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Most consumer debts, including medical bills and credit card bills, are dischargeable. Certain debts, however, are non-dischargeable, meaning they cannot be wiped out through bankruptcy. These are debts that Congress has decided should not be able to be discharged for public policy reasons.

If the person filing a current bankruptcy case has a previous bankruptcy on their record, any debts intentionally omitted in that prior case are non-dischargeable. Any debts the filer waived discharge on or was denied discharge for in a prior case are non-dischargeable in a later bankruptcy case.

Nondischargeable debt is a type of debt that cannot be eliminated through a bankruptcy proceeding. Such debts include, but are not limited to, student loans; most federal, state, and local taxes; money borrowed on a credit card to pay those taxes; and child support and alimony.

In bankruptcy, you'll protect property you need to work and live with bankruptcy exemptions. Nonexempt propertyusually luxury itemsis either lost in Chapter 7 or kept and paid for through the Chapter 13 repayment plan. You won't lose all of your property when you file for bankruptcy.

If you kept your house throughout the bankruptcy process, you are free to keep your home after the bankruptcy as long as you continue to pay the mortgage. It may be that after you are free of all the rest of your debt you will be able to afford the mortgage payments easily.

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What Happens to Your Car in Chapter 13 Bankruptcy? Chapter 13 bankruptcy allows you to set up a payment plan to pay down your debt.If you do not have significant home equity and the mortgage loan on your home is current, you will not lose your house if you file Chapter 7 bankruptcy. With up-to-date mortgage payments filing for bankruptcy does not mean you will automatically lose your house. In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. The debtor is only paid if all other classes of claims have been paid in full. If you declare bankruptcy, there are established procedures of due process. You don't automatically lose your house. So, it is possible to file bankruptcy and keep your house and your car. In most bankruptcy cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.

Bankruptcy Without Losing House And Car

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What Cannot be wiped out by bankruptcy?

What Cannot be erased when you file for bankruptcy?

What is not dischargeable in bankruptcy?

How can I file bankruptcy without losing everything?

Will filing bankruptcy cause me to lose my house?

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What is bankruptcy?

How can bankruptcy help me in Mississippi without losing my house and car?

What are exemptions?

What exemptions are available in Mississippi for protecting my house and car?

How do I qualify for homestead exemption in Mississippi?

Can I keep my car if I file for bankruptcy in Mississippi?

What happens if the equity in my car exceeds the allowed exemption amount?

How can I prevent losing my house and car in bankruptcy?

What other factors should I consider when filing for bankruptcy in Mississippi?

Should I consult with a bankruptcy attorney in Mississippi?

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