My salary falls beneath the means test but the bonus puts it over. Will I qualify for Ch 7 if I wait the 6 months so my bonus is out of that range?

Technorati Tags: bonus, ch 7, means test, salary

We got a home equity loan in June to consolidate credit card bills, another home equity line, and small construction loan. Things were fine until I was recently diagnosed with multiple sclerosis and declared disabled. I receive social security, which is currently one-half of my former salary, but only until my children graduate when it will drop to one-third. We now realize that we cannot pay for my graduate school loan (simple bank loan-not federal), the car loan, the equity loan, AND the home first mortgage. We can pay for a cheaper car and the first mortgage for the home, but not the equity loan too. Can I put SOME not all of the equity loan onto my unsecured loan to "pay it down" so that when we file bankruptcy we can afford to keep our home?

Technorati Tags: bank loan, bankruptcy, car loan, construction loan, credit card bills, graduate school, home equity line, home equity loan, home first mortgage, multiple sclerosis, salary, school loan, small construction, social security, unsecured loan

I would like to know if my husband should file a complaint to the Labor Department, because of his boss… abusive behaviour; until a year ago… his boss was paying him a salary that was of $ 800.00 at the beguining to $ 1,000 dollars weekly, actually, this fixed salary was on for ten years, and now the boss…simply decided to stop paying this ‘fixed’ salary (currently 1,000 per week) blaming the national financial crisis, and put my husban on ‘commision’ for the cars he is able to fix…. in a week, the problem is some times he gives a car only 100 dollars of labor.. or only 20 hours of labor, and do not show the insurance company stimates on the cars, … and my husband ends up working the whole week (more than 40 hours) plus the saturdays too!.. just to earn 350.00 dollars!!! we are getting in bankruptcy soon because of this, this is a loss of more than 600.00 dollars… per week, and we can’t go on like this; the truth is he is working the same an even more hours… but he earns only 350.00 or 400.00 every week! this is after the change in the payment method from a fixed salary to ‘comission’, and I think it was a way of stealing his money!!. My husband is getting old and the boss is trying to abuse him by stealing him the money of salary. Besides the boss (mananger of car repai shop) blames the financial crisis for this change.. but he employed more people! and work production seems the same.. no less. My husband have been working in there for almost 14 years. My question is: Could he ’sue’ his boss… for discrimination, I think this discrimination is because of course my husband is not as young as he was when he started in this job of car repair technnician. He is certified technician… has to paid to his certification classes every year, and pays by himself a lot for tools.. and earning 350.00 per week is absurd!~… he hasen’t leave because first we want to know his rights.. but don’t know where to go. Also the boss cancelled his vacation week and said to him won’t paid the one vacation week.. my husband for many many years …usually had. No medical insurance. Nothing. WHere can he complaint??? can he sue his boss for abusively….. changing the conditions of payment and vacations?.
Thank Judith, yes I know he should start looking for a new job, the point is does he still have any rights to claim something legally.. despite there is not contract at all… I mean because we have civil rights I guess.. he has been discriminated because his age, he is not as young as 14 years ago when he started in that job… so of course he is not as productive as when younger. He never agree to the change of method of payment, he is pist off they cancelled his salary…. how can a company do this?.. there are not civil rights for employees?

Technorati Tags: abusive behaviour, bankruptcy, boss, car repair, cars, certification classes, discrimination, financial crisis, husban, insurance, insurance company, job, labor department, mananger, money, salary, saturdays, stimates, truth

Husband lost his job – we’re now on one salary and barely scraping by as it is. We are now so far behind on our debt bills and none of our creditors are willing to work with us, so we’ve decided to file for bankruptcy. We located a bankruptcy attorney and he gave us a list of things to get together and to complete an online credit counseling course. While getting our things together he was quick to respond to our questions. We sent all our documents to him last week (tax info, payment stubs, bank statements) and now he won’t call or email us back. Should we assume that he’s not going to assist us? Could this be a scam and he’s planning on wiping us out using the info we gave him? We looked him up in our state’s Bar Association and he was on there. What should we do?

Technorati Tags: bank statements, bankruptcy attorney, credit counseling course, creditors, job, payment stubs, salary

I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. That would be a great salary if I didn’t have to pay every cent to a bill collector.

Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). I already had a car of my own. Now I have two. He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.

I am probably about ,000 in debt with credit cards; ,000 in student loans–I know you can’t put them on bankruptcy…I plan to pay them and go back to school next summer; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).

I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.

Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?

Technorati Tags: bankruptcy, bill collector, car payments, cars, child support, credit cards, extra income, grade teacher, groceries, job, money, personal loans, salary, small babies, student loans

I am a 19 year old college student living 3,000 miles away from my family. I pay for college myself with a combination of scholarships and student loans, and I have a part time job that pays my bills. I pay for everything myself; food, rent, transportation (I don’t have a car, I ride the bus), medication, etc. My parents do not support me monetarily in any way.

Three years ago, the company my father worked for went bankrupt. Because of the economy, he has been unable to find a job. There is zero chance he’ll find a job that pays what his old job paid, but he won’t take any menial job, even for a few years until the economy gets better. My mother’s company is on the verge of going bankrupt and she has had her salary cut in half. They lost the house to foreclosure and are now living in a small rental.

Because of these issues, my parents have asked me to start sending parts of my paycheck to them. I have been giving them enough to help them pay smaller bills, like heat or water, but I can’t afford to give them more. Recently, my work hours have been cut back (economy), and I’m not making as much extra money as I used to. I told them I would be unable to continue helping them, but they got upset and told me it’s my duty as a daughter to help my parents in a time of need. They say that with all they’ve given me, I should give back to them. I want to help, but I’m running out of money. What should I do?
Because the first answerer asked, I have a 16 year old sister.

Technorati Tags: economy, extra money, foreclosure, medication, menial job, old job, parents, part time job, paycheck, salary, scholarships, student loans, time of need, verge, zero chance

A salary of a bankrputcy lawyer in Phoenix

Technorati Tags: lawyer, phoenix, salary

My fiancé is trying to rejoin the Navy. He’s talked to a recruiter, gotten his DD214 and knows his reenlistment code. He’s been to a dr. to prove that what discharged him last time no longer applies, now he’s worried about his debt. He knows that if he gets in, he’ll be on salary again which will make meeting his financial obligations easier, but he asked me to try to find out what I could about what would happen if after in re enlists, if he files bankruptcy. Everything I’ve found online says he could be immediately discharged and he won’t get the same clearance he had last time because of the debt alone. He used to have an active SCI Top Secret clearance. He won’t get that this time. Is it true they will discharge him if he tries to file bankruptcy? Do they have any options to help him repay his debt? Thanks in advance.
He’s not getting a steady salary right now and hasn’t been for over a year. He’s got a lot of debt that has built up over the past year and he can’t get out from under it. He needs to clear it. Or find a manageable way to pay it back. We are getting married as soon as he finds out if he is accepted back or not and he needs to be able to take care of me and the kids. Not spend his entire salary on old debts.
Will his debt be an issue when he tries to rejoin? His recruiter didn’t say anything about it but we’ve read he’d need a waiver for that kind of debt to get back in. Is this true?

Technorati Tags: bankruptcy, dd214, debts, financial obligations, last time, navy, recruiter, reenlistment code, salary, sci, thanks in advance, top secret clearance

I am in over my head in debt. Every month I have to "borrow" at least 0 extra dollars just to pay my bills. My husband and I recently separated. He left me to take care of all the bills. Currently I am a 4th grade teacher and make about ,000 a year. That would be a great salary if I didn’t have to pay every cent to a bill collector.

Every debt is in my name (including a car that I got in my name for him, that he now refuses to pay for because someone else put another car in their name for him–his sister). I already had a car of my own. Now I have two. He didn’t have a job at the time, so most of the major stuff that we have gotten was in my name when we got married.

I am probably about ,000 in debt with credit cards; ,000 in student loans–I know you can’t put them on bankruptcy…I plan to pay them and go back to school next summer; 00 in personal loans; ,000 in car payments (2 cars–1 is almost paid for).

I have no extra income other than the child support (5 a month for 2 small babies that I raise alone). I use the child support on them instead of on me or bills because that is what it is for.

Am I an idiot for trying to pay all these bills off monthly and have no money extra to buy groceries and gas???Should I just file bankruptcy?

Technorati Tags: bankruptcy, bill collector, car payments, cars, child support, credit cards, extra income, grade teacher, groceries, job, money, personal loans, salary, small babies, student loans

I worked for 4 months without getting paid then the doors are closed and bankruptcy is filed? I was on salary and had 10% ownership, which cost me and made me file personal bankruptcy when the company filed. What legal rights do I have? What are my options?

Technorati Tags: 4 months, doors, personal bankruptcy, salary

I have recently lost my job after being in the telecommunications industry for ten years. I have had no luck finding a new 9-5 job with a regular salary. I have been forced to take a job full time at a restaurant.

I have over ,000 in credit card debt most with APR’s in the high 20’s. I have done my best over the last 6 months to keep up with my minimum payments but am finding it impossible recently to balance my debt along with my living expenses. By living expense, I do mean the bare minimums. Rent,utilities, gas, food etc.. I have not wasted funds on entertainment or purchases other than does required for work.

I had an hour long conversation today with a debt consolidation company. It is has been in business since 1965 and is non-profit. I actually used their services in the past to consolidate debt that I managed to pay off about 8 years ago. They analyzed all of my assets, income, debt and overall financial situation. They determined that I was running at a 65% deficit between what I am brining in and what I owe. They recommended that, although it may sound harsh, my best option was to file for bankruptcy. They determined that I would not be able to keep up with any type of repayment schedule that they would negotiate with the banks and that a fresh start may be my best option.

I have avoided the thought of filing for bankruptcy in the past for several reasons. But now that my income is at an all time low and my job prospects do not seem to be sorting themselves out in the near future, I do not now what other options I have available to me. Needless to say, the stress of the whole situation has been making life extremely unpleasant.

I am single, have no kids, and will not be purchasing a house in the near future. The only asset I own, is an 8 year old car.

I have five questions:

1) Other than having a bankruptcy ruling on my file for the next ten years and not being able to secure credit, what are the other disadvantages of filing for bankruptcy?

2) I do not have disposable income. I am making enough to pay for essentials. Would my chances of having the entire debt excused be good? Or would I still be responsible for paying a percentage?

3) I know from my corporate experience that my credit file would be reviewed during the job applications process. I am considering a career with the Federal Government. How would a bankruptcy ruling be looked upon by the government during the job application process?

4) How much with a reputable bankruptcy lawyer cost me?

5) I have also read that another option is to do nothing and ignore my creditors. The following excerpt below is from http://bankruptcy.findlaw.com/ . Is this plausible?

Do Nothing
Surprisingly, the best approach for some people deeply in debt is to take no action at all. If you’re living simply, with little income and property, and look forward to a similar life in the future, you may be what’s known as "judgment proof." This means that anyone who sues you and obtains a court judgment won’t be able to collect from you simply because you don’t have anything they can legally take. (As a famous song of the 1970s said, "freedom’s just another word for nothing left to lose.")

Except in unusual situations (being a tax protester or willfully failing to pay child support) you can’t be thrown in jail for not paying your debts. Nor can a creditor take away such essentials as basic clothing, ordinary household furnishings, personal effects, food, or Social Security, unemployment, or public assistance benefits.

So, if you don’t anticipate having a steady income or property a creditor could grab, bankruptcy is probably not necessary. Your creditors probably won’t sue you, because it’s unlikely they could collect the judgment. Instead, they’ll simply write off your debt and treat it as a deductible business loss for income tax purposes. In several years, the debt will become legally uncollectible. And in seven years, the debt will come off your credit record.

I am planning on contacting a bankruptcy lawyer for further advice but wanted to get an idea as to what I am dealing with before I further the process.

I appreciate any feedback the Yahoo community is able to provide!

Thank you in advance!!

Technorati Tags: 8 years, assets, banks, credit card debt, debt consolidation company, filing for bankruptcy, financial situation, fresh start, full time, gas food, job prospects, living expenses, minimum payments, repayment schedule, salary, stress, telecommunications industry

I need to file Chapter 7 Bankruptcy. My income for the last six months is about ,800, well below the median test for NY State. However, my salary comes from my small business, which is an S Corporation. I am the only owner, and I pay myself out of that corporation. Am I able to continue to run my company and declare Bankruptcy at the same time, or would I be forced to close the corporation?

Technorati Tags: chapter 7 bankruptcy, s corporation, salary, six months, small business

I make a good salary, but our home moretgage is too much for us to handle (it was a teaser rate and we are not even covering the interest). It is causing us not to have ANY money to do anything else. Considering I am the only one on the mortgage, would it be wise to go ahead and just file for bankruptcy and leave the home?

What happens to my other debts (credit cards, personal loans, rental property, etc)?????

Will it negatively affect my wife’s credit profile?

Will I still be able to finance cars, future homes, etc?

How long does it remain on my report?

Technorati Tags: bankruptcy, cars, credit cards, credit profile, debts, money, mortgage, personal loans, rental property, salary, teaser rate

I am in a bind… My wife left me and I cannot afford my mortgage without her salary. She does not care if we default on the loan. I don’t want to file for bankruptcy.

The house was built 2 years ago and is in perfect shape. It has been on the market for 2 months, but I haven’t received any offers.

Do I have any alternatives to filing for bankruptcy?

Thanks for the help.

Technorati Tags: bind, filing for bankruptcy, mortgage, perfect shape, salary