Chapter 13 to 7 questions

[Sjba's Wheels]

Secured we have a truck and a computer which is almost paid off, in 7
would we take back making payments on the truck or would they sell it.
If the assets they take i.e. our business inventory,cargo trailer,2
other cars & sell them would that amount be added to the secured dept of
the truck? How long does it take to receive discharge of debts and would
we have to continue making the the weekly payments? Thanks Jane

 

[Brett Weiss]

In a Chapter 7 there *are* no monthly payments. That is only in a Chapter
13.

Whether you can keep your assets depends on what exemptions are available to
you and the details of your case. I have written a Bankruptcy FAQ which
should answer many of your questions about what is involved--it may be found
at www.brettweiss.com/faq/br_faq.htm.

I strongly recommend speaking with a local bankruptcy attorney. Most offer
free initial consultations and he or she should be able to review your
specific situation and let you know what you can and can't do. If you're in
Maryland, DC or Virginia, please let me know--we may be able to help.

Take care.

--
Brett

*****************************************************************
* Personal Injury/Malpractice Bankruptcy *
* *
* BRETT WEISS, P.C. *
* Attorneys at Law *
* Maryland, D.C. and Federal Bars *
* (e-mail address removed) *
* www.brettweiss.com *
* *
* Small Business Estates & Estate Planning *
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The Small Print: This response is for discussion purposes only. It isn't
meant to be legal advice and you shouldn't treat it as such. If you want
legal advice, speak with a local lawyer familiar with your state's laws who
can review *all* of the facts and the law applicable to your situation.
*****************************************************************

 

[Sjba's Wheels]

Thank you. Jane