lawyer. A lawyer is an expert individual who will help you make the best use of the various options available to you. They will do their best to help you keep your home even after the court has declared you as bankrupt.
Can The Debtor Keep The Credit Cards After Being Declared As Bankrupt?
There are certain circumstances in which the bankruptcy court may allow you to keep the credit cards. The court takes several factors into consideration before giving a judgment in this regard. Some of these factors include your ability to pay the present and future credit card debt, the overall balance of the credit cards at the time of filing your petition etc. As per bankruptcy information, the court also tries to know what the credit card company is willing to do.
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