Which bankruptcy can I file if I have mostly closed accounts? 21 Answers as of August 24, 2011

Depends on a lot of factors, but Chapter 7 may be your better choice.

Just because an account is closed or "written off" it doesn't mean that you no longer owe the money. You should usually file a Chapter 7 Bankruptcy if you wish to discharge your debts permanently. If you want to to pay all or a percentage of your debts, you would file a Chapter 13. I note that in a 13 there is no restriction as to the assets that you may keep. Chapter 13 Plans are often filed by debtors who have too much income to file a Chapter 7. In a Chapter 7, you can sometimes lose an asset, like a car or a tax refund, if they are too valuable. Your income must be under "means test" requirements for your section of the country in order to file a Chpater 7. A bankruptcy attorney will usually discuss these things with you at the first consultation. Good luck.

Whether the account is open, closed, charged off or assigned to a collection agency makes no difference as a far as filing any bankruptcy is concerned. However, in order to attempt to keep the car, you would have to file a Chapter 13, but that requires you have some disposable income - and it would have to be filed immediately.

Include it all in a Chapter 7

Talk to a bankruptcy attorney to see which chapter you qualify for.

If you want your repossessed car back, you will need to file a Chapter 13 case - and quickly. A Chapter 13 will allow you to restructure your car debt and pay it off over time (you don't get to keep the car without paying for it-even in bankruptcy). You must file your case before the car is sold at auction, however, or it will be too late. You may only have a week or two after the repossession before this happens.

If you have no source of income, you would need to file a Chapter 7 case. The Chapter 7 case would wipe out all of the closed accounts as well as the repossession debt. Unfortunately, it is not possible in Alabama to get the car back once it has been repossessed. Occasionally a creditor will agree to give the car back; however, there is no way to force them to do so.

Depending on when your car was repossessed, you you may not be able to get it back. You may file bankruptcy on all Debts ( excluding taxes, domestic support obligations, and student loans).

You can file if you have mostly closed accounts and there is no reason why you should not be able to get your car back, provided that you file a Chapter 13 Bankruptcy and your car has not already been sold off at auction.

All debts must be listed in a bankruptcy case. The fact that an account may be closed does not mean it does not exist nor does it mean that it cannot be discharged in a bankruptcy case. Most debts are eligible for discharge. A debt for a repossessed car should be listed as there may be a deficiency balance owed after sale by the repossessing entity.