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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Welcome Donald,
Your bankruptcy attorney will be able to help you in this regard. As far as I know, you will have to list the equipments as your asset. Whether or not you file bankruptcy on them will be your discretion.
_________________
Procrastination is the enemy of your financial success |
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anonymous714
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Post subject: can I homestead in another state |
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| My father 70 yers old, cannot find employment in Texas where he has had to sell his home, filed bankruptcy. He cannot find a home he can afford on SS only. I would like him to move to ?Florida and purchase a condo he can afford on his SS. Would this home be protected from creditors. He has only 2 more months to find something or the proceeds from the sale of the home is no longer protected. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Hi anonymous,
Unless the Texas based creditors of your father file a lawsuit against him in a Florida court and get a judgment, your father's property in Florida will be safe.
Thanks,
Jerry |
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Anonymous iowa 1958
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Post subject: Inheritance |
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| We filed Bankruptcy and during the court meeting we were told that if we receive any inheritance that it needs to be turned over to the courts (first we heard of this)? The next day one of our parents passed away and we will be receiving money for the sale of real-estate and life insurance. It there anyway we can keep any of this money? We both have paid up life insurance. |
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keviwan
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Post subject: chapter 7:/life insurance |
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| hi I am filing chapter 7 and I have a whole life policy, do i have to turn this over? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi anonymous,
You won't be able to keep the money that you would receive as inheritance from your parents when you are in bankruptcy filing. If you keep the money, the bankruptcy court can consider this as fraudulent and your bankruptcy filing can get dismissed.
Hi Keviwan,
I've given my suggestions in regards to your query at:
http://www.mortgagefit.com/bankruptcy/chapter7-insurance.html
Take a look at it. Hope it helps you.
Thanks |
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Anonymous iowa 1958
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Post subject: Inheritance |
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| I was told that if I receive more money they I owe my creditors I would receive the balance back is that correct? Also that if I filed on a mortgage it would not receive any of the inheritance money because they received the house back is that correct? Thanks for your help. |
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Oregon Girl
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Post subject: Keeping my Home? |
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| I recently went through a bad divorce & I was awarded the house/property with a VERY LARGE house payment & a huge loan amount. The bank has been working with me by allowing me to pay a 1/3 of the payment up until now. Now they are talking about foreclosing on me & they've issued the first letter to me. I am wondering if its possible to file Bankruptcy on this along with my other misc debts & be able to still keep my home? I dont think there's much (if any) equity into it yet and I don't think it'd be worth selling at this time either since there are liens against it & the loan amount is so much. Please help! I dont know what to do! I have two young kids & won't have any place to go! |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi!
Welcome to forums!
To iowa,
If there is an excess amount after your creditors are paid off, then you would be able to get back the excess money from the trustee. As far as your second question is concerned, I did not understand it. Can you please explain it?
To Oregon Girl,
You can file a bankruptcy on your property as well as on your other miscellaneous debts. If you file Chapter 7 and reaffirm your mortgage, then you will have to make the payments and it will help you in saving your property. If you file Chapter 13, you will be able to re-organize your debts. Your lenders/creditors will give you a payment plan which will help you in paying off your dues within the next 3-5 years.
Feel free to ask if you've further queries.
Sussane |
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anonymous65
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Post subject: Line of credit |
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| I have a line of credit on my home no 1st just a line of credit bought house for 155k i owe 148k on my line of credit and i have 13k line of credit on my checking acct that is the only bills i have but I can't make it anymore I don't have the income I use to, would filing bankruptcy do me any good |
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ka
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| Hello, I am looking at filing chapter 7 and qualify based on a recent conversation with a lawyer. My outstanding question is that my mother has her bank accounts in my name as well as hers. This is not my money, how will this be viewed by the bankruptcy trustee? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi!
Welcome to forums!
To anonymous,
Rather than filing bankruptcy, I would suggest you to contact your lender and apply for a deed in lieu of foreclosure. If you're delinquent on your mortgage payments, there are higher chances that the lender will accept your request for a deed in lieu of foreclosure. This will help you to sell off the property and you won't be liable for the balance amount resulting from the sale.
To Ka,
As your name is mentioned on the bank accounts, the lender will consider it as your account as well. Thus, he may use a portion of that money to pay off your creditors. You can inform your bankruptcy trustee and attorney that the money in the account solely belongs to your mother and check out if they would consider your situation.
Feel free to ask if you've further queries.
Sussane |
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anonymous5
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Post subject: Foreclosure |
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| I have a condo and owe about $136,000 and am currently in the foreclosure process. I don't know what to do next. I am currently working but need to retire soon. I am 67 years old. I owe my car and several credit cards. |
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Marcus
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Post subject: bankruptcy |
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| Iam thinking of filing chapter 7 and save the house, how soon after can I sell the house, is there any restriction |
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adonis
Joined: 22 Oct 2005
Posts: 10258
Location: ALASKA
1044.81 Dollars($)
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Hi anonymous,
You can apply for a deed in lieu of foreclosure in order to avoid foreclosure. This will help you in selling off the property and you won't be liable for the deficient amount resulting from the sale. You can rent a property and take steps to improve your credit score. You can even apply for a reverse mortgage to purchase your primary residence.
Hi Marcus,
You can sell off the property after you receive a discharge from your bankruptcy filing. In case of Chapter 7, you can surrender the property to the lender who will sell it off in order to recover the dues. You won't be liable for the deficient balance. However, if you reaffirm the mortgage, then you'll be liable for the mortgage dues. If that case, if you let the lender sell off the property, he will come after you for the deficient balance.
_________________
Procrastination is the enemy of your financial success |
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