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bbb
Guest
0.10 Dollars($)
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Post subject: chapter7 |
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| my husband and i want to file a chapter 7, i'm still employed but i'll start receiving social security benefits next year, while my husband has been unemployed due to illlness and now receiving social security benefits. does social security benefits count as income? also, i recently made a cash advance of 10,000 to help us get thru since my daugter lost her house which we were living free of rent because she filed chapter 7. pls. advised, my finances will be even difficult once we start paying our own rent. |
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adonis
Joined: 22 Oct 2005
Posts: 10253
Location: ALASKA
1044.04 Dollars($)
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Hi bbb,
As far as I know, social security benefit is considered as income. If you want to file Chapter 7, then you need to qualify the means test. You should contact a bankruptcy attorney and he would guide you in taking the means test.
_________________
Procrastination is the enemy of your financial success |
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filipino boy
Guest
0.10 Dollars($)
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| if i did my 341 meeting already and did not receive a discharge yet but my mortgage company sold my account to another company do i do anything? should i call my lawyer and tell them about it and pay extra to add the new loan company? |
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upsidedown
Guest
0.10 Dollars($)
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Post subject: buying another car prior to filing Chapter 7 |
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| My husband and I got into several real estate deals that didn't pan out when the economy tanked. We cannot continue to service the loans and are getting ready to file chapter 7. We have a car loan with $9,000 negative equity and 100,000 miles on it. We still have 800+ credit scores and are considering buying a new Toyota Prius so that we can have lower monthly bills on gas and a lower car payment. Can we turn in the car with negative equity in the bankruptcy and keep the new car that will cost less in the long run? We are filing next Friday, and could buy the car this week prior to filing. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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To filipino boy,
If you haven't received a discharge and if you're still in bankruptcy, then the lender will not be able to sell off your loan account to anyone else. I would suggest you to inform the bankruptcy attorney about this and take his opinion in this regard.
To Guest,
While you are filing bankruptcy, it won't be a good option to buy a car now. You will have to include all your assets while you file bankruptcy or else it can considered as fraudulent and your filing can get dismissed. I would suggest you to contact a bankruptcy attorney before taking any further steps.
_________________
Good is the Enemy of Great. |
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memyselfandI
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0.10 Dollars($)
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Post subject: Home sale |
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| I filed over 1 year ago for Ch 7 and it was discharged. I kept my home and car but would like to sell my home and get the equity, so I can downsize and keep paying my bills. Do I have to wait 2 years from discharge date or from filing date before I can sell and take my equity ( if there is any) that is over the exemption limit? |
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memyselfandi
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0.10 Dollars($)
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Post subject: home sale |
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| I forgot to tell you my Ch 7 was in New Mexico |
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Jasmine
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Post subject: |
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| You need to contact a bankruptcy attorney and he would help you in a better way. Most important, if you had a mortgage on that property, then you will have to sell off the property and repay the debts first. |
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misstoy
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Post subject: |
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| what if you don't have any assets to sell off, to help pay for your debt, can you still qualify for Ch. 7 bankruptcy? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi misstoy!
Welcome to forums!
You need to go through the means test to qualify for filing Chapter 7. If you clear the test, then you would be able to file it. In Chapter 7, the trustee mainly sells off your non-exempt assets to pay off your creditors. If you do not have any assets, then it would be difficult for you to qualify for Chapter 7. Nevertheless, you should have a word with your attorney and take his opinion in this regard.
Feel free to ask if you've further queries.
Sussane |
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anonymousinalabama
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Post subject: non profit llc partnership business |
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i have $90,000.00 worth of land against a bank note my company owes..bank note totals 220,000.00 after trustee takes my 50 percent of membership from my llc does my partner which still operates the business , and is still running it like nothing happened, just get off the hook and if she ever pays the bank note off, does she get possession of my land.....the company only ownes $30,000 assets and owed $300,000 in liabilities, but shes got a rich boyfriend i'm sure will help her pay off the debt she has, which $40,000 in credit card debt was on my personal credit cards, because she had bad credit.and was wiped out from me filing, she was an added user on 2 of the credit cards, but i was the primary....Just doesn't seem fair the courts would not at least go after some of the assets the company has like the fork lift, warehouse items, desks, computers, frig, tables, etc....and i end up loosing everything and filed chapter 7 on mar 19.....the trustee now has my 50 percent, will they do anything with it or just turn my 50 percent over to her.......  |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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If you've taken a mortgage against your business and filing bankruptcy now, then it will be included in your bankruptcy. Depending upon the situation, the trustee can sell off the business and repay your creditors. If your partner is paying her dues on time, then she would receive her share of the money from the sale proceeds. For further information in this regard, I would suggest you to have a word with your bankruptcy attorney.
_________________
Good is the Enemy of Great. |
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Pcakes
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Post subject: Filing Chapter 7 |
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| My husband and I are sepearated and have not yet filed for divorce, I had to move in with my mother...I have $24,000 in debt and cannot make the payments to my credit cards...I only make around $18,000 a year...I have to make my car payment and help my mom pay the rent...Since we are seperated and living at 2 physical addresses....Can I file Chapter 7 without using his income? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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You will be able to file Chapter 7 on your own. It is not mandatory for you to file bankruptcy jointly. I would suggest you to have a word with your bankruptcy attorney and he will suggest you as to which chapter of bankruptcy filing would be best suited for you.
_________________
Good is the Enemy of Great. |
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churkel
Guest
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Post subject: Childhood home owned by siblings |
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| My sister and I own the home that we grew up in after our mother passed away. My sister is now living in the house. My husband and I have to file bankruptcy and we need to know if we have to list this house as an asset and if so how do we go about it? The house has been paid for since the 70's. We do not know how much equity is in the house. |
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