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BRAD1988
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0.10 Dollars($)
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Post subject: please help. |
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| ME AND MY WIFE HAVE A PAID OFF HOUSE AND A PAID OFF VAN. WE ARE TRYING TO FIAL CHAPTER 7 OUR ATTORNEY SAID IF THE VALUE OF THE HOUSE EXCEDES 55000 THEY WILL TAKE THE HOUSE AND GIVE US 40000 FOR BOTH OF OUR NAMES ON THE HOUSE. IS THAT TRUE THAT YOU GET 20000 PER PERSON ON THE DEAN IF THEY TAKE THE HOUSE?. |
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bearwoman
Guest
0.10 Dollars($)
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Post subject: Judgements |
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| Can you file bankruptcy if you have judgements against you? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi!
Welcome to forums!
To BRAD,
There are certain state exemptions available in case of house and car when you file bankruptcy. Depending upon your state exemptions you may be able to get a certain amount if the trustee sells off the property. The rest of the amount will be used to pay off your creditors.
To bearwoman,
Though there are judgments against you, yet you would be able to file bankruptcy.
Sussane |
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billy b
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0.10 Dollars($)
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Post subject: income after discharge of chapter 7 |
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| Once a Ch. 7 is discharged, if the debtor starts to make substantial income, or comes into money that they had no idea they would get. Are they obligated to disclose this to the trustee? If so, how long after discharge is this the case(3 months? 6 months?...) |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi billy,
According to bankruptcy law, if you receive an inheritance within 180 days of filing bankruptcy, it would become a part of the bankruptcy estate. You'll be required to disclose the inheritance to your bankruptcy trustee and debtors.
Thanks |
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anonymous two
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Post subject: Consdering chapter 7 |
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| How soon after you get a new mortgage can you file chapter 7? I need to refinance a balloon mtg before I am forced to file. My soon to be ex husband is filing and some of the old joint accounts that I am co-signer on may come to me for payment after he does. It may force me to have to file in the next few months. My balloon is due Feb 2011 and I am trying to get refi before then |
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ELIZABETH
Guest
0.10 Dollars($)
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Post subject: CAR |
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| IF MY CAR IS WORTH 4000.00 IN THE nada book and i still owe 10895.00 do i have to pay the inrtrest or not what are the rule if i file chapther 7 |
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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,
I don't think there is seasoning period which you need to fulfill in order to file bankruptcy after taking out a mortgage. Nevertheless, you need to contact a bankruptcy attorney and take his opinion in this matter.
Hi ELIZABETH,
If you file Chapter 7 and reaffirm the loan, then you will have to pay off both the principal as well as the interest as you become personally liable for the loan.
_________________
Procrastination is the enemy of your financial success |
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AZ guy 1963
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Post subject: Primary Home exemption |
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| My primary residence is paid off and has 140K in equity. I have 100K in a 401K too. My second home is upside down 130K. If I file chapter 7, I understand that my 401K will be safe along with my 140K in my primary residence (My state allows up to 150K exemption). Is this true? Will I be able to totally relieve myself of my 130K that I am upside down in my second home, while still retaining my entire 140K in my primary home and also keep all of my 401K? My primary home is paid off. |
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Chapter 7 - homepayoff ?
Guest
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Post subject: Chapter 7 question |
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I filed chapter 7 bankruptcy after my divorce. I received the discharge already but the case remains open due to a pending lawsuit I had agianst another party. So, my case is still technically open due to the pending lawsuit and I understand that any settlement coming my way will go to creditors.
My question is, since the case is still open, can a relative help me payoff the exsisting mortgage on my home? I already have a homestead exemption.
Thanks |
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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,
As far as I know, you would be able to save the money that you have in your retirement account. However, as far as the equity in the property is concerned, the trustee may sell off the property to pay off your creditors. However, as your state has exemptions, you would be able to save the equity.
Hi Guest,
Though the case is open, you would be able to pay off the loan. Thus, you can take the help of an attorney in order to pay off the mortgage.
_________________
Procrastination is the enemy of your financial success |
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Marie
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Post subject: bank accounts with bankruptcy |
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| My sister is on my bank accout and on our mothers accout. She is filing chapter 7 bankruptcy. Will this affect our checking accounts? Do we need to remove her name from our accounts? |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Post subject: |
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Hi Marie,
Your sister's bankruptcy filing might affect your bank accounts as her name is mentioned on it. It would be better if you could remove her name from the account. However, if you do so, she won't be able to file bankruptcy immediately. She might have to wait for around a year and then file bankruptcy. I would suggest you to have a word with a bankruptcy attorney and then take a decision in this regard.
Feel free to ask if you've further queries.
Sussane |
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cadillac69
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0.10 Dollars($)
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Post subject: equity |
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| my home is in foreclosure, but dont have sell date, question 1 is if i have equity in the house and the bank sells the house do i get the equity that is left if i file bankruptcy? ques 2 how will they sell my property for the amount owed or the value? should i try to sell house on my own or thru a realtor? |
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Hot Rod
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Post subject: |
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| can i lose my pension and disability social security if I file chapter 7 bankruptcy? |
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