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. _________________ Procrastination is the enemy of your financial sucess
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.
Jeremy Guest
Posted: Wed Sep 23, 2009 3:16 pm Post subject: Means Test
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?
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
Randolfo Guest
Posted: Thu Nov 05, 2009 11:36 am Post subject: Do we make too much?
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?
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. _________________ Procrastination is the enemy of your financial sucess
sleepless i portland Guest
Posted: Wed Nov 18, 2009 1:16 pm Post subject: bankruptcy
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 _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
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.
adonis
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