Best Foreclosure Lawyers in Anderson, IN

You may be curious as to whether you can file for bankruptcy a second time to reutilize this financial relief. With certain restrictions, you will be able to file more than once. You can apply for a Chapter 7 bankruptcy twice if a period of eight years has elapsed between bankruptcies. If you previously filed for a Chapter 13 bankruptcy, you can file for a Chapter 7 bankruptcy after 6-year lapse. A Chapter 13 bankruptcy can follow a Chapter 7 bankruptcy if there is at least a 4-year gap. Chapter 13 bankruptcies can be repeated within 2 years of one another.

Providing that you are current on the car payments and the vehicle is insured, we can list your intention as "reaffirm," and you will continue to make your regular monthly payments. Doing so may allow you to keep possession of the vehicle. If you wish to surrender the vehicle because you are not able to afford the payments, this can be accomplished through bankruptcy. Through this process, your car loan lender will retain possession of the vehicle, but you will not be liable for any deficiency.

If you owe a large amount of debt, you may still possess the right to protect important assets, including your home, personal property, and money in bank accounts. Property that can be protected is called "exempt property," which means that you will not lose property in your bankruptcy if the total property value is less than the exemption amount. Many clients do not lose their assets.