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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Guest,
You haven't mentioned the type of bankruptcy you are planning to file. If you file chapter 7 bankruptcy, then you can keep the property which is exempt from the claims of creditors. The value of the property is the most important thing to decide whether the property is exempt or not. The value of property is basically the worth of the property now and not the amount you paid for it. Your bankruptcy trustee will be interested in the resale value of your property.
You can consider filing chapter 13 bankruptcy if you are behind in payments and can afford to pay the mortgage as well as the past due amount over a period of 3-5 years.
Take Care. |
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Guest
0.10 Dollars($)
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Hiya…I have a question for you all. Hope if anyone can answer it for me…I sent in our last payment.  After that I contacted the trustee's office and informed him. He asked me if I sent in our 2008 tax returns. Well I haven't. Do I really need to pay the taxes? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi Guest,
Congratulations It's great to hear that you made your last payment. As your bankruptcy is still not discharged, you'll have to pay the taxes for 2008. However, you may take the advantage of the tax refunds. I would suggest you to consult your bankruptcy attorney. He will be the right person to help you in this issue.
Thanks.
_________________
Good is the Enemy of Great. |
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stressedout
Guest
0.10 Dollars($)
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Hello everyone,
Hope you people can throw some light… Me and my ex-wife are divorced. But the saddest part is that I continue to pay for her car as it’s in my name too… and I even support my son. As I was unable to pay the mortgage, my house got foreclosed on January 15th. Now… as I’m in a terrible situation…I have not paid my credit card bills for about four months. Around $50,000 in credit card debt  . I make good money. I have been ignoring their calls. I need to think about my future and save money in case I lose my job. What can credit card companies do to me? How can I qualify for bankruptcy? The whole situation is stressful |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Guest,
Rather than filing bankruptcy for credit card debts, I would suggest you to contact debt settlement companies and check out if you can consolidate or settle your debts. In case of a debt settlement, your debts will be lowered by 40%-60%. In case of debt consolidation, your interest rates for paying off the debts will be reduced.
However, if you want to file bankruptcy, then you'll have to check whether you qualify for Chapter 7 or Chapter 13. If you are planning to file Chapter 7, you'll have to appear for the Means Test. If you do not qualify the means test, then you can consult your attorney and file Chapter 13.
Take Care |
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big jim
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0.10 Dollars($)
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Bee
Guest
0.10 Dollars($)
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| What is the time frame after you have filed a bankruptcy that you can attach additonal debts? |
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JD
Guest
0.10 Dollars($)
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Post subject: Is it true |
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| Is it true that if you file Chapter 7 and you have direct deposit going into your bank and that bank holds a credit card that you enter into the Chapter 7 filing, they can still take your money? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi,
To big jim
Your question is not very clear to me. It will be better if you could provide some other details.
To Bee,
You cannot add debts incurred after filing to a pending or closed bankruptcy case.
To JD,
Once you file Chapter 7 bankruptcy, the court declares an automatic stay and the creditors cannot recover their dues until this automatic stay is lifted.
Thanks.
_________________
Good is the Enemy of Great. |
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Frank Ross
Guest
0.10 Dollars($)
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| After doing a lot of research, I've found this forum. Quite good I must say! Now I’ve something to ask. I'm a married guy and I want to file bankruptcy. But I don't want my spouse to get affected due to my filing bankruptcy. Can a married man file without the other spouse? Hope someone of you can answer this…Thanks a lot |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Frank,
You can definitely file bankruptcy without your spouse. You haven't mentioned whether you have joint debts with your spouse or not. If you and your spouse share joint debts, she will still be responsible for the joint debts. If all the debts for which you are filing bankruptcy is in your name, then it is always advisable that you file it alone. However, if you have joint debts with your spouse, then the discharged debts may also show up on the other spouse's credit report.
Take Care. |
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Rosaline Parks
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| Hi there… I need some good advice regarding my issue. I'm planning to file bankruptcy this year. What I can find from my online research is that I'll have to wait for quite sometime after bankruptcy to buy a house. Well…I guess my question is – Am I not allowed to purchase a house after bankruptcy? Okay…what if I put a quite a large amount of down payment??? Will that help? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi Rosaline
Yes, you'll have to wait for sometime before getting approved for a mortgage. In case of Chapter 7 bankruptcy, you'll have to wait for 2 years after the discharge to get a FHA loan whereas 4 years to get a conventional loan. If you file Chapter 13, then you'll have to wait for 1 year to get a FHA loan and 2 years to get a conventional loan. Though you give a good amount of downpayment, you won't get good rates when you apply for loans before this.
In my opinion, it would be better to pay off the creditors if you have the money. If you can afford a downpayment, you can also afford to pay off the creditors. Moreover, paying off the creditors will be definitely a better option than filing a bankruptcy.
Thanks.
_________________
Good is the Enemy of Great. |
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Jim123
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0.10 Dollars($)
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Post subject: Affirmation not recorded in time |
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| We filed a joint CH7 in Oct of 08. We did a reaffirmation agreement with my mortgage company. My BR discharged in 1/06 but the Lender did not file the reaffirmation agreement with the court. We continued living in the home and paying the payment until we moved. The lender is reporting a discharge with 0 balance on my report and 3 late payments on my wife's report. However, NO payment was more than 30 days late. What course of action should I take. The lender has refused to modify the credit reports to reflect proper credit history. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Jim,
As there is no reaffirmation agreement between you and the lender, the lender is not liable to report your payments to the credit bureaus. It would have been better if you would have insisted your lender to sign a reaffirmation agreement when your bankruptcy was discharged. As far as the late payments are concerned, you can negotiate with your lender to remove them from your credit report.
Thanks |
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