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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Mitchell,
This may vary from one case to another. Your attorney will be the best person to answer your query. I would suggest you to contact an attorney and take his opinion in this regard.
Thanks |
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anonymous9898
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0.10 Dollars($)
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Post subject: LIENS |
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Hi. i have recently got a lien against me with not paying a 3500 dollar bill. tcan they take any money out of my account if i have a joint account ith my boyfriend? he has added me recently, and he had the account for a while though. is this possible? should i take my name off ?  |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12330
Location: bloomfield, ct
50.03 Dollars($)
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anonymous, if you neglect to pay this lien, then the creditor will have the right to take from any account you may have. if that includes an account that is joint with your boyfriend, then the answer is yes.
_________________
George M. Akerley
Independent Contractor - Mortgage Consultant
Word of Excellence Editing/Writing/Proofreading
860-221-5044
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john anderson
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Post subject: Retirement plans such as 401(k) and 403(b) |
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| Are such assets subject to forfeiture or liquidation to pay off debts in a Chapter 7 or Chapter 13? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Hi john!
Welcome to forums!
As far as I know, your 403(b) will not effected if you file for Chapter 7 or chapter 13 bankruptcy. However, it would be better if you could consult a bankruptcy attorney and take his opinion in this issue.
Feel free to ask if you have further queries.
Sussane |
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LISA01
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Post subject: CHAPTER 13 |
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| CAN I FILE A CHAPTER 13 IF MY MORTGAGE & CAR PAYMENTS ARE CURRENT BUT MY UNSECURED DEBT IS 30+ DAYS PAST DUE? |
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Maggie
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Post subject: lender question |
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| My parent gave a former employee a loan to purchase a home almost 20 yrs ago. Their payments were only $325.00. Since my father died 16 yrs ago I've inherited this. She has consistantly been late with payments and as of July 2007-2 yrs ago she hasn't made a payment. We were literally sending this to the sheriff's office this week-have done all the preliminary paperwork-have been working on this since Aug 2008-so it could be put on the block for sheriff's sale-the final step in foreclosure but we received paperwork today that she had filed chapter 13. If she hasn't even made an effort to pay $325 in almost 2 yrs-there is no penalty on this mortgage would any judge approve this? There is no good faith in this at all! Where can anyone even rent an apt for 325/month let alone a house on 2 acres? What are the chances of her getting denied? She's already applied for assistance federal/state and got denied. Thanks for the info I have to wait for a meeting with the attorney. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi,
To LISA,
In my opinion, it is not a good option to file bankruptcy just because your unsecured debts are 30 days behind. I would suggest you to speak to your creditor and check out if he can offer you an alternative payment plan.
To Maggie,
As she had filed for Chapter 13 bankruptcy, you won't be able to continue with the foreclosure procedure now. However, you can apply for the removal of automatic stay. If the court accepts this, then you can continue with the foreclosure procedure and thereby sell off the property.
_________________
Procrastination is the enemy of your financial success |
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btwr
Joined: 05 Jun 2009
Posts: 2
2.30 Dollars($)
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Post subject: Confused |
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We made the mistake of investing in a piece of vacant property on a 3 year arm. When it came time to refinance the bank wanted $20k down and bigger payments. We couldn't afford this so had to let it go back to the bank. Recently they've contacted us as they are going after us for the difference between what it sold at auction and the value. A total of 50k.
Now they say they want 10K down and payments. We don't have any savings, I was in and out of hospital last year and my business fell flat. So we only have my husbands income and bills up the rear-end.
We do have 3 other pieces of investment properties that were actually my mothers but she transferred over to me. We are more then willing to sign one of these over to the bank or put it up for sale and give the proceeds to the bank once sold but in today's climate who knows when that will be.
So the other option we are thinking about is Chapter 13. Could we do this and not loose all the other properties one being my mom's house? It's so frustrating before this my husband and I had perfect credit, at the top of the scale. We were never late or missed a payment on anything and now it looks like we could loose everything because of this one bad investment. |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi btwr.
I can understand that you are facing a tough situation right now. I would suggest you to speak to your lender and convince him to forgive your deficient amount. Inform him about your hardship. There are chances that the lender may forgive your dues.
If you file Chapter 13, then you should not include the 3 investment properties that you received from your mother. This may help you in saving those properties. However, before taking any step, make it a point to consult a bankruptcy attorney. |
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btwr
Joined: 05 Jun 2009
Posts: 2
2.30 Dollars($)
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Thank you adonis. It's gotten past the point of talking to the lender as they have hired an attorney which of course forced us to have to hire one too, more expense. It seems that they are going after it all, the difference on the property, their attorney fees etc.
We have decided we are going to go to them with an offer of payments no more then $450.00 a mth as that is all we can afford using one of the properties as collateral. Then put one of the other properties up for sale and when we sale it pay off what we owe. Also point out to them that up to now our credit has been exemplary and that when the loan first came due we did try to refinance but they wanted 20K down and we couldn't do that. Also that if they won't accept this we won't have any choice but to go Chapter 13. We are just hoping they will go for this. After all it's not like we are trying to get out of it but hell they have to be realistic about this. Or maybe they will just laugh in our faces. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Hi btwr!
Welcome back to forums!
I wish you all the best in your attempt.  I hope that the lender accepts your offer so that you don't have file bankruptcy.
Sussane |
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Annie
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Post subject: Chapter 13 |
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| I am so confused, I got behind on my house pymt. The lender sent my payment back due to now it was in forclosure. 8 month behind I filed chapter 13. I only had around 4,000.00 unsecured debt. My house pymt was 1500 a month now I'm paying around 2400 month for 5 years how can that be? Thank u |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Annie,
The lender must have given you a new payment plan after you filed for Chapter 13 bankruptcy. The new payment plan will help you come current on your mortgage payments. You could have negotiated your payments with your lender when he gave you the new payment plan. I guess, as 5 years have passed, you must have paid off most of your mortgage dues.
Thanks |
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Carl
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Post subject: short sale vs dead in leiu |
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| I am behind in my mortgage payments and tried to work it out with my lender; however they have stated that I only qualify for a short sale or deed in leiu. Which is the better of the two options? |
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