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anonymous115
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| Hi there…I can find lots of bankruptcy question here but mine is a unique situation. I want to help one of my friends. She has lots of personal debts and has an LLC company of which he is the only member or owner. There are some unpaid debts from which one of the creditors is suing him. Though my friend is the owner of the property, the LLC is named as the debtor. My friend had filed Chapter 7 bankruptcy and was discharged of the debt owed to creditor. Well… I guess my question is… can the creditor go after the LLC's asset and also another question – does personal bankruptcy protect LLC assets? As my friend is not named as the debtor, is it legal to discharge that debt? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Guest
As far as I know, the LLC enjoys no discharge protection from it's owner's bankruptcy filing. You should note that the LLC is a separate legal entity and according to my knowledge, it is certainly eligible to file bankruptcy on its own.
Thanks.
_________________
Good is the Enemy of Great. |
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Rihannah
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| Hi everyone…I have a question regarding inheritance. One of my uncles died in 2005 and had left quite a large sum of money as inheritance. Well, with time I had spent the whole amount. I’m now planning to file bankruptcy now. Will the inheritance be considered while I file bankruptcy and will it disqualify me for the filing? |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Hi Rihannah,
There are several factors to consider in this issue. One of the important factors is the state in which you live in. Some states allow a borrower to keep the inheritance and then file bankruptcy whereas in other states, you will have to give away your inheritance to the bankruptcy trustee. The amount of money that you receive as inheritance will also be considered when you file for bankruptcy. You should also note that a bankruptcy trustee will always be concerned about how he spent the money rather than the time taken to spend the money. It would be better if you could contact an attorney who specializes in asset protection and discuss your options with him.
Thanks |
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Raina
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| Hi there…need some help from you guys… I have a second mortgage and I’m planning to file Chapter 7 bankruptcy. But, I’m behind on my second mortgage payments. I guess this means the second lender can foreclose the property. What should I do so that I can save my home? Will reaffirming the debts help me in any way??? One more thing that I need to ask – Can I only refinance the 1st mortgage and let the 2nd mortgage remain as it is? Will it be discharged along with my unsecured debts in bankruptcy? |
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adonis
Joined: 22 Oct 2005
Posts: 3852
Location: ALASKA
120.89 Dollars($)
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Hi Raina,
If you have defaulted the mortgage payments, the lender has the right to foreclose the property. However, if you have filed for bankruptcy, the lender won't be able to foreclose the property as there is an automatic stay on the creditors. But your lender can always apply to the court for removing the automatic stay. If the court removes the automatic stay, then your property can be foreclosed upon.
In my opinion, you will have to reaffirm both the mortgages in order to save your property. Apart from this, your unsecured debts can be discharged.
_________________
Procrastination is the enemy of your financial sucess |
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| Hello everybody…Can you give me some suggestions… I and my wife are planning to file bankruptcy. But the problem is that my father has co-signed on our mortgage. How will my filing bankruptcy effect my father…can we release him from the loan??? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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Hi Guest,
It will not be easy for you to remove your father's name from the mortgage. As a cosigner of the loan, he is liable to pay the mortgage dues if you could not pay it yourself. It is very important for you and your father to consult a bankruptcy attorney. This will help you what situations your father can face if you file for bankruptcy as the state laws vary from each other.
Rather than filing for bankruptcy, you should try listing the property for sale. If you get a buyer, then you may sell off the property and pay off the mortgage debts. This will help you in saving your father as well as your own credit. If there is a deficiency balance, then you'll have to pay it from your pocket. However, during the sale process, someone must continue to make the mortgage payments.
Take care. |
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Myers
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| Hello… Hope you could give us some advice… Due to a large number of debts we will have to file bankruptcy within few days. Our debts are going up due to high interest rate (both mortgage and credit cards). We have realized that bankruptcy is our only solution, but we have a home in Mexico. This is free and clear. Will this home of ours will be lost if we file for bankruptcy, or is that property safe? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Myers
You should take some appropriate steps to save your property located in Mexico. You'll have to determine the value of this asset prior to filing your case. This is because the property will be listed in your petition as an asset. You can contact an appraiser and he'll let you know the value of the property.
While you file for bankruptcy, avoid certain actions. It will help you in the long run. Do not avoid listing the property located in Mexico while you file bankruptcy. If you avoid listing, the bankruptcy trustee may penalize you and he can go after your property. Also you should refrain from transferring the property out of your name. If you transfer the property, it would become simply impossible for you to protect the asset.
Last but not the least, discuss your case with a bankruptcy attorney. He will not only help you filing the bankruptcy but will also give you his opinion about your property located in Mexico.
Thanks.
_________________
Good is the Enemy of Great. |
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Guest
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Hi everyone,
I've filed Chapter 13 and now I would like to refinance my home loan. I have $50,000 in equity but would like to cash in around $10,000. Can I do this??? I am told that as I'm still in bankruptcy I could not cash out some equity. One more question...suppose if I sell off the property...in that case... do I get to keep the equity to purchase another house or is it taken by the bankruptcy court? |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Guest
As far as I know, you'll be able to take out equity in your property though you are in a Chapter 13 bankruptcy. The remaining equity will be considered an asset of your bankruptcy estate. That equity is protected only if your state bankruptcy laws allow it. However, you would require the bankruptcy court's approval in order to cash out the equity. Moreover, you'll have to show a valid reason for the loan. But you should also note that not many lenders would come forward to give you a loan. Those lenders who would provide you a loan would charge you a high interest rate.
As far as selling off the property is concerned, it will depend upon your state laws and bankruptcy court. You should contact an expert bankruptcy lawyer and discuss your case with him.
Thanks.
_________________
Good is the Enemy of Great. |
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| Hello everyone…here is my situation…I hope you guys could help me…I had to file bankruptcy two years ago. At that time, I was leasing a car. My intention was to keep the vehicle by keeping the car payments current. Now I have a golden opportunity to buy a car with half the payment I’m making now. Will I be able to stop the payments without any penalties from them? Or will I have to keep the vehicle for a year and half until the lease term ends? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 1679
Location: New Brunswick, New Jersey
315.11 Dollars($)
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Hi Guest,
If you suddenly stop the car payments, the lender can sue you as you had reaffirmed your car payments after your bankruptcy was discharged. The lease agreement includes the terms and conditions of the loan. Your lender can even charge off the loan to a collection agency which can again badly affect your credit. In my opinion, it would be better if you could wait for a year and a half till the lease term ends. Then you can try purchasing another car.
Take Care. |
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KILEY79
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Post subject: Filed Chapter 13 wanting to convert to chapter 7 |
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| I cannot make ends meet with my chapter 13. I am wanting to convert to Chapter 7 and loose everything. My bank said they would let me keep my car and arrange payments with me since I do not owe much on it. My appliances are through American General and Personal Finance. Do these companies actually come and get their stuff and how long before they do so. Also, my house is through State Farm, how long do they give you to move out. Will they put the house up for sale quickly. I live in a small town and do not want to see the house set there and go to waste. My town tries to keep things nice. Any help???? |
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