Christopher James Bradley's Answers

Which bankrucy chapter to file for current amount in collection agancy, over bank loans

Chapter 7 bankruptcy (also referred to as "liquidation" bankruptcy) allows you to discharge most unsecured debt, such as credit card balances, medical bills and personal loans. The key in your case is whether your bank loans are secured or unsecured. If these loans are unsecured personal loans, then you can typically discharge them in a Chapter 7. However, you'd also want to take a look at debt settlement/negotiation before filing bankruptcy, as you could possibly settle the debt before...

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How many cars can a married couple retain in chapter 7

It depends on your situation and the laws in your particular state. Generally, you may be able to keep as many cars as you want, as long as you continue to pay for them. The reason is that chapter 7 is primarily for a debtor with lots of unsecured debt, such as credit card balances, medical bills, etc. Basically, chapter 7 discharges debt that hasn't been "secured" with a contract specifying collateral. Example: You sign a contract as part of your automobile financing that says, essentially: "...