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Auntduci
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0.10 Dollars($)
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Post subject: Equity |
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| Hi, I had a chapt 13 discharge in 07. Can I file again? I have a house about 22000 left to pay but its worth about 50,000. I owe about 12000 in debt. I am on ss so my income is the same every month. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Post subject: |
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| As far as my knowledge is concerned, you would be able to file Chapter 13 every 2 years from a previous Chapter 13 filing. |
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anonymousalesman
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0.10 Dollars($)
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Post subject: House |
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| I have no equity in my house so i can keep it if i want, when i file ch 7 |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi anonymousalesman!
Welcome to forums!
If you've no equity in the property, then the trustee cannot use it to pay off your creditors. In such a situation, you will be able to keep the home as long as you pay the dues.
Feel free to ask if you've further queries.
Sussane |
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JENNIE54
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0.10 Dollars($)
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Post subject: Chapter 7 Bankruptcy |
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| I have over $40,000 in credit card debt & haven't been able to make payments on these cards for several months; one credit card company has already got a lawsuit against me. I am listed as a co-owner on 3 vehicles - all paid off - and my name is on our mortgage & line of credit along with my husband. We have some tv's, a couple of computers & furniture. Will we stand to lose all of these assets after filing chapter 7? I will be filing by myself, not with my husband. Please help! |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Welcome JENNIE,
You may not be losing your personal property like TV, computers or furnitures. However, you may lose your property which the trustee can sell off in order to pay off the creditors. I would suggest you to have a talk with a bankruptcy attorney who will guide you in a better manner in this regard.
_________________
Procrastination is the enemy of your financial success |
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Renee
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0.10 Dollars($)
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Post subject: keeping truck (for work) and filing chapter 7 in Florida |
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| If I am going to file Chapter 7, can I keep my only truck for work, etc? I co-own my home also in Florida. Not in foreclosure and I am keeping it. The truck is my biggest concern. |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Renee,
You will have to list the truck as one of your assets while you file bankruptcy but it's not mandatory to include it in bankruptcy. You will be able to keep the truck for work purpose.
Thanks |
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daddyn
Guest
0.10 Dollars($)
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Post subject: Questions about Chapter 7 |
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| I am retired, widowed, and am filing chapter 7, I have given my lawyer all the paperwork and have signed all documents in his office, now we set a court date. I have a New York state pension. I have two mortages, I owe more on my house then it is worth. My questions are what will happen to my pension. I receive a monthly income of 2200, it is direct deposited into my checking account each month? Can my second mortage of 29,000 be eliminated because my first mortage is 120,000, the house is only worth 100,000. My lawyer doesn't seem to have the time to explain all these questions I have. I have a dependent child at home. P lease help me, will I lose my house? |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi daddyn,
Your retirement income is exempt while you file bankruptcy. However, as it gets deposited in your checking account, the trustee can use it to pay off your creditors. I don't think the second mortgage will be completely eliminated. The lender will hold the lien on your property. However, if you do not reaffirm the mortgage, then the second lender will not be able to come after you for the balance amount after the property is sold off.
There are high chances that the property will be sold off to pay off your first lender. You may be able to save the property if you reaffirm both the loans and pay off the mortgage dues on time.
Thanks,
Jerry |
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Gianna
Guest
0.10 Dollars($)
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Post subject: Retaining Assets in Chapter 7 Bankruptcy |
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I am facing the need to file Chapter 7. My home is in Foreclosure due to my former spouse not making payments after getting exclusive occupancy and refusing to sell in a timely manner. All marital and business debt was in my name, and even tho the Divorce Judgment ordered him to make payments until assets were sold to offset debt, he has not complied. I am currently being held responsible for over $50,000.00 in credit card and medical debt, and am concerned that I may also be held responsible for the balance remaining on the principle owed on the marital home after the Sheriff's Auction.
My only assets are my clothing, my car ( worth about $14,000.00 equity and paid off , and a piece of property I have been holding in trust (informally) for my children until both reached age 18. I want to quitclaim the property to my children. The tax assessed value is less than $5000.00.
Will this disqualify me from being allowed to have the debt discharged? I am also unemployed and receive only sporadic alimony payments. So far this year my income has been less than $2000.00. I live in Michigan. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2619
Location: MICHIGAN
415.87 Dollars($)
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Post subject: |
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Hi Gianna,
You will have to list all your assets while you file bankruptcy. You have mentioned that you own the car free and clear. The trustee can sell off the car in order to pay off your creditors. As far as the home is concerned, it won't be a good idea to transfer it to your children just before filing bankruptcy. It might be considered as fraudulent by the bankruptcy court and you can be penalized for it. You should contact a bankruptcy attorney in this regard and take his opinion.
Thanks,
Jerry |
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cc
Guest
0.10 Dollars($)
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Post subject: chpt 7/chpt13 |
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| which one if either will stop or postpone my house from being sold for back property taxes the date has already been set |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Post subject: |
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Hi cc,
If you file any of the chapters of bankruptcy, it will help you in stopping the property sale for the time being. However, back taxes do not get discharged in bankruptcy. Thus, you would be liable for paying off the back taxes. In my opinion, rather than filing bankruptcy, you should contact the IRS and set up a payment plan with them. This will help you in paying off the taxes in an affordable manner.
Take care. |
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dandytime
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0.10 Dollars($)
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Post subject: |
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I owe back taxes from 05 and 06 to the state can those taxes be discharged if i file chapter 7  |
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