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Guest
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| I think you should contact your lender and get the information from him. The lender is the best person to tell you whether he has sold the ATV or not. |
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dmack
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Post subject: Reply |
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| Concerning the sale of an ATV. A lender only has a ucc on a ATV not a title. They are not able to tell without going legal if the unit was sold. It can cost thousands to find out he has sold it. Then even more to get a judgement. not a simple legal system is it. Doesnt protect the lender without him incurring a high cost. |
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Guest
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| Hi there…I hope someone out there can help me as I'm totally confused. I'm in upside down with all my debts and just want to get out of it…So we decided that I would file bankruptcy. But a lot of people telling me about the Means Test. What is it and how does work? And what if I don't pass the Means Test? Can't I file bankruptcy? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Hi Guest,
I guess you are planning to file Chapter 7 bankruptcy. The means test is an important part of bankruptcy and if you do not qualify, you will not be able to file bankruptcy. In the means test, your monthly expenses are deducted from your present monthly income in order to arrive at a monthly disposable income. If your disposable income is higher, then your chances of qualifying for Chapter 7 will be lowered.
When you go for the Means test, you will have to determine whether your income is more or less than the median income in your state. If your income is more than the state median, then you must figure out whether you would have enough left over after subtracting your expenses so that you can repay some of your debt.
If you don't pass the means test, then you will not be able to file Chapter 7. In that case, you can file Chapter 13 bankruptcy. In this case, you will have to make monthly payments over a five-year period according to a plan given by the lender and monitored by the court.
Take Care. |
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kimknows2008
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Post subject: chapter 7 bankruptcy |
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| how long will it take for chapter 7 bankruptcy to go through i mean once i file |
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red beach
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Post subject: Does social security income have to be listed as an asset? |
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| In filing for Chapter 7 bankruptcy do I have to list my social security income as an asset? In other words, is it part of the calculation of my total income or is it ignored both when taking the means test and in the filing process? I know it can't be attached but does it have to be part of the overall calculation? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Hi,
To kimknows!
As far as I know, you will receive a discharge order within 4 months of filing the bankruptcy.
To red beach!
As far as I know, you will have to list your social security as an asset. After including your social security as your asset, if you do not qualify in the means test, then you will have to go for Chapter 13.
Sussane |
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Susan2
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Post subject: 401K and withdrawal over age 59 1/2 |
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| I am needing to file Chapter 7 Bankrupcy and will need to make a withdrawal from my 401K plan to help pay attorney and court fees for Bankrupcy filing. I have made some withdrawals the past year just to live as my only income is Social Security and part time work of 20 hours per week, I also have a current pension that has a ten year payout expiring in May of 2009. Is the 401K plan completely exempt regardless of my age of 65 in May, and my ability to make a legal withdrawal. because I am over 59 1/2 years old. Also I am currently being garnished causing much hardship. how soon do the garnishments start once bankrupcy is filed? I am a resident of the state of Missouri. |
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homeowner
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Post subject: Filing Chapter 7 |
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Can I file chapter 7 if I owned a home? The home has little value!!
Help???? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Hi,
To Susan,
You will not have to pay penalty for 401k withdrawal as your are already 59 and 1/2 years old. However, you may have to pay taxes on that. Once the bankruptcy is filed, the court will issue an automatic stay and the creditors will not be able to garnish you wages further.
To homeowner,
You will be able to file a Chapter 7 bankruptcy provided if you qualify the Means Test. If you don't qualify the means test, then you will have to go for Chapter 13 bankruptcy. To know more about means test, check out the following link:
http://www.mortgagefit.com/bankruptcy/chapter7-2.html#80312
Sussane |
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depleted
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Post subject: how long to wait? |
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| i have i used my credit cards within the last few months but need to file bankruptcy as i am unable to pay my bills on my own. how long do i have to wait until i can apply for a bankruptcy? also, i do not own anything, and do not pay rent. Will i still qualify? i made less then 10k last year. |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
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In order to file Chapter 7 bankruptcy, you will have to qualify the Means Test. To know what Means Test is, check out Sara's post above. If you qualify the Means Test, you will be able to file Chapter 7 bankruptcy. If you don't qualify the Means Test, then you will have to file Chapter 13.
_________________
Procrastination is the enemy of your financial sucess |
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jc
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Post subject: chapter 7 |
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| i have my car title at a title place if i file chapter 7 can they reposses my car or can that be included in a 7 so i keep my car |
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jmack
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Post subject: Divorce and chapter 7 |
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| I am getting a divorce we just got dismissed from a chapter 13 I would like to file chapter 7 on my own after the divorce the chapter 13 was in my husbands name |
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smithsussane
Joined: 18 Sep 2008
Posts: 3627
Location: Alaska
541.91 Dollars($)
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Hi!
To jc,
Your car can be considered as an asset and the bankruptcy trustee can liquidate it to pay off your creditors.
To jmack,
Yes, you will be able to file Chapter 7 bankruptcy after your divorce. However, you would have to qualify the Means Test in order to file Chapter 7.
Sussane |
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