I have been in debt for quite some time five years. I am working full time. I have no assets. But I also cannot afford an attorney since I am living in a hotel and have 2 child support obligations. I have seen many online prep services but I do not know if they would work or not. I also will be having most of these debts off my credit report in about 3-5 years. I am wondering should I just wait it out and let those debts fall of my report and then try to build my credit back up with secured cards or just file for bankruptcy and have hopes in it getting discharged.

Technorati Tags: assets, bankruptcy, child support obligations, credit report, debts, full time, quite some time, secured cards

I have a bachelors in business finance and I will complete my MBA next month. I was laid off about 20 months ago. The same week I was laid off I found out my wife was pregnant. We now have 3 children. I was eligible for unemployment and it did not last for very long. I then picked employment where I made 60% less than I was previously making to make ends meet. I now have gainful employment and I am making about 15% less than 20 months ago.

My wife and I will have student loans coming due in about 6 months and I am considering using my credit cards to payoff auto loans and other secured debts that are in both our names. When the student loans come due we will not be able to pay all of what is due every month with no end in sight. After being unemployed, we did very well keeping our heads above water however we are now feeling the pinch of our delayed situation. We feel if bankruptcy is our only solution we should use our credit cards to pay off everything.

We are considering filing bankruptcy under one of our names and NOT a joint bankruptcy so as to avoid having to forfeit any assets like the autos, etc. If we do this we should be able to retain all assets because it is not a joint filing. All of the credit cards we would use would be in wife’s name. Are there any issues with this?

Technorati Tags: assets, auto loans, bachelors in business, business finance, credit cards, debts, eligible for unemployment, feeling the pinch, filing bankruptcy, gainful employment, mba, student loans

I am looking into filing personal bankruptcy but I have a problem. My wife and I are self employed and own an LLC we make very little from this LLC and it has 2 small assets that might not be worth anything maybe less than 0. We only gross 00-2500 a month. Without my wife and I the company is worthless. Our customers would not be serviceable without us. We get all our income from the business. I want to know if we file personal bankruptcy would that mean we can’t do business anymore? Would we have to change our name? Are there any online references that explain this process and how it would go down?

Technorati Tags: assets, filing personal bankruptcy

I’ve known a couple people who have filed bankruptcy and I think they use it as an easy cop out, because they don’t want to have bills.
Two of my friends have put all their assets in their parents names, filed, and then get to keep their stuff.

I would be more concerned about the bad mark it leaves on my credit score. What are you thoughts on it?
Would you ever file bankruptcy? Why or why not?

If you have, [and don't mind sharing] how much debt did you eliminate?

Technorati Tags: assets, cop, credit score, parents names, who have filed bankruptcy

If a company is little more than a website, what’s to stop a company that’s bankrupted by lawsuits or the like from just taking all the code and data and reopening a site under a new domain, especially if the "assets" could not be sold as part of the bankruptcy?
Your typical internet forum, like vBulletin or Invision Power Board. All that the "assets" consist of are a software license and a database, maybe some banner contracts or something like that.

Technorati Tags: assets, bankruptcy, contracts, internet forum, invision power board, lawsuits, software license, typical internet, vbulletin

….after you get sued for building a faulty house for someone. The judge is in favour of the plaintiff, whose house you built. He rules that you must pay them ,000 to compensate for the cracks in the ceilings & walls and various other mishaps. You then, like a b*tch, file for bankruptcy. Don’t know how to phrase this, but: your claim for bankruptcy is accepted.
Replace the you with defendant. What prompts me to ask this is that the defendant walked out of court saying "You’re not getting one cent" to the plaintiff. Which, for comedic effect, i will add that he got punched in the face :L
Questions:
1) How does the plaintiff get his compensation, in civil law or whatever area of law? Are there alternative ways to gain compensation for this issue other than suing? Obviously the suing did not work out? Like for e.g. in criminal cases you can go to the Victims Compensation Tribunal if suing civilly does not work in your interests.
2) Does the defendant (in bankruptcy) have to sell all his assets and every cent of his future income goes to paying the defendant the compensation? Its only fair..
3) Does he get off scott free?

Thanks in advance Would appreciate it if any lawyers on yahoo could lend a hand in releasing me from confusion and unknowledgability.

Ps. The jurisdicton is NSW, Australia.

Technorati Tags: amp, assets, bankruptcy, ceilings, civil law, confusion, cracks, defendant, favour, free thanks, lawyers, mishaps, nsw australia, phrase, plaintiff, tch, thanks in advance, victims compensation tribunal, yahoo

I have no income, between 20-25k in debt, and no assets other than my car that is falling apart. I feel that it will take me forever to pay off the debt once i start working again. Is filing chapter 7 bankruptcy right for me?

Technorati Tags: 25k, assets, chapter 7 bankruptcy, filing chapter 7, filing chapter 7 bankruptcy

I cannot find work and I have over 20K in credit card debt. What will happen to the cars I own if I file for chapter 7 bankruptcy? They are my only assets. I will be filing in the state of California. I am single and a non home owner.
I have had my 73 bronco for sell for almost a year now. No one is buying. What would that mean?

Technorati Tags: 20k, assets, bronco, cars, chapter 7 bankruptcy, credit card debt, state of california

We sold our home and relocated for spouse to start new business. All income and assets wiped out from business venture which is 4 yrs old. We both have credit card debt from the business but I am not filing. Can heirloom furniture I own be taken as an asset to satisfy creditors? Other than my spouse not having credit what are the pros and cons to filing bankruptcy.

Technorati Tags: assets, business venture, credit card debt, creditors, filing bankruptcy, furniture, new business, pros and cons

I work for a small business that is in serious financial trouble. The owner has just about all the assets in his name and the company’s name. It is a corporation… if that makes any difference, I want to know as we deal with the issues, what if any, our options are. The owner owns his home and our office building. He is going to have to stop paying on one, if not both. What do we face when that happens? How long does foreclosure take? The owner also has 2 vehicles that he has financed. He doesn’t need both and wants to turn one in, or have it repossessed. How long does that take and what kind of damage will he do to his credit report? Should he file for bankruptcy? He still wants to have the same general contracting business. He wants to do whatever he can to keep the company open. Ideas, suggestions, info very appreciated.

Technorati Tags: assets, bankruptcy, credit report, financial trouble, foreclosure, general contracting, small business

I have about ,000 in credit card debt. I don’t have any income or assets of any kind (unless you count clothes–I’m living with my parents and borrow their car if I need to). The credit cards have been slowly going into default ever since I lost my job two years ago and now I haven’t been able to make any kind of payments for about 9mos, so they’ve all gone into collection. I won’t be working again for at least a year or two. I’m sick of all the harassment from the CC companies, and also am concerned about them taking all the money I make when I’m eventually able to return to work.

But I’m concerned because a) I can’t make payments of any kind on a bankruptcy settlement and b) I could only afford maybe a few hundred dollars for lawyer fees and everything.

Should I file for bankruptcy or just ignore the debt? Will they take all the money I make when I’m finally able to return to work if I don’t declare bankruptcy?

Technorati Tags: assets, clothes, credit card debt, credit cards, harassment, job, lawyer fees, money, parents, should i file for bankruptcy

No job, only -50 per week of misc income, 20k and rising law suit judgments threatening to take my single remaining possession, my home worth only 000. Nearest bankruptcy court is 100 miles south and I have no transportation.
What options are there since I cannot afford a lawyer, legal aid does not handle these cases and no lawyer in my county does pro bono work (contacted all 3 of them listed in the phone book).
To clear up a couple things. My home has no mortgage, although one company is threatening to place a lien on my home since I am unable to pay the judgment.
In terms of a job I would love to have one if someone can hire me with no transportation. Most jobs require reliable transportation which is the #1 reason I get turned down. I have been making oney from home and attempting to start a business but that requires money I do not have but I am able to get small jobs doing general labor but this usually gets me less then per week and in winter months are very difficult to acquire.
I manage to do ok now but all the law suits re from my business which failed in th worst way back in 2007. I am still trying to recover from this but the current economy works somewhat against me with no job history.
Of course the main point I need to answer is how can I file with no form of transportation to the court and no money to pay filign fees. Can I protect my assets from lien being applied?

Technorati Tags: 20k, assets, bankruptcy court, economy, job, jobs, judgment, judgments, law suit, law suits, lawyer, legal aid, money, mortgage, oney, phone book, possession, pro bono work

I have stopped making the minumum payments on my credit cards since December of 08. In fact both me and my wife are delinquent in the credit cards. We both owe more than 60k in unsecured credit cards. Now we own a home but it has gone down in value meaning there is no equity at all. We are leasing a car which means we don’t own it but obviously we need it to get around. We are both self employed and we have our own business which is an LLC. We don’t pick up on the collectors nor the credit cards when they call and now my wife recently got a summons to appear in court for one of the credit cards that she is delinquent on. Anyways all the furniture we have in the house has already been paid for. We have no other assets and we only have like 00 in the bank. With that said do we need to file for bankruptcy or let them get judgements against us because it isn’t gonna matter since we have no assets except the stuff I mentioned above. If we let it play out and not do anything about this, what can the creditors do even if they get a judgement. At this point we don’t care about our credit. Please advise or should I still file for bankruptcy chapter 7. Let me know. Thanks

Technorati Tags: assets, bankruptcy chapter 7, creditors, furniture, judgement, judgements, leasing a car, own business, summons, unsecured credit cards

My car got repossessed, and when I filed bankruptcy 5 years ago, they has to give me my car back, as it freezes your assets. I was wondering if that changed.
I’m in the states by the way.

Technorati Tags: assets, bankruptcy

I defaulted on some credit cards in 2005 when I became disabled and lost my job. I am currently wondering whether I should file for chapter 7 bankruptcy because I want to do the responsible thing and start repairing my credit score. I’m still disabled and can’t afford to pay these debts off. I don’t own a house or have any valuable assets and the debt is a bit over 10k. My credit report states that the negative defaulted items are scheduled to be listed until 2011. Since I have had bad credit all these years and somehow managed around it. I wonder if it’s worthwhile to stick it out another couple yrs instead of filing bankruptcy which will sit on my report for another 10 yrs. Can these defaulted accounts renew themselves somehow after 2011 and remain on my report? And what will happen to my report once these items are off? I have 3 old accounts in good standing but I don’t know if they will be around much longer, especially by 2011. They may be on until 2012 which will give me a very short window with a better FICO score to possibly re-establish credit with. I have no credit right now so I’m just at a stand still and can’t afford legal advice. Thanks to anyone with helpful advice and valuable input.

Technorati Tags: assets, bad credit, chapter 7 bankruptcy, credit cards, credit report, credit score, debts, fico score, filing bankruptcy, job, legal advice, report states

I ran out of cash meeting uninsured broken arm surgury, then started using credit cards. Did the low rate transfers and all that stuff. Now back to work, but could not make payments last few months. Hounded by their phone calls all the time. Have not answered their calls. But I am now working again and can start making payments. I am ready to contact the credit card companys. Before I do, I would welcome any advise (or benefactors, Ha,Ha). Totally, by rough calculations I owe about ,000.
As an after thought, I am aware there were changes in the bankruptcy laws but do not know the specifics. Is bankruptcy a good option. Basically I have zero assets, no real property.

In closing, who is a reputable debt consolidation company, is bankruptcy a viable alternative, or is their an an alternative I do not know of? Thank you for your advise.

P.S.
Spend for a non-slip pad for your bathtub. Money well spent !

Technorati Tags: assets, bankruptcy laws, bathtub, benefactors, broken arm, credit card companys, debt consolidation company, money, rough calculations, specifics, using credit cards

I am severely underemployed, making minimum wage, 20 hours per week. I used to make more money and was given credit which I used, to the tune of ,000 in unsecured debt. Between my rent and utilities expenses, I can’t make my minimum payments to my creditors. I am striving to improve my employment status, but until I succeed with that, what can I do? I have no assets to sell and {content} to pay to debt consolidators and in payment plans. Is there any way to put my debt off for a few more months, or should I start thinking seriously about personal bankruptcy?

Technorati Tags: assets, creditors, debt consolidators, employment status, minimum payments, minimum wage, money, personal bankruptcy, unsecured debt

So I have a small amount of credit card debt…but it’s still there and I have also been informed I could get rid of my private student loan debts by filing bankruptcy. I just wonder how easy or difficult it might be to file a chapter 7 when all I receive is SSDI, I don’t have a job, and I don’t have any assets. I attend college…and only just as long as I keep receiving grants for it…the grants stop, I’m out of school because I can’t afford it. I’m also single, 23 years old and paying rent and other bills with the SSDI…such as car insurance to be able to drive my friend’s car, my cell phone bill which I keep so people can get in touch with me, and then I have medication to buy as well as school textbooks every so often when the grant doesn’t give me enough to supplement for books. Also…if I didn’t keep loosing jobs due to my poor health, than I would repay most of this debt…so please…no harassment from people.

Technorati Tags: 23 years, assets, car insurance, cell phone bill, chapter 7, credit card debt, debts, filing bankruptcy, grants, harassment, insurance, job, jobs, medication, poor health, private student, school textbooks, ssdi, student loan

I have completed all my back tax returns but have not yet filed them (2005-2008) and have come up with a tax owed of around ,000 which will surely be at least -,000 by the time penalty and interest are added in. My 2004 returns shows me owing ,000 and the IRS has already started the levy process against my personal income last week but made an error on the form so I have dodged a bullet until they get it corrected.

I spoke with the IRS this morning and told them how much my gross and taxes were for the 4 years I haven’t filed and they have asked me to fill out a collection information statement form 433F and have given me until Monday to call them back and give them the info on the phone.

Due to some huge unpaid medical bills, my debts outweigh my assets by at least 3 to 1 (assets ,000, debts including ,000 tax are around 0,000).

I have around ,000 cash saved, and ,000 equity in my house but cant find a lender because my credit is terrible.

Any suggestions? Will the IRS be able to give me an installment plan or could I opt for an offer in compromise? Or is bankruptcy an alternative?

I have never been in such a poor financial condition in my life.

Thanks.
Can I possibly do and offer in compromise? I realize now that federal taxes can not be discharged in a bankruptcy. Can the IRS do an installment agreement for ,000 or is the maximum ,000?
Thanks for all the advice but please get off your pulpits. Facts only please, no criticism. I know the situation I am in and how i got here. You dont need to remind me and/or accuse me. I just came here for answers. So lets stick to the answers people.
Any answers about the possibility of Offer In Compromise?
Can I do an installment contract for ,000 if I can pay it within 3 years?
AFTER I FILE ALL RETURNS DUE AND OWE ,000, CAN I GET AN INSTALLMENT AGREEMENT? IS IT POSSIBLE?

Technorati Tags: 3 years, assets, bankruptcy, collection information statement, debts, federal taxes, installment agreement, installment contract, installment plan, irs, levy, life thanks, offer in compromise, personal income, pulpits, tax returns, time penalty, unpaid medical bills

If a person had a summary judgment against them for a credit card debt, could it be wiped out through a chapter 7 bankruptcy, or would he still somehow be required to pay it, even if he had no job, no money in his bank account, and no major assets (car, house, etc)?

Technorati Tags: assets, chapter 7 bankruptcy, credit card debt, job, judgment against, money, summary judgment