The United States Government has invested billions of tax payer dollars into GM, Chrysler and Ford. I personally been against the government being involved with private industries and financial institutes.
Did you know that when a individual or corporation files for bankruptcy their dept is erased and their assets are liquidated.
How much of that money will the government get back?
I received a letter in the mail from an attorney. My lender wants to start the foreclosure proceedings. At the moment, I am 11 months behind on my mortgage. I want to dump the house as I owe 20% more than it is worth. What happens if I file for bankruptcy right away? Does that cover the foreclosure too?? Or would the bank come after me after it sells my condo for the difference? I have a 10,000 in credit card debt and 9000 auto loan. I have been unemployed for quite sometime without having luck finding a job. Even my unemployment has ran out at the moment. I don’t have any assets unless furniture counts? Bankruptcy is a must for me but I cant decide if I should do it before or after the foreclosure
I live in Illinois
Some newspapers say Iceland went bankrupt some years ago. How can an entire county go bankrupt?
How can a government go bankrupt? What happens if a government goes bankrupt? When a private company goes bankrupt, it has to sell its assets, pay its liabilities, and distribute the money left to shareholders. Would a bankrupt government do the same? Some years ago, Russia defaulted on its debt. Did the bondholders take all the losses?
I currently live in NH/ over 10 years. I own a mobile home and a car. Due to health reasomd I will be moving tp a warmer climate. Yhe house is in my name and PIF as it is old and does qualify for moygage so I pay my parents/ The house will be sold and the money will be a swap for a house where I relocate and technically is for my parents for loians to get me by during litigation. Much of my debt credit cards as I was in a MVA a few years ago by underinsured and dishonest motorrist- cc charges were fort medical bills and if used for purchases cash was tight and some medfical bills wete paid in cash so other needs where charged. I think I have 1 student loan nvut thought all were paid 12 years ago/ Loan is about 1200 cc debt is about 120000 and a few thousand of medical billls are remaining. I did wotk after accident but had surgery from said approximately 2 years after. I did my best paying off debts incured from 2005-2007 but after the surgeries which were kinda influenced by my lawyet as he enphasized need for medical end point even though I expressed there is no medical endpoint. Well my climb to pay devts started again after surgeries and additional disorder called Rsd. I did have LTD but they never paid as a doctor was paid off to fabrricate my evaluation when my job did not like what 2 other doctors concluded, which one of yhese 2 my work sent me to. After aan error on Socoal Securoty ceases ny income for 2.5 years, the feds granted the claim for SSDI. Besides stress of litogation, no income, age of digerative disorders SSDI was granted with an apology of the sort. I akso annulled a marriage within this time leaving me with deby from spouse who commited domestic violence on me and he chose to live off of me. I was also robbed of 5 figures of assets and lost alot of electrical utilities from lightning. I salvaged what I could and did not complrte insurance clai, as briefed to ageny as I was loosing hope and in alot of pain physically abd mentallyt. Years of litigation, paying medical bills, healy
th, etc I started loosing hiope and addressing many issues became to taxing but I did what I could and blockrd out what I couldn’t deal with mentally and financially. My parents lent me money to get by. I alsoi have 1 speeding ticket that I was under thje impression was dismissed. Well I got a letter recenrtly that stated it had veen 3 years and threat tp revoke my license, I alsp have a scar ocroissd my face that is a constant remonder of somr horrific times which will codt about 4000 to fix. I can’t handle another winterin NH as it is compromising my healyj and litigation has and cointinues to keep me from mty lovrf onrs. If my parents pass qwhile waitimhg for the litigation , it would devistate me. Additionally more medical problemsa have arisen due to tjhe weather, stress, and afe. I also have apptoximately 10000 in legal fees from the lawyer for ssdI who did not do his job, I did hid jpb and he wiithdrew representation as I mentioned consideration but planned to dicuss our relationship before making a decision and he wityhdrew vefore our meeting , as I ended up in hospital that day buit left vm in evening avout hospitalization. When I talked to him the next day he informed me that he notified social Security of his withdrawal. SS was one who informed me of incomplete and questionable lawyers effort and mentioned I shpuld consider terminating him. They did thos as a favor as they technically were to correspond with my council but they were quite hekpful and confirmed my concerns of lawyers incompleteness. Well, now he wants 6000 dollars for 1 days work/ I was ythe adjudicator with the congresswoman, Social Security judge and doctors. O had already elvaluated with states doctors, submitted 380 pages of medicsl records, went to 1sr hearing, filed an appel as my doctor still did not feel comfortable that it was safe for me to work. SSI;\ost appeal forms but it was emtered om ytheir computer that it wsd recieved 9 mpnths earlier per protocol and admitted error on theirr part;. such action hindered rehabilitation, medical treatment, quality of life, and blew my immaculate credit, and eventually had to cxcl health insurance and homeowneras insurance. If I fplr ch 7 or 13 and have to appear im court wiyh drawm out litigstiom I would noy file in NH I wpuld opt to fil whrm I move. Litigsyion eith driver from mvs or duit sgsimdt dtste id yoo much negstive emergy smd five years of my life here hsd beem merely existing xr1to exyemd it wouild devistate me uinless legsl counciul would hsndle my presence wuthout ,e or i would file st more desirsble state-whats your thoughtsI
I defaulted on approximately 0K worth of debt in 2006 which has obviously affected my credit score. I now have a very good job with 0K in household income. Additionally, I have K in cash as well as K in a 401K. I’m very stable – have been with my current employer for 5 years a mid level manager.
The poor credit will ‘fall off’ my credit report in three years. I have an opportunity to purchase the home I am leasing for approximately 0K.
Are there any legitimate lenders that will lend to someone with good income, employment and assets but a poor credit score? FHA will not consider me due to the outstanding ‘debt’ associated with the charged off accounts from 2006. Yes, I did attempt to file for bankruptcy, but got taken by an unethical attorney. I’m not interested in credit repair scams to allegedly ‘improve my score’.
I know there must be others in my position with everything except for the credit aspect. Therefore, I’m guessing there must be an alternative market to fill that niche.
Am I correct or am I way off base?
I want to file Chapter 7 to totally get rid of my debt. The only problem is my spouse doesn’t agree with this, so I would have to file by myself. I have 5 credit cards in my maiden name and 1 credit card in my married name. My medical bills are in my married name. As far as my assets, my name is on the house but not on the mortgage. My name is also on the two cars that we own.
Can I file Chapter 7 bankruptcy without the cars and the house being affected? If I can’t file by myself then what else can I do?
Hi.. I recently was served with a summons and complaint that states I have twenty days to respond to it in writing to the court or I will be faced with a default judgement. I have looked up alot about this online and found out that in my state (indiana) I can file a "Motion to dismiss fo failure to comply with rules" if the plaintiff did not have a contract written instrument not attached to the complaint and summons, and it did not. I still need to call my court here in my county to be sure that it is the rule before I can try this though. I need to know how to word my answer if I would go with this route and if even if I dont I still have to answer to avoid the default judgement. I know that I need to go through and deny each complaint that is numbered on the sheet but I do not know how to word it exactly. The reason that I am being sued in the first place is because my b/f and I had a couple credit cards that I was a joint on with him. He was always the one responsible for making the payments. He ended up having to file bankruptcy, and once the case was discharged it automatically made me the one responsible for the amount. I have no way of making any kind of payment on it at this time. I have been out of work since 2007 when i found out I was preg with my daughter and i have been a stay at home mom since. So i know that the judge can not order for any kind of wages to be garnished and I do not have any assets for them to take, so most likely its just going to be on my record and if I would get a job or any money withen the next ten yrs or so id have to pay it then. Do I need to deny the complaint in my answer even though I know its true .. or will the judge just order me to pay it then because he wouldnt have been able to hear my story or i guess situation? The complaint states that 1. The defendant is indebted to the plaintiff int he amount of ***** plues accured interest of **** as of jan 2010.
2. Venue is proper with this court and based on the defendant residing in **** County.
3. The plaintiff owns and is the holder of an acocunt due and oweing by the defendant, and is the asignee of Elan/ Mainsource bank.
Wherefore the plaintiff respectfully requests the following relief.
1 Judgement against the defendant in the sum of ******* plus accured intesest of **** as of jan 2010
2 Interest thereon at the rate of 8 percent per annum from jan 2010 , and 8 percent per annum from the date of judgement , until the judgement is satidfied.
3 For plaintiffs costs herein expended
4 For any and all other relief to which the plaintiff may be entitled pursuant to contract, statute. or common law.
My parents may be filling for a chapter 7 bankruptcy and have 4 cars in their name (my truck included). I just paid my truck off and am about to put it in my name. If my parents file for bankruptcy soon after I put my truck in my name can they still take my truck? I heard there was a year time period between letting go of assets and filling for banckruptcy before those assets cannot be taken. I live in Colorado Springs, im sure theres different laws depending on state of residence.
I don’t know if it’s going to be chapter 7 or 13. I’m really depressed over this situation, had perfect credit my whole life until a few months ago when my mortgage lender kicked me out of the modification for no justifiable reason and put me straight into foreclosure 
I have to take my income info etc. I’m confused because I wanted to initially sue my lender for not doing my loan and a BK disqualifies getting a modification, but on the other hand it stops them from auctioning the house. Anyway, if you have any advice or questions to ask please let me know.
Also, my mom added me on the title of her home a few years ago when she asked me to refinance her loan under my name since I had excellent credit. It’s in reality her home, just technically I’m on it until one day her credit is good enough to refinance back to her name and then she’ll drop me off of the title. Will this look like I have assets and affect the BK?
I am ,000 in debt from 3 different high interest credit cards coupled with being dumb and naive when I got them in my teens. I am 29 now, a single mom living in California, in the poverty income level without any assets. I don’t use the cards anymore but I still pay the min. balance on time–I just want the debt gone and wouldn’t be too proud about filing bankruptcy. I heard I should I get the debt consolidated but how the heck do I go about doing that? I’m not too clear about how that works and there are so many gimmicks and 1-800 #s advertised that I don’t know where to go. I live in California– specifically in San Bernadino County if that helps.
I made the mistake of trying to pay my credit cards as long as I could instead of stop paying 2 months beforehand to use the money for a bankruptcy attorney. I can’t go back on that one and my cards ar 3 months late and one is turned over to an attorney already. I have no money, actually 2 months away from not even having rent money so I have no money to pay anymore (I paid a small payment for a while to them but that didn’t satisfy them) and have no money to file chapter 7. I called the legal assistance numbers for Texas and they don’t handle bankruptcy anymore. Why do you have to be a murderer, illegal alien, child molester, rapist, etc, to get free legal assistance in Texas? Every private organization that I was refered only handles illegals and real criminals?
I have no money, no car, no assets, and give money to my child who lives with my mom, so I have nothing for them to take and only make 600 month currently (my employer won’t let me work any extra hours and I got in trouble for working 15 minutes extra last week (I had a customer so I couldnl’t just go clock out).
this was supposed to be in credit but somehow ended up in singles and dating? Another good question
to answered number 4, my life changed completely last year after being stable for 14 years. Lost my family, home, job, etc. Paid my cards on a timely basis for 14 years and did have to depend on them for things like dental and medical (no insurance), clothes, and other of life’s necessities. Having no transportation limits job opportunities as does not being able to get out after dark because of the gang activity in my neighborhood. And no I can’t move, I have a lease and can’t afford to live anywhere else anyway.
Car accident with no insurance, over ,000 in debt, what should I do?
I was leasing an ‘07 BMW and back in November of 2008 I was in a car accident a few days after my insurance ran out. I paid for my insurance up front the last time for a year, therefore because of some circumstances, I was unaware that it ran out when it did. Not saying it wasn’t my fault, but that’s the truth.
Anyway, like I said I was in an accident and it was MY fault. The other guy had a Saab and the damages to his car were about ,000. The damages to my car were about the same. Bmw has sent me a couple letters, but I haven’t spoken to them yet. I made a plan with the other guy’s insurance lawyers to pay them like 0 a month for the next twenty-some-odd years! I am definitely not in the same financial situation that I used to be in (it’s a long story). I’m basically broke. I want to know if anyone has any advice as far as filing for bankruptcy goes? Can I even file for bankruptcy under something like this? Or will I completely lose my license? Or do I have some other option to lower something? I am unemployed and have no assets. I am only 22. Someone please help me with some advice! I was stupid, I want to change, thank you for not judging me and giving some positive advice.
I am wondering what are counted as "assets". I dont know what would be "sold" to pay off the debts. I have a computer and other general electronics like a stereo and TV, all of which are paid off. And a car that was a gift from my mom, and my name is on the title. What exactly do they count as assets?
As far as the car, it is an 89 honda accord, does that make a difference?
A few months back, I had to let my automobile go as a voluntary repossesion. Now, they are filing to put a ,000 judgement against me. After I pay my monthly bills and rent, I barely have enough left just for day to day living expenses, NO money in the bank, no assets, etc. WOULD THERE BE ANY VALUE TO FILING FOR BANKRUPTCY? If this judgement is placed, and my wages are garnished, or however they do it….I’ll sink right to the bottom! Any suggestions out there? Thanks.
We haven’t made any payments on it yet. My husband is the registered owner and his dad is the legal owner (since he cosigned), although we are going to ask his dad to register it in his name. We have only one other vehicle worth 00 and no other assets. We got the cycle to manage the fuel crisis since my husband has to commute, and we are barely managing right at the federal poverty level. I can’t imagine that any court would want to take and try to liquidate something that is still owned fully by the bank, right? We are filing bankruptcy because of huge medical bills that are way out of our range of ability to pay, due to a severe injury I suffered two years ago, which is in collections. We were served with summons a couple of days ago and are seriously considering filing for bankruptcy. Any advice would be greatly appreciated.
Party A lost a breach of contract case in circuit court and now owes over a quarter million in business debt. Party A then files bankruptcy.
Can the attorney for Party B (the creditor to which that money is owed) prevent, overturn, reverse the bankruptcy for Party A?
Party A has approx. 00 worth of assets and no means of paying off the debt.
I owe a LOT on my credit card bill (my minimum payment is 5/month) and my interest rate is 12%. Please understand that this has taken almost 2 decades to get to this point and it was unintentional. Anyways, I have good credit with a score of 771. I don’t want to ruin that by filing bankruptcy. I am wondering if there is an alternative where I can cancel the card, pay say /mo and not have interest accrue. I will pay til I die if I have to but I cannot afford this anymore. I know you can do something similar with medical bills, so I thought maybe there is something out there for credit card bills. If it helps, I am disabled and receive SSDI, so maybe there is a government program, I don’t know. Thank you for any/all suggestions.
Just some additional thoughts, what would trash my credit worse? Filing bankruptcy or debt settlement of some type as one person mentioned? Also wondering, if I just ceased paying or only paid the very minimum I could, and lets say they end up putting me in collections, etc., and let’s say they sue me for it, could they put a garnish on my monthly SSDI check? I don’t have any assets they could take (savings, house, etc).
I was served yesterday legal papers that I’m being sued for less than ,000.00 by my creditor, first I’m unemployed, I looked up online and found a lawyer that charges 50 for filing bankruptcy, I need to know the best option and plus I don’t have any money! they only thing I own is my car which is been paid off, I know it sounds like a radical question but how are they thinking of getting paid by me when I don’t have any assets? are they trying to take away my only property which is my car? and plus I can borrow money from my mom( I’ve been living with her)(her salary is approx: ,000 annually)(since I’ve looked over the fact that they see if you’re living with someone they might take them responsible as well!)(so she can’t be because we’re already below the minimum salary rate) anyways my radical question is should I even get bother by it? I mean they can’t get anything off of me! I’m flat BROKE! my bank account is even overdrawn by thousands! and since if you’re answer is yes<< (you are being sued so start the PANIC ALARM) which is best? and do attorneys from nonprofit organizations do the same work as an attorney who gets paid some 00 ? (I mean if it’s him charging me because he will go to court and file my papers and stuff..)(hearing meeting is %100 me<< so I’m wondering to go cheap with it to prove to the court that I AM BROKE for real! or borrow money and pay the lawyer! which is best?
Thanks:)
We are two payments behind on our house. We had to rent an apartment because my husband will be unemployed soon.We had put the house for sale last year, no offers. We tried to refinance but our house was appraised 22,000 less than what the finance company appraised it for 2.5 years ago. The finance company would not lower our rate, to what we could afford. We had to move before unemployment happens. I now cannot afford my car which is financed through same company. What will happen when they foreclose? We live paycheck to paycheck. Have no assets. Can we file bankruptcy?
Consider the following two scenarios.
1. Successful individual with six figure income and significant assets hires tax attorney/account to ensure every deduction and technique to reduce tax liability is explored and taken advantage.
2. Same situation as above but individual encounters serious financial downturn due to job loss or failed investments. Decides to exercise bankruptcy protection and hires attorney to ensure he is able to protect as many of his assets as possible and reduce financial liabilities as allowed by the legal process.
Both have acted legally. Is there an ethical difference between them? Is there an ethical duty to pay taxes as required by a democratically elected government? Is there an ethical duty to pay private debt? Is there a difference between the two?
Good answer; I ask because I recently heard an argument that people who use bankruptcy law to their advantage to resolve a financial problem are unethical or immoral.