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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Hi notperfect,
You can contact any credit counseling agency and check out their plans and programs. Before applying with a credit counseling agency, you should research about them and check out whether they are accredited by the BBB. This will at least help you know if consumers are satisfied with them.
Hi Marianna,
If you receive the tax refund, then the trustee will have the rights to take it from you and use the money to pay off your creditors.
_________________
Good is the Enemy of Great. |
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doodoo brown
Guest
0.10 Dollars($)
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Post subject: chapt 7 |
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| If I choose to file chapt 7 and keep my mortgage (No equity) but turn around and sell my home within the following 3-4 months after discharge. Does anybody have claim to any amount I may net (if any) upon the sale of the home? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi doodoo,
After filing chapter 7, you won't be able to sell off the property. You will have to surrender the property to the lender and he would sell it off to recover his dues. However, if you reaffirm the dues, you would be able to save the property if you keep on making regular payments to the lender.
Thanks |
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tagalong
Guest
0.10 Dollars($)
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Post subject: Co owned real estate - single family residence |
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| IF a house is co -owned by a mother and a son and occupied only by the mother with the son living out of state, and the house is paid for but valued at approx. 55,000 (tax estimate), and the mother is the only one that files BK because the debt belongs exclusively to her, can a trustee come in and take the house? Doesn't that look like a King Solomon situation? The son is not involved in the BK, only the mom, and she is the only one filing chapter 7 BK . It has been said that they would divide the house into 1/2 interest for each owner, then, in Illinois there is a 'homestead' of $15,000 for the mom (she's 80 yrs old). Is this the actual case of how does that really work? One person files, the other one is not involved in any way so can the federal or state government take against the other owner not filing? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi tagalong!
Welcome to forums!
The mother will have to include the property in the bankruptcy as her asset. The trustee can sell off the property to repay her creditors. However, her bankruptcy filing will not affect the son. As he is the owner of the property, he would receive his share after the trustee sells off the asset. The homestead laws differ from one state to another. Your bankruptcy attorney will be able to help you in in this matter.
Feel free to ask if you've further queries.
Sussane |
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need help
Guest
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Post subject: Chapter 7 after taxs filed |
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| Hi, I am due to get my first time home buyer tax credit from last year, however just after purchasing my first home, my circumstances changed. Is that tax credit exempt? or can the US Trustee go after that money? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi Guest,
The bankruptcy trustee will have the rights to take your tax refunds in order to pay off your creditors. This tax credit is not exempt.
Take care. |
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relief
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Post subject: help |
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| I am already under chapter 13, and barely making ends meet--im about to return to school full time, and i'm considering letting my job go--how soon should i file chapter 7 |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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| You will be able to convert your Chapter 13 filing into Chapter 7. You should speak to your attorney and he would guide you in this regard. |
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questions
Guest
0.10 Dollars($)
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If filing chapter 7 personally does that affect a separate business you have like an s-corp-llc or sole propeitorship?
Do you lose things such as your computer?mutual funds or government bonds? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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All your assets would be taken into consideration while you file chapter 7. Thus, as far as I know, you would have to list the s-corp-llc while filing it. The trustee may consider your mutual funds or government bonds in order to pay off your creditors but I don't think he would go after your computer.
_________________
Good is the Enemy of Great. |
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anonymouus123
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Post subject: co-signed loan and now considering bankruptcy |
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Hello,
Years before getting married, I cosigned a credit line loan for my father because he didn't earn enough money and didn't qualify by himself. He was paying it off but then the economy tanked, he lost his job, and he was hardly making it day by day. He is now thinking of filing bankruptcy to keep collectors off his front door and if he does, that means I will be responsible for paying off the loan! He still owes $20,000 and I am now considering filing bankruptcy because I don't think it is fair that I pay it myself. This debt is also now causing issues in my marriage. Should I file for bankruptcy?  |
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lori
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Post subject: chapter 7 |
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| my husband passed away july of 2009 we were in a chapter 13 i am getting ready to filr chapter i have a 2001 jeep with no liens on it will i have to pay any on it if i file chapter 7? |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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To anonymous,
Rather than filing bankruptcy, I would suggest you and your father to contact the lender and apply for a deed in lieu of foreclosure. This will not only help you in getting rid of the property and the mortgage, but you won't be liable for the deficient balance resulting from the sale of the property even. However, your credit score would be affected and get reduced by 250 points.
To lori,
You'll have to list the jeep as your asset while you file Chapter 7. Your bankruptcy trustee may sell it off in order to pay off your creditors.
_________________
Good is the Enemy of Great. |
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bbb
Guest
0.10 Dollars($)
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Post subject: chapter7 |
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| my husband and i want to file a chapter 7, i'm still employed but i'll start receiving social security benefits next year, while my husband has been unemployed due to illlness and now receiving social security benefits. does social security benefits count as income? also, i recently made a cash advance of 10,000 to help us get thru since my daugter lost her house which we were living free of rent because she filed chapter 7. pls. advised, my finances will be even difficult once we start paying our own rent. |
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