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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Hi tasio!
Welcome to forums!
As far as I know, if you file Chapter 7 bankruptcy, you will have to include the concerned property as your asset. Also, if the property is free and clear, the trustee will have the right to sell it off to pay off your creditors. If you transfer the property now to your mother, you will have to wait for about a year in order to file bankruptcy. If you file bankruptcy before that it would be considered as a fraud. If you are filing bankruptcy for your unsecured debts, it would be a better idea to file Chapter 13. In that case, you won't have to list this property in your bankruptcy filing.
Sussane |
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marie
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0.10 Dollars($)
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Post subject: switching to chapter 7 |
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| If I switch from chapter 13 to chapter 7 when can I stop making chapter 13 payments? |
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0.10 Dollars($)
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| marie...you need to contact your bankruptcy attorney regarding this. He will let you know when you need to stop your payments under Chapter 13. |
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anonymous alvana
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Post subject: Is building a savings okay during chapter 13 |
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| If my husband gets a bonus and we have already been assigned to a payment plan in Chapter 13, is it okay to have a savings to help us suppliment our income. Our payments requirements, mostly due to our large mortgage payment, are making it very tight. If I could have a cushion in our savings account it would assure us that we won't miss a payment and we would have funds available for emergencies. Is this considered okay? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1731
35.55 Dollars($)
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I would say yes.
If you can meet the requirmentns are required and do nto default, then you shodul nto have any issue |
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worried
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Post subject: bankruptcy n total loss of a car |
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Filed for bankrupcy chapter13 and my car debt is being payed. recently was in a car accident and the car is a total loss. being offered a check from my insurance but it was said that the check should be turned over to the trustee to pay off the car debt leaving possibly no money for a new car ! What can be done, do i not get any of the money to at least buy a used car??  |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi worried,
I think you should follow the instructions given to you by the insurance company. If you use the money for any other purpose, there are chances that it would be considered as a fraud. You can even speak to your bankruptcy attorney and take his opinion in this regard.
Thanks |
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LINDA
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Post subject: CHAPTER 13 |
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| MY HUSBAND AND I ARE GOING TO FILE A CHAPTER 13 THIS MONTH. IF WE ARE ACCEPTED AND GET A PAYMENT PLAN AND HE GETS A RAISE OR BONUS AND WE START MAKING MORE MONEY, DO THEY TAKE THAT ALSO? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi LINDA,
As far as I know, the lender would give you a payment plan depending upon your present financial situation. If you make more money later on, then you can make some extra payments (with due permission from the lender) and pay off the dues early.
Thanks |
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msbmore
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Post subject: convert from chapter 7 to chapter 13 |
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my question is once a request is made to convert from chapter 7 to chapter 13 what happens nex?t..does the court give me a written approval to convert from 7 to 13?
what does a replanment plan look like(where can i find examples)?
if my pay is being garnished because of a repo. is the balance considered a secure debt or unsecured debt? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10020
Location: Alaska
917.78 Dollars($)
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Hi msbmore!
Welcome to forums!
You or your attorney will have to fill out a form regarding conversion of Chapter 7 bankruptcy into Chapter 13. The court will inform you whether or not your request is accepted. As far as the I know, if the vehicle is already repossessed by the lender, then wage garnishment would be considered as an unsecured debt.
Feel free to ask if you've further queries.
Sussane |
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mrsjubee
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Post subject: |
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| if mortage is in chapter 13 after 3 yrs of plan will my mortage rate still be 740 a month after chapter 13 |
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adonis
Joined: 22 Oct 2005
Posts: 10242
Location: ALASKA
1042.50 Dollars($)
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Hi mrsjubee,
You would get a repayment plan from your lender to pay off the mortgage dues when you file Chapter 13. You will have to pay the dues according to that and clear off the mortgage payments.
_________________
Procrastination is the enemy of your financial success |
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bad judgement
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Post subject: with liens |
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| Can I file a chapter 13 on a mortgage that has more then 1 lien on it. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10148
Location: Nevada
941.94 Dollars($)
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Hi Guest,
Though your property has two liens on it, yet you can file Chapter 13. You can contact your bankruptcy attorney and he will guide you in taking the right steps.
Thanks |
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