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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi anonymous!
Welcome to forums!
If you file chapter 7, you will be able to start off afresh. Your credit score will improve depending upon the fact whether or not you take steps to improve it. You will have to become careful about your debts and pay them off on time. With time, your credit score will start improving however; you may not be able to see the positive credit effects immediately.
Feel free to ask if you've further queries.
Sussane |
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Co-signer
Guest
0.10 Dollars($)
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Post subject: forclosure/bankrupcy |
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| we have a mortgage in florida. The lender refueses to give us a dil because it was 100% mortage. The market is so bad that shortsale has not been possible and they are also saying that if they forclose we will still be liable for the smaller loan regardless of wether they forgive the large loan. I have a few questions a) who will be liable for the payment to the irs if a 1099 is issued? will it be split between both lenders, how is this decision made, b) is it ok to file bankrupcy after the forclosure decision and 1099 etc has been made or is it advisable if considering it to do it now? |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Hi Guest,
If you foreclose the property, you will be liable for the second mortgage dues. If the lender forgives the dues, a 1099 form will be issued. The forgiven amount will be considered as your income and you will have to pay taxes on it. However, depending upon the Mortgage Debt Relief Act, you may not have to pay the taxes on the forgiven amount. You can file bankruptcy before or after you receive the pre-foreclosure documents.
_________________
Procrastination is the enemy of your financial success |
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worriedparent2010
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0.10 Dollars($)
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Post subject: help me! |
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i am going to court 02/04/2010...for a unpaid balance for a furniture place that was back in february of 2005.i got divorce in february 2006 my exhusband took everything we got from there and other place.but in my divorce decree it says>respondent shall be responsible for the follwing debits..it's three of them and one of them is the place taking me to court...but what i want to know is can they take anything from me or take my monthly checks that i get from social security income and three of my kids get S.S.I can they take those from me? please help me im scared im gonna lose all my money that i get to support my kids with.  |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi worriedparent,
The creditor may place lien on any of your properties or on your checking account in order to recover his dues. However, the lender would not be able to garnish your social security income or your retirement savings.
Thanks |
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kristy
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0.10 Dollars($)
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| we are fileing chapter 7 we are about to file our tax returns and may be getting back as much as 14,ooo in returns. can we file now for taxes or should wait and if we file now can they consider the taxes and accet or take the tax return money? we just bought our house last year so all the tas returns are mostly from intrest from the house |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Hi kristy,
If you file now, the bankruptcy trustee can use the dollars that you receive from your tax returns to pay off your creditors. You should speak to your bankruptcy attorney and then take a decision about filing bankruptcy.
_________________
Procrastination is the enemy of your financial success |
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Kristy
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| BUt he said he could possibly do an excemption is this true? after I asked our laywer i told him we were going to pay him all his fees with the tax money and he told us to go ahead and file then but was hesetent before i told him this,we were going to buy a car cash with it too can they use this paid off car as an accet and take it? we are about to file taxes and dont know which way to go do it or not and if we do will we loose it? the bankruptcy papers have not been files with the courts yet till we pay him off so is it safe to get that much bk in taxes? we are so lost and with that tax money is that counted as income for the yr. |
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Guest
0.10 Dollars($)
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| I would suggest you to contact a bankruptcy attorney and take his opinion in this case. The tax returns can be used to pay the creditors. If you purchase a car with that money, chances are that it can be considered as an asset and will be taken away by the trustee. |
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Anxious
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Post subject: Whats our best option? |
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| We have approximately $25,000.00 of credit card debt, the credit card companies have raised the apr's to rediculous %, one is 29.99%. My monthly income has changed once again but for the worse. I'm in sales & with this economy it's been tough but it's about to get tougher. We own a car, a pick up truck on it's way out engine wise & we owe around $3,000.00 on a motorcycle, we have a mortgage & a second on our home, could we file on these credit cards & be able to keep these items? Please help we aren't behind in payments but we are about to be. I'm scared & don't think we could ever get these cards paid off due to the finance charges. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Rather than filing bankruptcy for the credit card debts, I would suggest you to contact your creditor and negotiate for a repayment plan. Try to settle the dues with him. If you get an affordable repayment plan, it would be easier for you to pay off the credit card dues. Thus, you won't have to file bankruptcy for the credit card debt and your score will also not get affected.
_________________
Good is the Enemy of Great. |
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anonymous513
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0.10 Dollars($)
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| how much cash is exempt from bankruptcy? |
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anonymous1
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0.10 Dollars($)
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| It may vary depending upon your state laws. You need to contact your bankruptcy attorney and he would be the best person to help you in this regard. |
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anonymous 2
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Post subject: elder bankruptcy |
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| My mother in law lives in senior housing in Vermont. She has no savings and about 30,000 in debt (credit card, personal loan, and car). She gets 1100.00 per month in social security. She is unable to make all of her payments in addition to her rent, medicare, food, and prescription drug costs. Would she be able to file for personal bankruptcy (7)? Would she need to give up her car? She has no other asses. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Your mother in law will be able to file personal bankruptcy. However, she should contact a bankruptcy attorney and discuss her case with him/her. This will help her know which chapter of bankruptcy would be best suited for her. She will have to list the car as her asset and the trustee may sell it off in order to pay off her creditors.
_________________
Good is the Enemy of Great. |
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