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Carlyle
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| Hello… I'm planning to file Chapter 7 bankruptcy and I've questions in this regard. I have been current on my house and car payments. The property does not have much equity. The mortgage I owe on the property is more than its market value. So, what I want to ask is that when I'm filing bankruptcy will I have to list the house??? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Carlyle,
Though you do not have equity in the property, you will still have to list the property when you file Chapter 7 bankruptcy. The estate will include all your personal or real property. It is to be noted that if you fail to list all your properties, it will only delay or possibly eliminate your right to Chapter 7 bankruptcy protection.
In order to get the bankruptcy relief for which you are filing Chapter 7, you must disclose all your assets and liabilities. You should also note that if you do not disclose all your assets, it will be considered as a fraud and will be reported to the FBI. You should make sure that you disclose all your assets, no matter how trivial they are.
Take Care. |
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anonymous725
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Post subject: Chapter 13 |
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| What happens in a chapter 13 if you forget to list co-signers? does that affect your case with the trustee? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
I don't think it's gonna affect your bankruptcy case if you have forgotten to list your co-signer. It's you who've filed the bankruptcy and it's you who'll be making the payments under chapter 13. So, the co-signer's involvement doesn't seem to be too significant in this situation. Nevertheless, you should consult your bankruptcy attorney about this. |
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Frank Lewis
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Post subject: I loaned money to an individual who now filed for bankruptcy |
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| I loaned my life savings to an individual who worked as a district manager for Pirelli tires. He got sued by Pirelli and declared bankruptcy. Now he is telling me that my personal loan to him and our contract is now null and void. He says he is sorry but now I have lost everything. Is this possible? |
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savior70
Joined: 25 Mar 2009
Posts: 1895
Location: Florida
261.84 Dollars($)
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Hi
Did you keep any security against the loan? or is it an unsecured loan? A chapter 7 bankruptcy may discharge him personally from the debt, but this doesn't mean he does not have to repay the loan. Under chapter 7, his assets will be sold off and his creditors will be paid using the sale proceeds. I think you must get the contract reviwed by a lawyer and seek his advice on how you can make him repay your money. |
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Frank Lewis
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Post subject: bankruptcy loss |
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| Thanks very much for responding. I do have a notarized promisory note specifying what would be done over a three year period. I think you are correct in a lawyer needing to step in and review this all. I hope I can get something back in regards to this situation. Thanks again. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Frank,
You've taken the right decision in consulting a lawyer. An advice from an attorney will be key in your situation. After all, you've loaned your life savings to an individual and you must find a way to get your money back. Have you contacted any lawyer yet?
Thanks,
Jerry |
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Frank Lewis
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Post subject: lawyer |
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| thanks for responding. This seems to be the solution. It now becomes a legal matter for the law to settle in some fashion. Thanks again. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 2617
Location: MICHIGAN
415.55 Dollars($)
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Hi Frank,
You're welcome. 
However, if there is any other query you'd like to ask, feel free to post.
Thanks,
Jerry |
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Guest
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| Hello everyone…I've a question regarding bankruptcy…hope anyone out here can answer this… I had filed for bankruptcy around 10 years ago…and the debts were discharged. But to my surprise, I found that one of the creditors have reported an account as delinquent which was discharged in bankruptcy. I got a copy of my credit report few days ago and I was surprised. Can you guys tell me if this is legal or not??? Can a discharged debt be reported again???? |
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Niicss
Joined: 03 Oct 2005
Posts: 4770
Location: New Jersey
499.28 Dollars($)
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Hi Guest
In my opinion a debt that has been discharged years ago cannot be mentioned in your credit report again. The bankruptcy which you had filed 10 years ago had wiped off the account. Along with this, the statute of limitations that would have allowed the creditor to sue you for the balance has also run out.
I would suggest you to contact your creditor and send over the proof that the debt was included in your bankruptcy. If you haven't kept the bankruptcy papers, contact the bankruptcy court. They may give you a duplicate copy of the bankruptcy papers. Fax or e-mail a certified letter to the creditor informing him that you refuse to pay the debt which was eliminated in bankruptcy. Alternatively, you can contact your bankruptcy attorney and let him deal with your creditor.
Thanks.
_________________
Good is the Enemy of Great. |
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Guest
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| Hi there…I've a serious issue and hope if anyone can help me…I had filed bankruptcy my bankruptcy trustee told me in the 341 meeting that I have been discharged of my debts. But to my surprise, I got dismissed because my attorney did not file my Financial Management Certificate, though it was faxed to him thrice. I've called up my attorney on several occasions but he did not answer or return any calls. How can I get this corrected or get discharged? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2645
Location: New Brunswick, New Jersey
488.43 Dollars($)
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Hi Guest,
It is quite surprising to me that your case dismissed rather than closed. In most of the cases if the Financial Management Certificate is not filed, the bankruptcy case is closed without a discharge. In most of the states, laws have been passed which allows people to reopen their case, file the second certificate and receive their bankruptcy discharge. However, courts can charge a fee on the reopening of the case. As it was not your fault, I think the Judge will grant the motion to reopen the case and settle the issue.
Take care.
_________________
Find me at FB: http://www.facebook.com/people/Sara-Jones/100002976822020 |
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Guest
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| I'm self employed and I'm facing a bad situation…My creditors are calling me madly and want me to pay off the debts. This is not possible as I'm in a bad position financially. In your opinion – which chapter of bankruptcy should I file? I've threatened my creditors that I would be filing bankruptcy… |
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