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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Hi Guest,
As far as I know, in most of the states, the retirement accounts are protected though you file bankruptcy. You will have to speak to your bankruptcy attorney and check out what you state laws are.
_________________
Procrastination is the enemy of your financial success |
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little big horn
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Post subject: filing for chapter 7 |
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| me and my wife are loking at filing chapter 7 we would like to know that our home and personal items will not be removed we have only been in our house for 5 yrs. our cars are paid for . and there is not much toward our assets.any info. would be great to hear |
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smithsussane
Joined: 18 Sep 2008
Posts: 6474
Location: Alaska
362.09 Dollars($)
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Hi Guest!
Welcome to forums!
As far as I know, your personal items will not be taken if you file for Chapter 7 bankruptcy. You can save your home if you reaffirm the debts and pay according to the plan.
Feel free to ask if you have further queries.
Sussane |
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68bonnie
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Post subject: house exemptions |
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| My husband has racked up substantial debt, behind my back. We are now looking at chapter 7 bankruptcy, yet have been told that we exceed the house exemption for CA, because we have too much equity in our home. We are separated, and for me selling the house is not an option, since it is a family home. Is it true that if we have over $75,000.00 equity in the home, in CA, that we cannot file chapter 7?? |
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Roxanne
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| You will have to pay the equity in the property to your bankruptcy trustee and then you may be able to file bankruptcy. Better consult your bankruptcy trustee. He would be the best person to guide you in this regard. |
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Guest
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Bankruptcy is something I'm afraid off and I would like to get some suggestions from you guys…Ex-spouse is declaring bankruptcy for all the debts we jointly own  . This is not fair and she is doing so to put me into trouble. I would like to know…how it will affect me… and will I be able to recover without having to declare bankruptcy? Do you think if I file bankruptcy, I would be able to start everything afresh? I'm not well off financially so I would like to get your suggestions. |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi Guest,
You should remember that if you've a joint loan with your ex-spouse, then you would be liable for all the debt accrued with that account. Thus, as a non-bankrupt spouse, you will not receive any protection from the government. Creditors can come after you and ask you to pay off the debts.
You will have to judge whether the debts are jointly owned or not. You should note that in some community-property state, debts may remain the property of one individual, even in marriage. In that case, you're just a user on an account and not the authorized signatory. In such a situation, you'll not be responsible for the debts. However, if there is a mortgage on your property and you're a cosigner to it, then you would be totally responsible for the debts.
In case, if you find out that for most of the debts, your ex-spouse is responsible which can be eliminated through bankruptcy, it will be easier for you to re-establish your credit. However, if things go haywire and you find that you are equally responsible for most of the debts, you may consider filing bankruptcy. Include all the delinquent account in your bankruptcy filing. Once your bankruptcy is discharged, you can start working to improve credit.
Take Care |
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anonymous NW
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I have been thinking of filing for bankruptcy because i have multiple accounts in collections and paying back on a repo'd car. i have 2 more accounts that i havent been able to pay that havent gone into collections yet but i know there is no way i can afford to pay them once they do go into collections.
the only hang up of mine is that i've been working steady under the table since sept of 08. i did file my income taxes for 08' but will i be able to file for chapter 7 without provable income in 09? |
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smithsussane
Joined: 18 Sep 2008
Posts: 6474
Location: Alaska
362.09 Dollars($)
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Hi Guest!
Welcome to forums!
In order to qualify for filing Chapter 7 bankruptcy, you'll have to clear the means test. If your income exceeds the median income of your state, then you may not be able to file Chapter 7. I would suggest you to contact a bankruptcy lawyer and discuss your issue with him.
Feel free to ask if you have further queries.
Sussane |
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Mitchelle Jones
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| My boyfriend and I are planning to get married and we are planning to buy a home for ourselves after our marriage. But the main problem is that he had to file bankruptcy due to sudden increase in the interest rate of his adjustable rate mortgage. However I’ve a good credit report all throughout. My question is - will his credit and bankruptcy status affect my good credit rating? Or will we be able to buy a home for ourselves in the near future? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2240
Location: New Brunswick, New Jersey
420.06 Dollars($)
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Hi Mitchelle,
If you try purchasing a new property jointly, you will face difficulty in getting finance due to your boyfriend's bad credit. If you jointly apply for a loan, the lender will check your credit as well as your boyfriend's credit. As he has bankruptcy listed in his credit report, lender may refuse to give loans. In case, if some lenders agree to give you a loan, they can charge you high rates of interest.
However, if you wish, you can apply for a mortgage in your name alone. However, if your boyfriend wants, he can start building his credit once his bankruptcy is discharged. He can check out some of the simple steps to rebuild his credit from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Take care. |
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mlcsec
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Post subject: should we file chapter 7? and where? |
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| My husband and I have lived in MA for the past five years, we have recently moved to ME and bought a house. We have approximately $62000 in credit card debt, would we loose our house if we filed Chapter 7? What state should we file in if we have only been living in ME for the past two months? |
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adonis
Joined: 22 Oct 2005
Posts: 6713
Location: ALASKA
548.13 Dollars($)
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Hi mlcsec,
If you reaffirm the debts after your Chapter 7 bankruptcy is discharged, you will be able to save your property. You should contact an attorney and get to know which state you need to file the bankruptcy. He will be the best person to help you out.
_________________
Procrastination is the enemy of your financial success |
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downtheroad
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Hello there…
Me and my wife have planned to file bankruptcy and we have a auto loan. We would like to keep the car and pay the mortgage on it. So my question is can we not reaffirm only the auto loan? Or will the bank repossess the car? |
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Niicss
Joined: 03 Oct 2005
Posts: 4110
Location: New Jersey
400.49 Dollars($)
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Hi Guest
A reaffirmation of the auto loan will help you in saving your car from repossession. However, it depends upon your lender's discretion whether he would allow you to reaffirm the loan or repossess the car. You can contact your lender and check out if they are ready to reaffirm the auto loan or not.
Thanks.
_________________
Good is the Enemy of Great. |
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