When To File Bankruptcy » assets

When GM files for bankruptcy, How much of the stimulus money return to the tax payers?

admin — Tue, 19 Jul 2011 13:19:06 +0000

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?

Technorati Tags: assets, bankruptcy, billions, chrysler, ford, gm, money, private industries, tax payer dollars, united states government

When is a good time to file for Bankruptcy? before or after foreclosure?

admin — Fri, 08 Jul 2011 07:12:37 +0000

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

Technorati Tags: assets, auto loan, bankruptcy, credit card debt, finding a job, foreclosure proceedings, furniture, letter in the mail, mortgage, unemployment

How can a government go bankrupt?

admin — Wed, 22 Jun 2011 10:57:23 +0000

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?

Technorati Tags: assets, bondholders, entire county, liabilities, losses, money, newspapers, private company, russia, shareholders

Where to file bankruptcy?

admin — Tue, 26 Apr 2011 13:16:45 +0000

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

Technorati Tags: 10 years, abd, apology, assets, climate, credit cards, debt credit, deby, domestic violence, electrical utilities, endpoint, feds, litigation, medical bills, mobile home, mva, paying off debts, ssdi, student loan, surgeries

I have a good job and good assets but poor credit. How do I get a home loan?

admin — Wed, 30 Mar 2011 14:25:31 +0000

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?

Technorati Tags: 401k, alternative market, assets, bankruptcy, credit repair scams, credit report, fha, good job, household income, income employment, lenders, mid level, niche, poor credit score