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adonis · Posted: Thu Sep 17, 2009 12:30 am Post subject:

Hi,

To C and M,

As far as I know, back taxes and student loans do not get discharged through bankruptcy. Your in-laws will have to pay it off. As far as other liens are concerned, you can make one single payment and pay them off. Once you do so, make sure you get a lien release certificate from the creditor.

To help,

You do not need to dismiss your Chapter 13 bankruptcy to Chapter 7. You can simply convert your bankruptcy into Chapter 7. You can contact your bankruptcy attorney and take the required steps.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hi Jessica,

Thanks for sharing this information with us. I never got information about how to proceed chapter 13 to chapter 7 before that. I respect your knowldge.

Thanks you So much Mam.

Guest

So if I make under the median for the state, but do have about 200.00 left over after allowable expenses...should I be okay for Chapter 7 still?

smithsussane · Posted: Wed Sep 23, 2009 9:17 pm Post subject:

Hi Jeremy!

Welcome to forums!

As far as I know, in order to qualify for Chapter 7 bankruptcy, it's essential for you to qualify the means test. You need to contact a bankruptcy lawyer and take the means test. The lawyer will be the best person to let you know whether the left over amount will be considered when you file Chapter 7.

Feel free to ask if you've further queries.

Sussane

Guest

My wife and I both have good jobs. We have a good house that is worth about $1.3M, but we owe about the same on it. We have a second home that is worth $180k and we owe $185k on it. We have 2 new cars on payments and they are worth less then what we owe on them. We have over $100k of credit card debt and $100 of student loan debt. We pull in over $280k/yr, but we are drowning in terms of cash flow. We have big blips in our pay during the year because one of us consults and one of us has bonus income sometimes. We are also supporting two kids and an elderly great Grandmother. Our credit cards are maxed out and we have no way to get cash unless we liquidate our $150k of 401K retirement money. We cannot even borrow on the 401k because we already have a lone on some of that money, and we would need to pay it off before we could take out any more. Can we, or should we, file Chapter 13?

adonis · Posted: Fri Nov 06, 2009 12:24 am Post subject:

Hi Randolfo,

You can file Chapter 13 bankruptcy. It will help you in getting rid of the unsecured debts. As far as your mortgage on the property is concerned, the lender will give you a repayment plan to pay off the dues. However, a bankruptcy would stay in your credit report for 10 years and would lower your credit score by 200-250 points. Before you file bankruptcy, it would be better to consult a bankruptcy attorney and then take the decision.

Guest

my lawyer says to file chapter 7, said i would have to take a couple of internet test, nothing about 6 months before filing?. my significant other have been together for 22 years but not married so the lawyer said we must file separteley, we have about 50000.00 in credit card lans and medical debt, iwas was laid off this year and with unemployment and what my wife(i call her my wife) makes we are short about $500. a month to pay mortgage utilities and food( just the basics). we have a daughter in colege and pay for that. my wifes car is paid and worth more than $3000 and i have a boat worth maybe $12000, stock worth $18000 how can i protect this for my daughters college and shoul i do chapter 7 or 13?? help mark

smithsussane · Posted: Wed Nov 18, 2009 11:31 pm Post subject:

Hi Guest,

You can file Chapter 13 as it will help you in reorganizing your debts. Thus, you won't have to sell off your assets to pay off your debts. Your lenders would give you a payments and you'll have to make the payments under the supervision of the court. Thus, you'll be able to save your property.

Feel free to ask if you've further queries.

Sussane

Guest

if some creditors have a judgement against you i know they can clean out your checking account, question can they clean out your tyraditional ira account for retirement?

Niicss · Posted: Mon Dec 07, 2009 1:34 am Post subject:

Retirement account cannot be garnished by the lender. However, the lender will be able to garnish your savings account or your checking account in order to recover his dues.

Guest

I went to a bankruptcy lawyer yesterday, he is not sure i will qualify for Chapter 7, i am gathering the info, but i almost think i would want Chapter 13, i want to keep my house and cars, i have the cars paid off in 3 years. Say i owe 40.000 in unsecured debt, with my house and cars i can not afford to pay much in chapter 13, but i could afford a little, do you have to pay off the whole 40,000.00 in 5 years?

Guest

I lost my job a year ago. I was making 50 to 52 K a year, now I am lucky to make 22000 a year. I am on a commission only sales job. I avg approx 1500 to 1800 a month. My mortgage is 1065. My credit cards are 950. a month. Not counting Utilities, food, and gas expense to go to work. I have no savings. I had to literally depend on my cards to get by. I can move to my homestead that my brother and I are co-owners. If the house is appraised at 50K and that means my portion is 25K. Is it true I can have 20K is asset in Ohio which means I have 5,000 to put towards my debt ? I need a place to live, can the trustee take my homestead that my brother and I own ?

Niicss · Posted: Fri Feb 26, 2010 3:35 am Post subject:

Your query has been replied to in the given page:
http://www.mortgagefit.com/postdeal/about35408.html#152684

Take a look at it. Hope it helps you.

Guest

Thinking of filing chapter 13 on 55,000 in credit card debit. I am on social security. Could I still do it .

Guest

What is the yearly income that 2 can make in order to file and qualify for Chapter 7?

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