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DLJ
Guest
0.10 Dollars($)
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Post subject: Furniture possetions |
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| I am not sure under chap 7 I have my furniture nothing new will they want to sell it or personal items / possertions? |
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anonymous210
Guest
0.10 Dollars($)
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Post subject: Savings Account |
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| With respect to the amount of funds in a savings account, how does the filing of a chapter 7 bankruptcy affect a couple's assets saved in their joint savings account? Is there a formula of some sort that can be used to determine how much savings would be considered too much? Is there a threshold of savings account assets that would be exempt from loss? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi,
To DLJ,
As far as I know, the trustee will not sell off your personal property to pay off the creditors. Your real estate property, vehicles and savings would be taken into consideration while paying off your creditors.
To anonymous,
As far as I know, in order to qualify for Chapter 7 bankruptcy, you need to clear the Means Test. You will have to find out if your average monthly income for past 6 months is higher than the state median income for a family of your size. If it's higher then, you won't be able to file Chapter 7. However, if it's low, then, you can file Chapter 7 bankruptcy.
_________________
Procrastination is the enemy of your financial sucess |
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Not yet over the hump
Guest
0.10 Dollars($)
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Post subject: No tax returns and liens |
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Going w/ document preparation service to file, have been self employed for years, living off credits, and not file tax returns due to low or no income. Can i file w/o any tax returns
Also abstract judgmt against my name will that be dismissed.
Got lots of debt but no real assets left, Property is unpside down,
IRA has $20K left.
thanks |
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anonymous123987
Guest
0.10 Dollars($)
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Post subject: What are my options |
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| I own a business and rent my house out but the money I get for rent just pays the morgage. ( I live with my boyfriend) My business is making no money and I owe thousands, I can close my business but I will cost me alot to close. If I close I have no job no income.What do I do. I owe utilities,Business loan. taxes, Credit cards, you name it I owe it. Can I file a chapter 7? What happens to my renters and I also have 30K equity in my home |
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sineadhuff
Joined: 20 Aug 2009
Posts: 2
1.56 Dollars($)
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Post subject: what happens to my renters? |
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| what happens to my renters? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Post subject: |
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Hi,
To Guest,
In my opinion, you need to contact a bankruptcy attorney and discuss your case with him. He would help you in understanding whether or not you would be able to file bankruptcy without any tax returns. If you are able to file bankruptcy, your unsecured debts will get discharged.
To anonymous,
In my opinion, you will be able to file a Chapter 7 bankruptcy, but it would be better to consult an attorney and check out if you clear the Means Test. Once you clear the Means Test, you would be able to file Chapter 7. If you don't clear the Means Test, you will have to file Chapter 13. As far as your renters are concerned, you need to inform them about your plans to file bankruptcy and give them the required time to move out of the property.
To sineadhuff,
Your question is not clear to me. Can you give some more details?
_________________
Procrastination is the enemy of your financial sucess |
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dk12345
Guest
0.10 Dollars($)
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Post subject: debts you can file |
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| When filing chapter 7, can you include student loans and payday loans |
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lookingforanswers
Guest
0.10 Dollars($)
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Post subject: rollover money market ira account |
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| I'm in the process of filing chapter 7 my attorney will file the petition next week but before doing so, I have a few questions..I have about 2,400 in a money market ira rollover account I rolled over from a 401k plan I had with a previous employer back in the 80's. I haven't touched it until today because I need it to cover some bills so I withdrew $500. I understand the irs penalties if I do not replace it within 60 days. My question is, is that account safe from the bankruptcy? |
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SOS
Guest
0.10 Dollars($)
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Post subject: Active Chapter 13 Bankruptcy |
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| My husband has an active Chapter 13 Bankruptcy. I am in the process of filing for a legal separation. We own our home I am primary on the mortgage loan and he is a cosigner. I am making preparations to move out of our home. I have excellent credit and I would like to purchase a property for myself and our minor child to reside in after the legal separation. One of the stipulations of his chapter 13 is to make the payments on the home we own jointly. He has not been making the payments timely. Is there something I can do to relinquish my responsibilities with regards to our mortgage? I have no interest in keeping this property once I leave. I am willing to relinquish all rights to it. How can I remove my responsibilities for this mortgage? I need to act fast before his actions affect my credit ratings. Please help! |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi,
To dk,
Payday loans are discharged through a bankruptcy filing. However, student loans are no longer dischargeable in any chapter of bankruptcy. But if you can prove that repaying the loan creates an undue hardship on you or your family, there is a chance that the bankruptcy court would consider your request. You'll have to prove that paying the student loan will not allow you to maintain the minimum standard of living for yourself and your dependents. There are some courts which will discharge a part of the loan on a showing that repaying it in full would be a hardship on your part.
To Guest,
Once you file bankruptcy, you'll get a legal protection against all your creditors called the "automatic stay." If your creditor wants to collect the dues from your, he will have to file a case against the automatic stay. As far as I know, the judges rarely lift a stay for the IRS. So, in my opinion, your IRS account will be safe.
To SOS,
As you are the primary borrower of the loan, it would be difficult for you to relinquish your responsibility regarding the loan. The lender will not allow you to remove your name from the mortgage docs. Once the bankruptcy is discharged, then you can negotiate with your lender and check out if your husband can refinance the loan. This will help you in removing your name from the mortgage docs.
Thanks |
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camden345
Guest
0.10 Dollars($)
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Post subject: chapter 7 bankruptcy |
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| i own a business that has not filed taxes for 4 years and i need to file a chapter 7 bankruptcy would i qualify |
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smithsussane
Joined: 18 Sep 2008
Posts: 3709
Location: Alaska
556.69 Dollars($)
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Post subject: |
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Hi camden!
Welcome to forums!
I don't find any reason as to why you won't be able to file Chapter 7 bankruptcy. In my opinion, you should contact an attorney and take his opinion in this regard. He would be the best person to give you an advice is this issue.
Feel free to ask if you've further queries.
Sussane |
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dkaa
Guest
0.10 Dollars($)
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Post subject: chapter 7 home loan |
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| We filed a chapter 7 bankruptcy 2 years ago but we kept our home. All the statements from the bank for the home loan come from the bankruptcy department. If we faulted on the loan now and it foreclosed what happens to the difference in the money owed from what they sell it for. |
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kdv
Guest
0.10 Dollars($)
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Post subject: |
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| I have two properties. One property has my house with mortgage and the other prop has my inlaws with no mortgage. The land which houses my in-laws is classified as a relative homestead. Does bankruptcy protect both props? |
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