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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi arta,
As you transferred the car to your roommate just a month before filing bankruptcy, it can be considered as a fraudulent transfer and you can be penalized for it. The bankruptcy court can consider the car as your asset and bring it back into your estate.
_________________
Procrastination is the enemy of your financial success |
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widow
Guest
0.10 Dollars($)
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Post subject: Chapter 7 bankruptcy - Texas |
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| Under Texasf bankruptcy laws would my 401 K be exempt? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi Guest!
Welcome to forums!
Retirement accounts are exempt in case of bankruptcy filing. This is applicable in case of all the states. Thus, the trustee will not be able to come after your 401k account.
Feel free to ask if you've further queries.
Sussane |
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jobless in virginia
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0.10 Dollars($)
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Post subject: bankruptcy |
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| I have not worked in 2 years. Right now my husband has a job and we have two homes a rental and our primary residence. We have been able to work out a loan modification on our first trust but are looking to file for bankruptcy to dismiss our second trust. We want to do this because our home is worth less than what we paid for it. We are looking at a chapter 7 but we want to keep both houses and get rid of our credit card debt and second trusts. Is this possible? Thanks. |
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clueless
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0.10 Dollars($)
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Post subject: chapter 7 |
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| my husband and I have filed chapter 7 but still behind on mortgage pmts can we borrow from our 401k? I case isnt finalized yet. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Post subject: |
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Hi Guest,
You will be able to save the property in Chapter 7 if you reaffirm your mortgage and the loan dues on time.
Hi clueless,
Though the 401k account is exempt from bankruptcy filing, it won't be a good option to use the money from that account. As you have planned to file bankruptcy, the defaulted mortgage payments will be dealt in it.
_________________
Procrastination is the enemy of your financial success |
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cinderella
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0.10 Dollars($)
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Post subject: Savings account |
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| We have 14K savings in the bank and are considering filing bankruptcy. We are in our 50's and it is the only solvent money we have. Will the money be taken during bankruptcy? Is there anything we can do to protect it? |
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sassy
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0.10 Dollars($)
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Post subject: car accident settlement -bankruptcy |
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| i recently started bankruptcy and now im gettin a small settlement from a car accident. i am now homeless and would like to be able to use some of that money to get a place to live, get my car fixed, and get groceries, also furniture for the rental. would this be allowed or will i get in trouble for using the money for these items |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi!
Welcome to forums!
To cinderella,
The bankruptcy trustee will be able to garnish your savings account when you file bankruptcy. You can place the money in your retirement account in order to save it from the trustee. However, you cannot file bankruptcy immediately after you transfer the money to your IRA account. You will have to wait for a year in order to do so.
To sassy,
As far as I know, you may have to surrender that amount to your bankruptcy trustee who will use it to pay off your creditors.
Feel free to ask if you've further queries.
Sussane |
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family keeper
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0.10 Dollars($)
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Post subject: chapter7 and keeping my home |
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| after filling a chapter 7 can i keep my home as long as i keep up the payments and if i became deceased can i still leave my home to famuly? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: |
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Hi Guest,
After you file Chapter 7, you will be able to keep your family home. However, you will have to reaffirm the loan while you are in bankruptcy. Once you reaffirm, you will have to keep on paying the mortgage dues on a regular basis. After your death, if your family members pay off the dues, they will be able to save the property.
Take care. |
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detroithelp
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0.10 Dollars($)
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Post subject: over exemption |
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| I am considering filing chapter 7 in michigan. I will be over the exemptable amount by $10,000.00. This is a result of a personal loan I made to someone back in 2006. this person will never pay me back most likely. And if they do make payments to me it will bel a minimal amount. Considering I do not have the funds to pay the trustee any money and this person probably will not repay the loan...what options would the trustee have? my car is exempt and i don't own property. |
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domino
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0.10 Dollars($)
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Post subject: chapter 7 BK |
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| My husband and I have $35,000 in credit card debt, we have been making payments but we aren;t getting anywhere, we have gotten loans from relatives, home equity loan, 401 K loans, and still in debt, we are thinking of filing chapter 7 our house isn't worth what we owe, we just can't make the payments any longer what would you suggest? |
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domino
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0.10 Dollars($)
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Post subject: chapter 7 bankrupcey |
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| My husband and I have $35,000 in credit card debt, we have been making payments but we aren;t getting anywhere, we have gotten loans from relatives, home equity loan, 401 K loans, and still in debt, we are thinking of filing chapter 7 our house isn't worth what we owe, we just can't make the payments any longer what would you suggest? |
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joey
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0.10 Dollars($)
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Post subject: chapter 7 bankrupcey |
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| My husband and I have $35,000 in credit card debt, we have been making payments but we aren;t getting anywhere, we have gotten loans from relatives, home equity loan, 401 K loans, and still in debt, we are thinking of filing chapter 7 our house isn't worth what we owe, we just can't make the payments any longer what would you suggest? |
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