When To File Bankruptcy » collections

I am 22 and want to file for bankruptcy?

admin — Mon, 25 Jul 2011 11:01:06 +0000

When I turned 18 I made the huge mistake of applying for every credit card anyone would ever give me. Now I am 22 and have a boat load of debt including judgements, collections, student loans, car loans, pay day loans, etc. Totalling 40,000.00 plus!!!! I want to know if bankruptcy would be good route for me as my credit is already poor. Can it make it any worse?

Technorati Tags: bankruptcy, boat load, car loans, collections, credit card, day loans, judgements, mistake, student loans

If I file for bankruptcy, can they take my car?

admin — Sat, 23 Jul 2011 15:42:26 +0000

Please help. I need advice. I’m looking to buy a vehicle from someone for 00 this week because I have no way to get to work and he needs the money ASAP or else I’ll lose the opportunity. I have horrible credit (or else I would finance through a car company) and I’m planning on filing for bankruptcy (first time) in the next few months (due to many, many things going to collections).

I just realized today that if I buy this car and then file bankruptcy (Ch. 7), they may be able to take my car, even though it’s worth maybe 00 (it’s a ‘96 Jeep Cherokee). I then thought, well, what if I try to get a loan through a bank to pay it off? I only make about 00/month (when it’s loads of overtime) so I can’t afford to pay this person unless I get a loan of some sort.

My question is, if I get a loan, buy the car and THEN file for bankruptcy, can they take my car?

OR if I somehow come up with the cash and buy the car and THEN file for bankruptcy, can they take my car? Like I said, not worth much.

Any advice would be greatly appreciated. Thank you.

Technorati Tags: car company, ch 7, collections, filing for bankruptcy, jeep, jeep cherokee, many things, money asap, overtime

What do I do when I have a bill from a collection agency for money I don't owe…?

admin — Thu, 03 Mar 2011 19:12:54 +0000

My old apartment managers state that I owe them 00 and in a letter they left on my door, it was only 00. It’s in collections now, and the bill came in for 00, and they’re threatening a law suit. The interest they tacked on was only 0, and the old managers will not return my calls. I dispute the 00 difference, but at this point I have no money to pay them (I’m on disability). What should I do? File bankruptcy?

Technorati Tags: apartment managers, bankruptcy, collections, disability, law suit, money, old apartment

Can the excess made by the 1st loan on a foreclosed home go towards paying the 2nd?

admin — Tue, 01 Mar 2011 19:12:32 +0000

I had a house that 100% financed, 90/10. When it foreclosed the fair market value exceeded the balance of principle outstanding to the first loan by 28k…pocketed by the lender. The second loan is in collections for about 80k…I don’t even make enough to pay basic bills, so am unable to pay this back or even make ‘reasonable payments’. 1) How is this handled tax wise? 2) Why didn’t the 28k excess go to the second lender? Or is there a way I could get the 28k from the 1st lender to pay directly to the 2nd to at least show good faith efforts? I’m overwhelmed and considering bankruptcy, but can’t afford the attorney fees yet so I’m seeking alternative situations.

Technorati Tags: attorney fees, bankruptcy, collections, fair market value, faith efforts, good faith, principle

When filing for bankruptcy, is a co-owned motorcycle we just got a loan for considered unexempt property?

admin — Mon, 27 Dec 2010 15:39:59 +0000

We haven’t made any payments on it yet. My husband is the registered owner and his dad is the legal owner (since he cosigned), although we are going to ask his dad to register it in his name. We have only one other vehicle worth 00 and no other assets. We got the cycle to manage the fuel crisis since my husband has to commute, and we are barely managing right at the federal poverty level. I can’t imagine that any court would want to take and try to liquidate something that is still owned fully by the bank, right? We are filing bankruptcy because of huge medical bills that are way out of our range of ability to pay, due to a severe injury I suffered two years ago, which is in collections. We were served with summons a couple of days ago and are seriously considering filing for bankruptcy. Any advice would be greatly appreciated.

Technorati Tags: assets, collections, couple of days, dad, federal poverty level, filing bankruptcy, filing for bankruptcy, fuel crisis, medical bills, summons