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There are several ways that you can keep collateral or mortgaged property after you file bankruptcy.You can agree to keep making your payments on the debt until it is paid in full. In most bankruptcy cases, you only have to go to a proceeding called the “meeting of creditors” to meet with the bankruptcy trustee and any creditor who chooses to come.In most cases you will have to pay the mortgages or liens as you would if you didn’t file bankruptcy.(see Iowa Chapter 7 Bankruptcy or Iowa Chapter 13 Bankruptcy? What Will Happen to My Home and Car If I File Bankruptcy in Iowa?Especially for furniture and cars, this may be a lot less than what you paid or what it would cost to buy a replacement.You also only need to look at your actual equity in any property.
This means that you gave that creditor a mortgage on the home or put your other property up as collateral for the debt.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.(see Iowa bankruptcy exemptions) Even if your property is not fully exempt, you will be able to keep it, if you pay its non-exempt value to creditors in chapter 13.Or you can pay the creditor the amount that the property you want to keep is worth. Many people believe they cannot own anything for a period of time after filing for bankruptcy. You can keep your exempt property and anything you obtain after the bankruptcy is filed. Bankruptcy will not normally wipe out:(1) money owed for child support or alimony, fines, and some taxes;(2) debts not listed on your bankruptcy petition;(3) loans you got by knowingly giving false information to a creditor, who reasonably relied on it in making you the loan;(4) debts resulting from “willful and malicious” harm;(5) student loans owed to a school or government body, except if:– the court decides that payment would be an undue hardship;(6) mortgages and other liens which are not paid in the bankruptcy case (but bankruptcy will wipe out your obligation to pay any additional money if the property is sold by the creditor). Most of the time, this meeting will be a short and simple procedure where you are asked a few questions about your bankruptcy forms and your financial situation. 525 prohibits governmental units and private employers from discriminating against you because you filed a bankruptcy petition or because you failed to pay a dischargeable debt. Can Bankruptcy Help Get My Iowa Driver’s License Back? Yes, but your spouse will still be liable for any joint debts.In some cases involving fraud or other improper conduct by the creditor, you may be able to challenge the debt. However, if you receive an inheritance, a property settlement, or life insurance benefits within 180 days after your bankruptcy, that money or property may have to be paid to your creditors if the property or money is not exempt. Occasionally, if complications arise, or if you choose to dispute a debt, you may have to appear before a judge at a hearing. Unfortunately, if you are behind on your bills, your credit may already be bad. If you lost your license solely because you couldn’t pay court-ordered damages caused in an accident, bankruptcy will allow you to get your license back. If you file together you will be able to double your exemptions.