There is a utility trailer and some lawn equipment that is needed to keep the business going, would that be liquidated in chapter 7 or is work equipment safe? Chapter 13 plan is no longer feasible and there is consideration to convert to 7 but the work equipment must be preserved. Please let me know specific to New York State, because NY is always "different".
I am very nervous about what can happen to my home. I am waiting for a closing date as my parents gave me money to purchase a modest home. I am married and my husband and I need to file bankruptcy. We lost our home to forclosure a few years ago, lost our vehicles and had some credit cards. My parents want to see me enjoy part of my my inheritance now and I also have health issues that allow me to only work part time. I know I need to contact an attourney but I dont have the money for that yet. We are still renting but will be closing within the next 2 weeks. What should we do when we file? Again, the home will be only in my name which I am not sure if this will help or not. My husband has some personal credit issues and I as well. But, most of our issues are together. We believe we should file a chapter 13. He is a school teacher and I am a part time self employed music teacher. He also owes a lot of money on student loans from getting his Bachelors degree. I am 51 years old, am very grateful to my parents yet very nervous about losing my home. Thank you !
My parents do not want the home in their name as they do not want to pay Insurance and taxes among other reasons. I have heard of many people owning homes and filing chapter 13. If this is the answer do you think we need to do it soon so the courts do see that we are trying to resolve the issue after recieving this gift? They will also see that our hardship and loss was due to my husband being in the mortgage industry and my health issues.
Thank you for your answers. Here is my second question to my second answer.
We had put down a chunk of money for escrow. We were to close a few weeks ago until Fannie Mae said that they need go over the homes forclosure papers. Something was not done exact. I and Fannie Mae signed an extension. Can I back out of the deal and do the bankruptcy then look again for a home again? Or, will I lose the escrow money which my dad would kill me for that. That is my concern now?
Omg… yes they paid cash…. And, yes it is in my name only.
I March of 2008 we filed chapter 13. We were on a 5 year payout. We completed our payout ahead of schedule. Our notice from the bankruptcy trustee showed a negative balance for a period of nine months while court ordered payroll deductions continued. We had problems with our attorney. They kept telling us it would get corrected. Actually we never spoke with our attorney. A paralegal always spoke with us. Eventually we went directly to the trustee and got discharged with a nice refund. Now, 9 months later, the same paralegal has called us and wants us to sign an undated request for discharge. It all seems a bit odd. Any suggestions? Should I sign this undated document?
Thanx Steven. I was leaning toward your opinion before my question posted. Just needed some confirmation. On a side note…..I paid this attorney 00 cash. I saw him twice…..in his office and in court. Did he rob me?
After filing Chapter 7 or Chapter 13, is it most damaging to your credit in ways you cannot purchase a home or car, etc? 2 years? 5 years? For those who have filed bankruptcy, please help me understand better this choice. I am struggling and it is most difficult to do alone with no knowledge or examples.
I’m thinking about filing Chapter 7 but do not know if im eligible. Here’s my situation, I make 19k a year which is below the median; I have no property/assets or savings. I owe 23k on the car and 18k on 3 credit cards. If i sell the car I still owe 8k. I tried to negotiate with my car’s creditor and that’s the best rate they can do. The reason why I want to liquidate my debt is because I want to go back to school full-time. Save money and rebuild credit while in school. If i continue paying my debt ( 5 more years ) I will not have savings and an education. I don’t mean to be a deadbeat on my debts but this is the best solution i can do in order to straighten my life, financially and responsibly. I don’t want to do Chapter 13 for my credit card debts– this will waste my time, money and get a ruined credit report.
I’ll face the consequences: Attorney fees, bad record for 10 years, higher rates.. you name it.
My question is if i’m eligible to file for CHAPTER 7.
My apartment owner is going through a chapter 13 banruptcy on my apartments I live in. Now the word around here is that he is giving ownership to the bank and that some other tenants and I have lost our deposit because he has no money no more. Isn’t illegal here in California for him not to have our deposit or try to keep it? some of the tenants are not paying rent because of this but for me i keep paying my rent because i never beeen late almost for 4 years now, should I still keep paying? what I really want to know is I want to know waht is going to happened to my deposit, and who or where do I need to go to get some legal advice? thanks for listening!
The only way a chapter 13 will work is if this debt is discharged and the lien removed. Chapter 7 is not an option. Two Bankruptcy attorney’s have told me to different things I need a clear answer about the lien only.
Hi, would an attorney push for chapter 13 instead of chapter 7 bankruptcy? Do attorneys benefit when filing different ways? Do they make more money one way over the other? Thank you
My wife is under Chapter 13 in her name, and files taxes for only herself. I’m a stay at home dad. Anyways, we have so much to do with our tax returns such as get clothes for our kids, pay on some utility bills, home improvement things..etc. When she files her taxes, will it all go to bankruptcy or will she get the full amount she should receive? The bankruptcy payment has been getting garnished out of her check weekly, and we are not behind in that……just hate to know they will take it all when we have some important things to do with that extra money. Please explain this to me!! Thank you!
I’ll make this quick. Do to some circumstances my wife and I fell behind on our mortgage. Our lender is countrywide. We have a 100% financed sub-prime loan with an 80/20 ARM and prepayment penalty. (A piece of trash loan I know, we know better now) Also there is another Lender…Franklin Credit which makes up the 20…We filed for bankruptcy in 2006 and have been making payments for two years now…due to the economy and a few unfortunate illnesses we were not able to stay current on our chapter 13 payments…so there was a motion filed by our trustee to close the bankruptcy unless we could become current by a certain time…..
When we contacted our lawyer he told us that we had three options…
1.bring the payments current(9,000.00) of course we don’t have that…
2.Let the bankruptcy go and hang on until foreclosure on our house starts then try to start another chapter 13….
3.Modify our current bankruptcy and pay them a fee to file this motion…go get chastised by a judge…and make our payments higher.
Oh I guess there were four options…4.convert to chapter 7….
At the time the bankruptcy was initiated there were no problems in making the payments….but then the bottom fell out…I am in transportation….my overtime was cut to 0….my wife has had a significant reduction in hours and I had a surgery that kept me out of work for two months…all of this has led to the fall behind…..
Ok so I have two questions relating to this situation…..
1. Can/Should I try to refinance the loans during the bankruptcy…The mortgage payments are made through the trustee….but we still get statements from countrywide….our current statement is 3000.00 a month UNBELIEVABLE…..If we can’t refinance there is no way we can afford this ridiculous arm after the bankruptcy…
2.Will president Obamas new plan help us during bankruptcy…we don’t know what to do…stay here pumping money into bk13 that was primarily done to save our home that we may not be able to keep after the bk….or convert to chapter 7…let it all go…uproot our family and start over…or possibly get some help from Obamas new plan.
We need guidance…we are good people with good jobs…good family…and good morals…we were admittantly irresponsible in money management…we own our part and we have drastically changed our lifestyle….but we were also taken advantage of as first time homebuyers so we want them to own thier part as well….
Please anyone who can give advice on my situtaion would be greatly appreciated…please don’t soilicit us…we are in trouble…our family is in trouble as many others…we need good soild,honest advice to get back on track…..Thank You.
After three years of trying to avoid bankruptcy, it looks like my wife and I need to do it. Our combined gross income appears to be over the chapter 7 K limit because I had a lot of overtime this summer. Now that I’m down to 40 hours or less, there is no way to meet our payments. Chapter 13 is so expensive itself, it doesn’t look like a real option. What else can we do?
Should I include my two cars in my chapter 13 ? will they take my cars and what happens when you are discharged from bankruptcy do I have to return the cars if they are not caught up?
so if the payments are up to date how can they take the cars or are you referring to the lawyers seizing them? how am i protected?
I was told by my landlord that he was filing chapter 13 and besides trying to get the rent from me sooner than when it was due his phone has been disconnected so he is long gone. So I was just trying to get some feedback on the ball park time line of how things come to be from this point. Any input is greatly appreciated.
I’ve heard that chapter 7 is a "liquidation of assets" and chapter 13 is a "reorganization of debt".
I don’t own anything except a computer, two old TVs. Can they take that?
Have lots of debt. Would like to file chapter 7. Can I or will they make me file chapter 13? What are the QUALIFICATIONS or REQUIREMENTS?
I have defaulted on my mortgage & my bank has refused to modify my loan & they are now threatening foreclosure. I have an additional ,000 accumulated in debt. I decided to file for a Chapter 13 but I’m now seriously thinking of withdrawing from it. I don’t want a bankruptcy record on my credit I know my credit is worthless at this point but I think it’s worse when you have a bankruptcy on your credit. Should I just walk away from my home & let them fore close it? Should I file a 13 & stay in my home which is way ‘underwater’—I owe more than the home is worth. Do I have a better chance starting all over again & try to "fix" my credit without a bankruptcy hanging over me? I’m so confused I don’t know what to do? HELP!!!
I am converting from a chapter 13 to a chapter 7 tomorrow? Based on what anyone knows about bankruptcy; my attorney charges 0 dollars to file. If I had the 0 up front I would not need to file chapter 7. Do you think she will let me make payments? Do you think she will stop my chapter 13 payments and put it towards my chapter 7?
I couldn’t get a loan for my small business and I endup using all my credit cards to cover team, supplies, trips for our team riders, rent, goods and services, some equipment, etc..
The business was as sole and all the card were on my name. So is my personal line of credit.
I was hoping that it will payback the bills and didn’t go that way.
I don’t have really enough to pay all this creditors.
Im sending late payments when I have the money to do it.
Can I file bankruptcy? Am I able to file for chapter 13?
I want to start fresh again.
We filed a chapter 13 last year. We’ve made several payments, only to just now find out that our bankruptcy attorney severely underestimated the value of our vehicle. Our balance to the trustee will now go up ,000 dollars, and our monthly payment will almost double. To add insult to injury, the attny was very non-chalant and yawning on the phone when he delivered the bad news. At the time of filing, we gave the attorney complete information on our car (including the VIN # and Bill of Sale) , so we assumed his calculations were accurate. Is there anything we can do, or are we just "stuck" ?
I am in debt from helping my son when he was off work. Helping my elderly father. Also, my ex-husband was fired from his job and now we are divorcing. I am in so much debt that I am far behind on payments and I make too much money to file a chapter 7. I would have to file a chapter 13 and pay back a portion anyway. Would a debt settlement company be a better option?
I live in Florida and have spoken with a Bankruptcy lawyer about my situation. I had excellent credit prior to a house I had up for sale being on the market for 6 months and tried to sustain two mortgages plus expenses on both houses and a lot of credit card debt, mostly used to fix up both houses.
It’s been since March 2007 that I made my last credit card payments. I took all of the 00 I received as a tax refund and paid it on 5 different cards.
I called the credit card companies and tried to set up a payment plan of some sort because I was drowning. NONE of the 5 would and acted really crappy when asked. The phone calls also bordered on harassment.
So, eating ramen noodles and peanut butter started pissing me off. If they didn’t want to work with me, then I wouldn’t work with them.
I changed my telephone number and stopped paying them.
After speaking with an attorney early this year, he stated that unless I was faced with court papers to appear, to stave off filing for bankruptcy. If I did file, it would be for Chapter 13 he stated.
I wanted a second opinion so here I am. My questions are…
If I do not file, the statue of limitations runs out in less than 2.5 years for the state of Florida. If I am not served a summons, after the SOL runs out, can they still serve me with papers?
If there is no summons or judgment, will the charge off debts stay on my record for 7 years from the last time I paid the credit card company? Or when the debt was sold to a collection agency which I think is usually a year afterwards (they all have been sold).
If the debt is sold again to another collection agency, does my time start over?
On my credit record, will there be an entry for the credit card company debt AND the collection agency?
I simply want to know when the credit card company debt and charge offs will drop from my record if I do not pay them.
Thanks for any help you can provide…