When To File Bankruptcy » clothes

How to help a depressed relative in significant debt?

admin — Mon, 09 May 2011 09:37:32 +0000

I have a relative ("Lou") who is in debt. Lou is in his early 30’s. The debt is more than K. Lou seems depressed, and I believe spends (restaurants, clothes, etc) as an escape from real life. In the past, the family has repaid Lou’s debt without conditions, but every time more debt appears later. This time, the family offered to refinance the debt only if Lou hews to a budget. Lou is resisting the budget since it imposes controls that any adult might resist. Plus, Lou is worried about his life being in too much flux and not being able to guarantee he can live within the budget. The only alternative is for Lou to default on his debt. We don’t really want that because of the long-term implications of bankruptcy. We also worry about pushing Lou "over the edge". There is no drinking or drug problem. There may be a gambling problem. What do we do? Lou refuses to go to counseling.

Technorati Tags: adult, bankruptcy, budget, clothes, counseling, drug problem, gambling problem, quot, restaurants, term implications

Discharging a debt during bankruptcy?

admin — Fri, 11 Mar 2011 14:25:24 +0000

My wife is filing for bankruptcy and one of our creditor’s is Kay Jewelers. We bought our wedding rings through them back in 2008. We received a letter in the mail today saying that they may have a non-dischargeability cause of action against us if we don’t turn our rings over, which we really don’t want to have to do. I know that it seems like the sensible thing to do and we can’t really afford to pay off the debt. Is there any alternative to giving the rings back or paying the debt?
Thank you all for answering so quickly. First, I am not on any of her loans/ debts so it wasn’t really advisable that I file as well. The only thing I have in my name is my student loans and our car (which the person who helped us file our paperwork said we wouldn’t need to worry about since the title is in my name). With that said, while we were filling out our paperwork, there is a section that you get to put items that you would like to have exempt from the bankruptcy i.e. jewelry, clothes, electonics… and you’re allowed up to a certain value for each item. Our rings fell way below the limit so we were told that we could keep them. Lastly, and unfortunately, it was a secured loan so they are saying that the rings are collateral and they have the right to either take them back or have us pay it back.

Technorati Tags: clothes, collateral, creditor, debts, electonics, filing for bankruptcy, jewelry, kay jewelers, letter in the mail, paperwork, secured loan, student loans, wedding rings

When filing chapter 7 bankruptcy who decides what is exempt, as far as house hold items/pets etc?

admin — Wed, 29 Dec 2010 18:08:50 +0000

Considering filing bankruptcy. Attorney gave me a paper to fill out stating evey thing we own. Right down to pets, and clothes. I did some research and found our state allows up to ,500 in house items to be exempt along with animals. I do not understand how they can even get by with asking you to list your pets as part of what you own, or your personal clothes. I may see such if you were raising animals for resell, or if you had real expensive clothing, or a movie star who some one else may want to say they own a piece of such and such clothing etc. But if this were the case those people would not be considering bankruptcy in the first place. As for the house items who makes the decisions as to what is exempt and what is not. I know my house items will not exceed the allotment in our state, but still I am curious about such.

Technorati Tags: allotment, bankruptcy attorney, clothes, decisions, filing bankruptcy, movie star, pets, raising animals

Under Chapter 13 Bankruptcy for the past 2 months, and wondering will they keep my tax returns?

admin — Mon, 06 Dec 2010 21:38:26 +0000

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!

Technorati Tags: bankruptcy, chapter 13, clothes, extra money, home improvement, important things, stay at home, stay at home dad, tax returns, utility bills

Debt solutions, what should I do?

admin — Tue, 21 Sep 2010 09:36:56 +0000

Like most Americans, I’m in debt. I’m a student with a part-time job and I’ve sunk into some pretty nasty debts. I have medical bills to take care of, as well as other other stuff. I’ve read a bit about debt consolidation and lots of sources say it’s pretty much a scam (you’re not eliminating the debt, you’re just moving it). I don’t think bankruptcy is a good idea.

What can a college student (undergrad) do to eliminate 00+ debt? Are there loan programs that just give you money and a few years before you have to start repaying it? Are there other alternatives?
I’ve decreased personal expenses to pretty much nonexistant. I don’t really buy clothes and food and such and all of my expenses are either medical bills, textbooks, or a monthly laptop payment.

Technorati Tags: bankruptcy, clothes, debt consolidation, debts, laptop, loan programs, medical bills, money, part time job, personal expenses, textbooks