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If you have currently had your vehicle or house repossessed (foreclosed on, in the case of your residence) you may still be in a position to get either or each back if you act proper away. If you file a chapter 13 bankruptcy you really should be ab... When you face repossession of your property or your car, you may want to declare bankruptcy to save them. If creditors have a valid lien or mortgage on either your vehicle or you genuine estate filing bankruptcy will temporarily cease any repossession procedure. If you have already had your automobile or property repossessed (foreclosed on, in the case of your residence) you may possibly nonetheless be able to get either or both back if you act right away. If you file a chapter 13 bankruptcy you ought to be able to keep your house and your vehicle. If you file a chapter 7 bankruptcy you will preserve each for awhile but you could ultimately be faced with repossession for liquidation. Based on which U.S. state you live in, and what the state laws say about the matter, the trustee of that bankruptcy could be charged with liquidating each your automobile and home to pay your debts. Declaring bankruptcy, while it can halt or at least slow down the repossession method must not be looked at as the preferable cure for your financial problems. Even though it is a single course of action - and if it gets to the point of repossession drastic action would be necessary to save your house and vehicle - its constantly greatest to attempt to salvage the scenario by means of debt consolidation, loans or negotiation with your creditors. Bankruptcy will give you somewhat of a fresh monetary start off but it can have consequences virtually as grave as repossession. The reality that you had a bankruptcy will be on your credit record for ten years, and that is a matter of public record, as opposed to your other credit history. If you ought to run into similar monetary crises and subsequently repossession possibilities you wont be able to again declare bankruptcy for one more eight year. There are two kinds of bankruptcy, as we mentioned before, that will assist you preserve your property secure from foreclosure and your car from repossession. A Chapter 7 bankruptcy is a brief term band aid whose aid depends on your homes equity and that states laws on homesteading and personal bankruptcy. If you file for a Chapter 13 bankruptcy, however, not only will it quit that repossession and foreclosure but it will more than likely save you from losing your home at all. With a Chapter 13 bankruptcy you will make arrangements to pay some of your debt and generally all of your debt on any secured loans. Chapter 13 is at times called a wage earner bankruptcy simply because it lets debtors who have their own consistent earnings generate a economic plan to repay at least a portion of their debts. With a typical Chapter 13 the debtor ask the creditors to accept installment payment for 3 to spend years. Throughout this time frame these creditors are legally restricted from continuing collection efforts or beginning any new ones. The debtors level of earnings and the kind of bankruptcy decide the time allowed for repayment. The major benefit to selecting a Chapter 13 more than a Chapter 7 is to save a house and car from repossession. This is in sharp contrast to a Chapter 7 bankruptcy in which a trustee takes repossession of all or most of the debtors home and liquidates it to settle debts. When the possessions are sold and the cash paid to creditors, all debts are erased whether or not there was enough income to spend them off or not. There are some exceptions, of course. Bankruptcy will not guard a U.S. citizen from the IRS. david kaye attorney