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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi onion,
If you file Chapter 7 bankruptcy, then you will have to list all your assets and the trustee would decide whether or not your assets would be sold to pay off the loan.
Thanks |
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Phil
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Post subject: equity of cars |
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I have a home that is upside down by 250,000, but I own 2-cars with 20,000 in equity; in California some attorney's told me the cars are exempt
because I am allowed 23,000, is this true or false? |
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| Well, as far as my knowledge, the exemption amount for motor vehicles in California is $2775. You need to check the details with your bankruptcy attorney and take the right decision. |
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broadwayjoe
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Post subject: bankrptacy |
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If i have a gross income of $91,600 - $66,000 and a debt of $99,000
what kind of repayment plan would be possible under chapeter 13
Household expenses run $5500 monthly....
Rent do not own & have two personal autos...
Live in Queens - New York City |
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Hi broadwayjoe!
Welcome to forums!
It would be your lender and the court which would decide upon the payment plan that would be given to you in order to pay off the dues to your lender.
Feel free to ask if you've further queries.
Sussane
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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| It was me above.... Just forgot to login. |
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mghelp
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Post subject: Bankruptcy question |
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| Hello, I have a question about bankruptcy. Our trailor and land is paid off so if we declare bankruptcy will they take our trailor and land? Also will they look into our bank account? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi mghelp,
What chapter of bankruptcy are you filing? If you're filing Chapter 7, then you will have to list all your assets. This includes your savings account as well as your free and clear property. The trustee will let you know whether or not they would be sold off to pay your creditors.
_________________
Procrastination is the enemy of your financial success |
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guest 41
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Post subject: home/land question |
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| We own some acreage free and clear but we live in a mobile home that is on the property. Some of the acreage was used as collateral for the mortgage loan on the mobile home. Can credit card companies we currently cannot pay force us to sell the acreage due to default? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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| I don't think the credit card company will force you to sell off a portion of your property. However, if you do not clear off the credit card dues, they can place a lien on your property. |
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tksob61
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Post subject: pension |
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| I was wondering if my husband was to collect his pension after retiring and he collected it in either a lump sum or monthly payments prior to filing a chapter 7 could the courts come after the pension money? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi tksob,
Chapter 7 will not affect some of your assets which include Pension and 401(k) or 403(b) retirement plans. All these plans are protected by the Employee Retirement Income Security Act. Also, social security benefits are protected from legal actions when you are in bankruptcy. Traditional and Roth IRAs are exempted (up to $1 million).
_________________
Procrastination is the enemy of your financial success |
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dewayne
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| can you include and erase divorce settlement in bankruptcy,in montana |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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You'll have to list the alimony and the child support in your bankruptcy filing as your obligation. However, as far as I know, you won't be able to discharge it.
_________________
Good is the Enemy of Great. |
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Raitri
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Post subject: Should I file and is there an affordable lawyer out there. |
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| I am recently divorced, my ex-husband has refused to comply with the divorce agreement. I am disabled and am only able to work 4 hours a week as my condition allows. My income is $416.00 monthly and my expenses are almost double that with doctor appointments and therapy. I called a lawyer to ask questions but was told that I would have to give him $1300.00 before he will file anything for me. I can hardly feed and house myself, where am I going to come up with $1300.00. I am fairly certain I qualify to file, but I cannot afford to have a lawyer. I don't want to be a deadbeat but I cannot help feeling helpless in all this. I am so lost.I have so many people calling me and yelling at me telling me I am a deadbeat. They harass me day and night I can only handle so much. HELP ME PLEASE!!!!!! |
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