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savior70
Joined: 25 Mar 2009
Posts: 1338
Location: Florida
152.59 Dollars($)
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Hi
Since chapter 13 was in your husband's name, you can surely file a chapter 7 after divorce, subject to your qualification in the means test and fulfilling other criteria as required by the bankruptcy laws, 2005. |
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help
Guest
0.10 Dollars($)
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Post subject: Mutual funds $19,000.00? |
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| I have no home, my car is 10 years old, I am on SSI (&1,000.00) a month my only income. I do have about $19,000.00 in some mutual funds. I owe over &100,000.00 in cerdit cards acounts. If I file chapter 7, can they take what I have felt in the mutual funds?? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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| As far as I know, mutual funds are not exempt. So the bankruptcy trustee may utilize them to pay off your debts. I think you should contact a bankruptcy attorney and get his opinion on this issue. |
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messy situation
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0.10 Dollars($)
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Well, it's a messy situation…I filed chapter 7 a few days ago. Immediately, I informed the bank about the bankruptcy and also gave them my case number. But surprisingly, the repo guy just showed up today. He wants me to open my garage so that he takes my car. I informed him about my Bankruptcy and showed him about case filing paper and he said he still wanted the car. I did not bother and asked him to leave and slammed the door on his face. But he is parked down the street now  .
What recourse do I have against the bank for this? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Hi Guest,
I think you should contact your bankruptcy attorney asap and ask him to deal with the bank. In my opinion, your lender is violating the automatic stay. It would be better if your bankruptcy attorney can send a certified letter to the bank indicating that they are violating the court automatic stay. However, you should note that the lender can file a motion to lift the automatic stay. If the automatic stay is lifted then they can take the car but until then they can't legally take it.
Take Care. |
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jp12345678
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0.10 Dollars($)
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| Hey guys…I would like to have your opinion regarding my situation. The only debt that I have is the home payment. My vehicles are paid for and no credit card debt. The property is in my name. Husband is a disabled veteran. I'm having a tough time paying mortgage. Credit score was quite high when I purchased property. I had planned to sell my house and take the equity to buy a small and less exoensive home. Now the realestate market has gone for a toss and my payoff is almost equal to what i owe. There's no equity . What do you say…should i file chapter 7 Do you think it's a good idea??? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1651
Location: New Brunswick, New Jersey
308.83 Dollars($)
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Hi jp,
I don't think you should file Chapter 7 bankruptcy. It should be the last option that you should go for. If you are delinquent on your mortgage payments, you should contact your lender first. If you are interested to save the property, you can apply for a loan modification. Depending upon your financial situation, the lender would accept or reject your request.
If you are not interested to save the property, then you can apply for a deed in lieu of foreclosure. If the lender accepts this process, he will sell off the property and recover the debts. The deficient amount resulting from the sale of the property will be forgiven.
Take care. |
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Pecas
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0.10 Dollars($)
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Post subject: cashing out 401k |
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| i am 10 shy of the deadline for creditors to object to my bankruptcy. If I cash out my 401k after that deadline can I get into trouble? What happens?? Thanks |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Hi Pecas,
Cashing in 401k can be very expensive. It will cost you 30-40 percent tax and 10 percent penalty. Apart from this, if you cash out 401k, you will have to pay federal and state tax. You will also owe a 10% early withdrawal penalty if you are under 55 when you leave your job and withdraw the money.
Why do you think your creditors will object to your bankruptcy?
_________________
Good is the Enemy of Great. |
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smlasp
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0.10 Dollars($)
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Post subject: chapter 7 |
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| can a property lien be included in a chapter 7? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Welcome smlasp,
If you are speaking of mortgage lien, well, you can include them in your bankruptcy. The personal liability of paying the mortgage is discharged but as it is secured by a collateral, the mortgage remains as a lien on the real property after a bankruptcy discharge.
_________________
Procrastination is the enemy of your financial sucess |
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Guest
0.10 Dollars($)
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| Hi there…need some help to take a decision. I have some credit card debts and thus I was planning to file Chapter 7 bankruptcy. Let me tell you that I don't have any assets that exceed the allowed exemptions. Do you think that debt settlement is a good option as compared to filing bankruptcy? There were few people who were telling me that debt settlement does not always work. What do you think…should I go for debt settlement? |
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Niicss
Joined: 03 Oct 2005
Posts: 2579
Location: New Jersey
402.93 Dollars($)
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Hi Guest
I think you are planning to file Chapter 7 bankruptcy only for the credit card debts. In that case, debt settlement or debt consolidation can be a good option for you. Debt settlement is a process through which debt settlement companies will negotiate with the creditors and reduce your outstanding balance by 40%-60%. Debt consolidation, on the other hand, will help you in reducing your interest rates for paying off the credit card debts.
In my opinion, debt settlement will be a good option for you.
Thanks.
_________________
Good is the Enemy of Great. |
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anonymous 34
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0.10 Dollars($)
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Post subject: CORP CHAPTER 7 |
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| I HAVE A LEASE ON AN EXCAVATOR THAT COST US 70K BUT WE OWE 5K, POSSIBLE TO KEEP AFTER FILING PERSONAL AND CORPORATE CH. 7 |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Hi Guest,
It will depend upon the fact whether it would be considered as your exempt property or not. You need to discuss your options with your bankruptcy attorney.
_________________
Procrastination is the enemy of your financial sucess |
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