| Author |
Message |
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
Post subject: |
|
|
Hi,
To dkaa,
If you reaffirmed the loan during your bankruptcy proceedings, then you are personally liable for the loan. In such a situation if you default the loan and your property is foreclosed upon, you would be liable for the deficient amount.
To kdv,
As the second property has relative homestead, I do not think, it would be protected in bankruptcy. However, laws may vary from state to state. You should contact an attorney and check out his opinion in this case.
Thanks |
|
 |
sandy123456
Guest
0.10 Dollars($)
|
|
Post subject: forclosurer and 1099 for deficiency |
|
|
| My condo is in forclosuer and I am on disability soc sec and food stamps. I have no money and no bank accounta. I have a car that is paid for , it is a 2005 pt crusier. Iam also worried about a deficiency 1099C. I ow 97,000 on my condo and ther is a contract on it for 69000, wold a chapter 7 stop the 1099C and what would happen to my car |
|
|
anonymous1404
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| My home is about to be sold, but I will still have substantial credit card debt. Can I spend the money from selling the house, then file chapter 7 afterwards without getting into trouble? |
|
|
adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
|
|
Post subject: |
|
|
Hi,
To sandy,
In my opinion, it would be a better option to go for a deed in lieu of foreclosure rather than filing Chapter 7 bankruptcy. With the help of deed in lieu, you would be able to sell off the property whereas you won't be liable for the deficient amount. Moreover, you won't have to pay taxes for the forgiven amount due to the Mortgage Debt Relief Act. Thus, you would be able to save your car as well.
To anonymous,
I would suggest you to discuss this issue with a bankruptcy attorney. He would be the best person to let you whether or not it would be considered as a fraud.
_________________
Procrastination is the enemy of your financial success |
|
|
shan
Guest
0.10 Dollars($)
|
|
Post subject: |
|
|
| I am in the process of chapter 7 bankruptcy, is it okay to give my daughter my car? |
|
|
jen
Guest
0.10 Dollars($)
|
|
Post subject: information |
|
|
| Will obtaining a payday loan while in process of filing chapter 7 hurt me |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
|
Post subject: |
|
|
Hi,
To shan,
Transferring the car to your daughter just before filing bankruptcy may be considered as a fraud. Take your bankruptcy lawyer's opinion before transferring it.
To jen,
If you are planning to file Chapter 7 bankruptcy, then it would not be a good option to take a payday loan. It will simply increase your debts. Moreover, if the payday loan company comes to know that you are planning to file bankruptcy, then they won't give you the loan. |
|
|
JJ
Guest
0.10 Dollars($)
|
|
Post subject: Filing chapter 7 |
|
|
| My girlfriend wants to file chapter7, we are not married but our mortgage is in both names but we are homestead in Nv. We have several thousand dollars in savings account but I am putting it all in my name only, she is not going to file chapter 7 for 2 years at least try to hold off that long because she is slowly becoming disabled and will have to quit work by then,we do not want to interupt our mortgage 1'st and second, it is current and will always be, she will have about 20K in credit card debt,if I put all our savings accounts in my name only and she is not filing for 2 years will she be ok in her BR,also we have a 08 vehicle that is paid off in both our names |
|
|
adonis
Joined: 22 Oct 2005
Posts: 4754
Location: ALASKA
260.11 Dollars($)
|
|
Post subject: |
|
|
Hi JJ,
If your girlfriend is not filing the bankruptcy for the next 2 years, then you can definitely transfer the property, savings account and the vehicle in your name. This will save the properties from getting sold off in order to pay off the creditors.
_________________
Procrastination is the enemy of your financial success |
|
|
electrifying
Guest
0.10 Dollars($)
|
|
Post subject: credit cards |
|
|
| I was wonderin if I file for the Chapter 7 should i continue to pay my Credit Card Bills or just let them go? Also we have 3 vehicles in our names can they auction them off if they are still being paid for? |
|
|
jameshogg
Joined: 20 Dec 2005
Posts: 5203
Location: nevada
651.69 Dollars($)
|
|
Post subject: |
|
|
Hi Guest,
When you file Chapter 7 bankruptcy, your unsecured debts would get discharged. You will not have to pay them anymore after the discharge. However, you can speak to your bankruptcy attorney and take his opinion in this regard.
As far as your vehicles are concerned, you can reaffirm your debts when in bankruptcy and keep on paying the dues. This will help you in saving the vehicles from being sold off.
Thanks |
|
|
valere
Guest
0.10 Dollars($)
|
|
Post subject: declaring bankruptcy in Ma. |
|
|
| i have a first mortage and a home equity line of credit i have withdrawn almost the maximum from. If I declre ch 7 bankruptcy do both the mortgage holders get paid when the house is sold? |
|
|
sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
|
|
Post subject: |
|
|
| Yes probaby depending on how much the house is goign to eb sold for and how much you owe |
|
|
jk
Guest
0.10 Dollars($)
|
|
Post subject: bankruptcy |
|
|
| can we keep a tax refund received 6 months after filing? case in discharged but not closed |
|
|
jk
Guest
0.10 Dollars($)
|
|
Post subject: bk |
|
|
| how do i get an answer |
|
|
Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next 
