When To File Bankruptcy » chapter 13

Can someone keep work equipment in a chapter 7 bankruptcy in the state of New York?

admin — Thu, 18 Aug 2011 13:26:55 +0000

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".

Technorati Tags: chapter 13, chapter 7, lawn equipment, new york state, utility trailer

My parents are buying me a house but I need to file bankruptcy. What should I do to keep my home safe?

admin — Fri, 17 Jun 2011 21:45:16 +0000

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.

Technorati Tags: attourney, bachelors degree, bankruptcy, chapter 13, chunk, closing date, credit cards, dad, escrow, fannie mae, health issues, inheritance, mortgage industry, music teacher, parents, part time, personal credit, school teacher, student loans, time self

A question about our attorney and bankruptcy?

admin — Thu, 19 May 2011 09:36:54 +0000

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?

Technorati Tags: 9 months, bankruptcy trustee, chapter 13, confirmation, negative balance, nine months, paralegal, payroll deductions, undated document

After filiing bankrupcty, is it extremely damaging to your credit when attemtping to purchase home, car, etc.?

admin — Fri, 13 May 2011 10:53:04 +0000

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.

Technorati Tags: chapter 13, filing chapter 7, who have filed bankruptcy

Question to bankruptcy attorneys and or trustees?

admin — Fri, 14 Jan 2011 09:37:18 +0000

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.

Technorati Tags: 10 years, attorney fees, best solution, chapter 13, consequences, credit card debts, credit cards, credit report, creditor, deadbeat, education, filing chapter 7, full time, median, property assets, time money