which one should he file to keep his house chapter 7 or chapter 13 because he own a house if he file chapter 7 will he be able to get things in his name ? if he file chapter 13 do he have to wait a long time to get things in his name
It depends on whether he is paying his mortgage payments or not.
Chapter 13. He will keep his house and it will stay in his name. After he files it will be between2-5 years. It just depends. I started with a small loan at a bank $500 just to get my credit back. You can not miss a payment and if you pay it off before the "time" it has to be paid off, it will not go toward good credit. I know that's the stupidest thing ever. That's just how it works.
Need to ask an attorney that does both kinds of bankruptcy. Each state has different regulations and laws pertaining to this. Only an attorney can correctly answer this question.
Talk to your lawyer... Texas is a homestead state.
My bil is currently seeing an attorney for this. He lost his job and foreclosure is looming etc. He was told he can file and keep his home and cars but he has 4 cars so that may not be true. However, i did find out that especially when kids are involved, they do not want to make you homeless so there is a chance to keep the home. He will probably have to sell 3 or the cars. With both types, they usually let you keep a car so you have transportation to work. It all depends on the circumstances that brought about the bankruptcy issue.
