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ashley mace
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0.10 Dollars($)
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Post subject: three cars |
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| if i own three cars and two of them are paid off and one is still on a loan can they take my two cars that are paid off? i am filing a chapter 7 bankruptcy |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Welcome ashley,
The trustee will be able to take both the paid off cars in order to pay off your creditors. As you would be filing Chapter 7, you'll have to list all your debts and assets in the bankruptcy filing.
_________________
Procrastination is the enemy of your financial success |
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mscharming45
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0.10 Dollars($)
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Post subject: chapter 13 |
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| if my car is current, would it be wise to include in the chapter 13 |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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Post subject: |
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Hi Guest!
Welcome to forums!
If you are current on your car loan payments, then you shouldn't include it in your bankruptcy filing.
Feel free to ask if you've further queries.
Sussane |
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snowcup
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0.10 Dollars($)
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Post subject: ira |
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If I have a savings account and money market equalling $9000, should I convert that amount into an IRA a year before declaring bankruptcy. Can I protect this money from having it taken by creditors in a Chapter 7 discharge? Please help. I worked so hard for this money and I am about to retire then declare chapter 7.  |
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Helpme!
Guest
0.10 Dollars($)
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| I recently lost my job which was about 40% of the household income. My husband earns a decent salary which is above the 'means test'; however, his income alone won't cover our mortgage, and our home value is now worth less than what we owe. Since I am on unemployment I have been applying for jobs and have found a potential job at half the wage I previously earned, which means we will still be short in making our house payments. If I accept the job will that be a detriment to qualifying for a chapter 7 bankruptcy? |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Post subject: |
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Hi snowcup,
As far as I know, the retirement accounts are exempt from bankruptcy filing. The trustee will not be able to garnish it. So, you can place the money in your IRA account 1 year prior to bankruptcy filing.
Hi Guest,
If you want to file Chapter 7, you will have to go through the Means Test. If you qualify it, then you will be able to file bankruptcy. I would suggest you to contact a bankruptcy attorney and take his opinion in this matter.
_________________
Procrastination is the enemy of your financial success |
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kv
Guest
0.10 Dollars($)
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Post subject: allowed equity |
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| how much equity in a home is allowed under a chapter 7 filing for Missouri or Arkansas? I was told $15,000 with no other assets that could be sold |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Post subject: |
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Hi kv,
There are certain state and federal exemptions allowed in case of Chapter 7. You will have to contact a bankruptcy attorney practicing in those states and he will help you in knowing the exact amount.
Thanks |
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Chelsie
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0.10 Dollars($)
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Post subject: Chapter 7 |
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Hello, I am filing a chapter 7 petition in Colorado without an attorney and have a couple of questions;
1. On schedule A for real property when it asks what is debtors interest in property, what should I put?
2. In Colorado it states that 75% of weekly wages are exempt, if I don't put my wages on schedule C will my wages not be protected?
3. Is it necessary for me to fill out a reaffirmation agreement if I plan to exempt my home and car and plan to pay on time after the bankruptcy and if I don't fill it out what can happen?
4. Does anyone know the difference between law 11 USC b (2) and 11 USC (b) (3)?
Thank you |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Post subject: |
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Hi Chelsie,
As far as filling out Schedule A is concerned, I would suggest you to get in touch with your bankruptcy attorney and he would help you in filling it out properly. It is same with the difference between laws 11 USC b (2) and 11 USC (b) (3). A bankruptcy attorney will be the best person to explain the difference between the two.
In regards to your second query, it is mandatory to disclose your income, assets and debts while you are filing Chapter 7. If you do not mention your wages, then they may not be exempt.
It is not mandatory for you to fill out the debt reaffirmation agreement. However, if you include your home and car in the bankruptcy filing and want to save it from being foreclosed or repossessed upon, then its better to sign the reaffirmation agreement. If you don't fill out the agreement and surrender the assets to the lender, he will foreclose or repossess it and sell it off to recover the dues.
Take care. |
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sparkle12
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Post subject: selling home |
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| I filed a chapter 13 bankruptcy 3yrs ago and my spouse did not. My spouse wants to sell our home and pay off our home and the second mortgage.then I want to either modify my bankruptcy with my existing debt or file a chapter 7. can this be done |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Post subject: |
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Hi sparkle,
Your spouse can sell off the property and pay off the second mortgage dues if you did not include it in your bankruptcy filing. If you've been discharged of your Chapter 13 bankruptcy, then you won't be able to modify it and convert it into Chapter 7.
If your bankruptcy has not been discharged yet, then you'll have to file a motion to convert your case from Chapter 13 to Chapter 7, along with updated schedules regarding your income and expenses. Moreover, you need to go through the Means Test for filing Chapter 7. If you do not qualify in the Means Test, you wont be able to file Chapter 7.
It's better to get in touch with your bankruptcy attorney. He will be the best person to help you in this matter.
Thanks,
Jerry |
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J Ched
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Post subject: Which state |
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| I live in Arizona, but have a home in Colorado. I need to try to declare bankruptcy due to divorce, unemployment and debt. Which state do I declare bankruptcy in? Thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 10030
Location: Alaska
919.49 Dollars($)
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