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lrn66
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0.10 Dollars($)
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Post subject: savings account |
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| I hope I didn't shoot myself in the foot but I recently cashed out a retirement account to put into savings to pay our property taxes in a few months. I still have the check and haven't done anything with it yet because we have now decided to file ch 7 if possible. If I put that into my bank will they take into account the fact that I have upcoming property taxes / expenses and not take that money? |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi lrn,
You will have to list all your assets in your Chapter 7 bankruptcy filing. It will depend upon the bankruptcy trustee who would judge your financial situation and decide whether or not he would take money from your bank account to pay off your creditors. It would be better if you could speak to your bankruptcy attorney and decide what steps you need to take.
Thanks |
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Guest
0.10 Dollars($)
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Hi there…need help immediately as I'm being sued by my creditors. I am desperate to come out of this situation and thus want to file bankruptcy. I do not have assets. However, I do receive unemployment which is below $900 a month. I've around 35,000 in medical bills. Also I have a credit card that I stopped paying a few yrs ago. Do you think I'll have to go for the Means test or will I qualify for Chapter 7 filing??? Do I need to submit everything like - tax returns, banks statements, pay stubs etc.
Thanks for help. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi Guest!
Welcome to forums!
As far as I know, you'll have to go for the Means test. This will ensure whether or not you qualify for Chapter 7. If you fail to clear the Means Test, you'll have to file Chapter 13 bankruptcy. You will definitely need to submit tax returns, banks statements, pay stubs or any other documents as asked by your bankruptcy trustee. Apart from this, if you file Chapter 7, you'll have to list all your assets.
You should remember that a Chapter 7 bankruptcy affects your credit report badly. It will remain on your credit report for 8-10 years. Moreover, you won't be able to get a mortgage within next 2-4 years.
Sussane |
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George98
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Post subject: cost to sell a house during bankruptcy |
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| What % is used by a trustee to determin the cost to sell your house during Chapter 7? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi George
The trustee will determine the value of the property and then arrange for the sale of the property. The mortgage and other debts will be paid off by selling off the property.
Thanks.
_________________
Good is the Enemy of Great. |
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Lorraine
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0.10 Dollars($)
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| I have started a Chapter 7 bankruptcy and should be filed in the next two weeks. My uncle died Feb 2008 and had no will. My Dad and his brothers will be splitting a sizeable amount of money. I have been told I may receive some of this money from my Dad and uncles. What are my legal obligations with my bankruptcy. It may be 3-6 months before receiving. I live in the state of Indiana. Thank you |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Post subject: |
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Hi Lorraine,
The inherited property can be included in the bankruptcy filing. You should speak to your bankruptcy attorney and then decide what steps you should take. The inherited money can be used to pay your creditors.
Thanks |
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miatia
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0.10 Dollars($)
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Post subject: withdraw of ira |
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| Can i still file for bankruptcy chapter 7 if I have made a withdrawal from my ira. I tried to work with creditors before going to lawayer to file, now I have some cash sitting in savings. I am the only one who is filing my husband is not and all bank accounts are joing. |
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anonymous19772007
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Post subject: Putting a Car in your name after filing Ch. 7? |
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| MY Fiance' filed bankruptcy at the beginning of the year WITH the income tax refund he received from last year. HE HAS NOT RECEIVED HIS DISCHARGE YET. He did/does not have any property or anything that was worth any value for them to seize. There forth will the trustee seize the tax refund for next year when we file?? Even though we paid right at a $1000.00 for the bankruptcy? AND he has been driving my grandpas car, and he wants to give it to him, will it hurt to have the car switch over into my Fiance' name, or will they seize it? by the way, he has no vehicle in his name, he had to let it go back... I would appreciate any advice you could give... Thank you |
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smithsussane
Joined: 18 Sep 2008
Posts: 10038
Location: Alaska
920.62 Dollars($)
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Hi!
Welcome to forums!
To miatia,
As far as I know, a bankruptcy filing by one spouse does not bring the other spouse into bankruptcy. Moreover, the non-filing spouse may not even get the full protection of the automatic stay or the bankruptcy discharge. If you and your spouse are jointly liable to a creditor, the bankruptcy of one spouse does not relieve the other of paying the debt. The non-filing spouse will also be considered for the repayment of the debts in a Chapter 7 Bankruptcy case. In case of Chapter 13 bankruptcy, if the debt is a consumer debt to be paid 100% through the Chapter 13 plan, the co debtor is protected with the help of a co-debtor stay.
To anonymous,
In my opinion, it would be better if your fiance can transfer the car in his name after his bankruptcy is discharged. The bankruptcy trustee can seize the car if he transfers it now in his name in order to pay off his creditors.
Feel free to ask if you've further queries.
Sussane |
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mommamia1989
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Post subject: Will they seize your tax refund? |
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Will they seize you tax refund if you file for chapter 7?
Isn't chapter 7 where you combine all the bills and everything and they do away with them once you pay for the bankruptcy?? Will they take you Tax refund check? If so, will they take State AND Federal? Or one of the other?? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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| The bankruptcy trustee can seize the tax refund. He can use the money from your tax refund to pay off your creditors. In chapter 7 bankruptcy, you get discharged from your unsecured debts. Your assets are liquidated in order to pay off your creditors. |
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Mrs. T
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Post subject: Filing chapter 7 bankruptcy |
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| My husband is considering filing ch.7 in the very near future and I will be attending a nursing program in Oct., will this be a problem with me applying for a pell grant or even student loans, if we file jointly. |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Post subject: |
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As far as I know, you would be able to qualify for government loans though you filed for bankruptcy. But there are limits to the amount of government loans you can receive each year. However, as private lenders would check your credit strictly, you would face difficulty in getting private loans.
_________________
Good is the Enemy of Great. |
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