Questions About Bankruptcy

Questions About Bankruptcy questions and answers

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Q: Filing for bankruptcy questions. I live in California, lose my job of 11 years 15 months ago, a lots of debts-?
can't pay the bills and can't find any job because of my recent bad credit. Does any one know how I go about filing for bankruptcy? How long does it take and how much goes it cost? How does the whole process work? Thanks.

A: If you are in a job field where background and credit checks are the norm... you will have a problem... they don't like to see Bankruptcies either. You may have to take a job that does not require the credit check. Lower your job expectations... To file for BK - look in the phone book and find a bankruptcy lawyer and set up an appointment. The lawyer has to evaluate first whether you are a candidate for BK and what the best course of action is.

Q: a friend is considering filing for bankruptcy, questions about this?
my friend's debt is only 5000. but she has no job and no job prospects. plus obviously wants to go to college if you file for bankruptcy and you haven't paid your mortgage, do you lose your house? or otherwise after filing, are you eligible for student loans if you want to go to school? and if someone were separated from her husband living in different houses, but still legally married, would the husband's credit be ruined by his wife's filing for bankruptcy? or actally its 5500 at 6. 24 apr

A: 5500 is NOT worth filing bankruptcy. She is still eligible for federal students loans, and her chances won't really be hurt by bankruptcy. It will probably not be possible to get private student loans after bankruptcy. Good source for articles about this is: http://www.bankruptcysavior.info/

Q: I have questions about bankruptcy, How much money do you need to be in debt with before you can file? Does it?
get rid of everything like medical bills, old bills, student loans, and does it really take 7 years to have good credit again or what happens in 7 years? How expensive is it to file? Does someone get all the info for you or do you have to find out who you owe? Can you file as a married couple for both of our debt? Is it really a bad thing to do in life? Or is it worse to owe and have everything written off?

A: You ask a lot of questions....and got a hodge-podge of answers. It's not easy to cover all this in a short space. Let me tell you what I tell many other people considering bankruptcy. It doesn't really matter how much you owe. The key is how long it's going to take to pay off these debts. Lets pretend. Lets say you managed to contact all of your creditors, and they agree to lower your balance and freeze your interest and late fees. Then you sit down and create a very serious budget. Cut out all entertainment, kill the CATV and cell phone. No more dining out or Starbucks. You find out exactly how much you can afford to pay each month on these debts. Then you somehow manage to convince your creditors to accept monthly payments that fit within this amount. And you can get all of these debts paid off in 5 years. Assuming all of these fairy tails, can you do it? If not, then you need to seriously consider bankruptcy. The above is exactly the same, but the court will force all of these things on you and the creditors. In 3-5 years you will be debt free. Your credit score will suck for a couple of years, but if you plan this correctly you can have decent credit within 3 years. I'm working with a Chapter 13 person now. They filed 2 years ago....did everything right, and have a 695 credit score (good, not great). And they still have 3 years left on their plan. So these people who say it destroys your credit simply don't know what they are talking about, or didn't do their homework. If you plan to do this, consult with a good BK attorney.

Q: After bankruptcy questions - jobs and renting?
I would like to know from some who have declared chapter 7 bankruptcy what their experiences were. Specifically about job applications and apartment rentals. I am a professional who is about to declare Chapter 7 but I am also about to start applying for a new job and am concerned that having it on my record may cause me to not get hired, and that I may not be able to rent an apartment if I do get the job and relocate. Would it be better to wait until I have the new job or do it before.

A: I know just how you feel. Bankruptcy has occurred twice in my family - to my youngest daughter, and, alas, to me and my husband. It is a very difficult thing to go through. However, when my daughter and her family filed, they lost their car, home, everything. Then my son in law lost his job. They had been living in a mobile home, and the company took that back, same with the car. But, they found a place to live, were able to get another car, and get another job. They told the truth, and did not try to cover anything up. Same with us. Lucky for us, we owned our mobile home, so no one could take that. In both instances, it was credit cards that got us into trouble. Suffice it to say, we no longer have ANY credit cards. If we cannot pay cash, we do not buy it. You just be honest about everything. Everybody makes mistakes. My husband and I should have known better, after all, we were in our very late 50's when it happened to us. It is very easy to get to much credit card debt. You just tell the truth, be up front with any future employer or landlord. It will all work itself out. I tell you this from experience. My daughter now has a beautiful home, her two children are in college, and they both have wonderful jobs. They have put it behind them, as have we. We also have a new car now, but we are all very careful what we do and NO CREDIT CARDS. And life happens, people make mistakes, and you pick up the pieces and move on. I wish you the best, and I hope that you will let me know how you make out.

Q: 2 questions about bankruptcy and getting a car repoed?
1) i owe 2k in car payments. if i file bankruptcy will i be able to keep the car and continue payments? 2) if my car gets repoed do i still have to keep making the payments on the loan?

A: There are different types of BR bt I just went thru i. YOU CAN KEEP THE CAR AS LONG AS YOU MAKE PAYMENTS OR ANything else U owe on BUT if U owe 2k and the car is wortth 6k, then the BR rep will apply the 4k towards the ammount you can declare. In other words yo have to give the gov. the equity in your car. Now maybe the cars only worth 2200, thn its no a bige You really need at BR attorney and to PLAN ahead. IF you own anything, they take it or make yu pay a percentage of its value to keep it- I said PLAN ahead but you cant sell your piece of proprty a month befor you file BRp needs to be lots longer. Dont lie when she ask questions- she will only ask what she alrady knows if there is a record of it- like a lawn mower you biught last year or a car, property etc- amything you pay taxes on or license plates- she has those rcords. Main rule is if you are going to file-be DEEP in debt as it screws your credit and its 7 yeras before U cn file again. 2) if they repo the car and you owe 3k(3000) and it sells for 2k, then U still owe 1000. Tr to sell it for what U owe on it or more before U allow it to get repoed as U usually dont come out. You can usually talk to B atty one time free-so have allpaperwork wih U- dont have to guess at what U owe or own- have a list of all possesions and all debts and shop around for a BR lawyer- its a simple procedure so U don want to pay a high dollar atty. to fill out some forms.They make u take classes on line and pay for tm- what a waste- suppose to help U learn how U got over yourhead and how to manage $$$

Q: Questions about Bankruptcy and checking accounts?
I am going to file chapter 7 bankruptcy. I have a checking account with Bank of America with little amount. I also have a credit card with them which is in collections and when i log to see my accounts in boa its not even listed. I'm getting confused, I read some stuff that you can't have a bank account open if you file, is this true? What happens if I keep it open with my money in it? Are they going to take it?

A: In most cases if you have had a Bankruptcy a bank will not open you a *new* checking account. If the credit card is included in your bankruptcy settlement they cannot 'take' the money from your account. They could elect to close the checking account, however I doubt they will. Depending on your situation if you can currently open a new checking account at another bank before you file for bankruptcy at least so you have other options, I might go ahead and do that.

Q: Need some help and questions regarding bankruptcy?
Ok, I have alot of debt and so does my Domestic partner. Is it possible for her to take m y debt before she files bankruptcy? Is it legal to put some of my cards in her name before she does so they get wiped out during the bankruptcy? Whats the best way to go about bankruptcy! Thanks!

A: My husband filed for bankruptcy (before we were married) and his parents helped him out. They put his car in their name so he could keep it. If you are joint owners, you should have your name taken off. The best way to find all this out would be to talk to an attorney, (yeah I know- more $$ to shell out!) and they can direct you in which way to go. Good luck!

Q: A few questions about bankruptcy?
My dad is in heavy debt; approx. $25k. He is considering about filing a bankruptcy. What happens before, during, and after he files a bankruptcy? If he hires a lawyer, what are the fees? How would this affect our lives? And we already live in an apartment, are they going to kick us out? Please keep it in simple terms. Thank you. - We live in Virginia by the way.

A: Your dad would have to go and speak to a bankruptcy attorney in your area, most will see him on a free first visit. They will need to look at h is last 6 months of pay stubs, assets, a list of his debts and his last 4 years of taxes. Once the attorney reviews all of his information, they will be able to tell him what he qualifies for. Once he retains the attorney, which is approximately anywhere from 800.00 to 1500.00 depending on his qualifications, he pays the attorney, he gets a case #, they go to court and then gets a discharge, if it's a chapter 7 bankruptcy. All these questions an attorney will be able to give to him. The bankruptcy is on his credit report for 10 years, while the debts stay on there for 7 years. The apartment, no...they will not kick you out for filing a bankruptcy, they won't know unless you tell them. But, any future apartments, if they check credit, will know he filed as it is public record. Good Luck!

Q: Need information on bankruptcy questions
Can we still file for bankruptcy? What does the law say about bankruptcy? What 's the minimium debt for filing bankruptcy? After filing, what kind of stipulation or restriction will be place on me?

A: Go to this web address and it tells you everything. http://en.wikipedia.org/wiki/Bankruptcy_in_the_United_States

Q: Bankruptcy questions?
I asked this question last night, and got lots of opinions of what I should do which is great, but people didn't answer the other questions I had at the bottom. If you could please answer ALL of the questions here I'd appreciate it. :) I'm 25 years old and have about 38,000 in credit card debt. My husband and I are expecting a child next month and we're at a point that it's either pay on that debt (which runs us 800 a month) or pay daycare for our son and health insurance. I contacted a DMP program and don't qualify b/c we will also be at a point where we have more money going out than coming in and the program said that we wouldn't get approved. This was a cccs company (non profit). I'm at a point where it's either file bankruptcy OR just not pay it and then risk wage garnishment. Taking on extra work isn't possible with the baby being born. We have no assets other than 2 vehicles that we don't own outright b/c we owe money on them. So questions: -should i file bankruptcy (the debt is in my name only) -without including him, how could this benefit us in purchasing a home later on? -how bad would this ruin my credit? -will the cars that i have in both of our names still be ok and can we not include them? Lastly, I have read Dave Ramsey's book. We have trimmed our lifestyle..we are left each month with no money left to start any kind of emergency fund etc. I believe Dave Ramsey is GREAT I just don't think I'm in the situation that works for his program/ideas. I have contacted creditors, they won't budge on interest rates etc. They've given me the option to pay .95 per dollar owed for a protection plan and that is it. (that will cost me way too much and I can't afford that).

A: Sometimes, bankruptcy may be the only option that you have. One of the questions that will make the determination as to how this is going to effect you and your husband is if you live in a community property state. If you don't, and you don't have joint credit, you can file just for yourself and it not effect your husband's credit. Later on, once you get to the point where you both want to buy a home, you will have to wait at least 2 years (it might be 3 years) after a Chapter 7 discharge before you can qualify for an FHA loan. Your husband would be able to qualify if he doesn't have any credit issues now, but you would not be able to use your income for qualifying purposes. And, the loan could only be in his name (you could still be on title) The bankruptcy will be on your credit report for 10 years, however, you can fully recover credit-wise usually in about 4. Just try hard not to get in the same debt situation that caused you to have to file in the first place. You can include the cars. However, you will have to "re-affirm" the debt, meaning you have to agree to still make payments, or give the cars back to the creditors. In this way, it would negatively affect your husband's credit (it is considered a voluntary repossession) You should speak to a bankruptcy attorney just to get clarification on some of these items. Most will give a free consultation. It will cost you about $1200-$1800 to file with an attoney, but if you are comfortable enough, you can do it yourself. Good luck.

Q: Basic Michigan Bankruptcy Questions?
I have gotten myself into a situation where now bankruptcy is my only resort. So, I have some questions, and if anyone can answer them that would be great. 1. I sometimes see bankruptcy lawyers advertised for $800, and other low prices, and a lot of people I have talked to have paid around $1200. What is the difference? 2. What questions do I ask when choosing a lawyer? 3. Do my husband and I have to file together? 4. My husband has a lot of credit from about 10 years ago. Debt collectors don't call him anymore about it and it's not showing up on his credit report. Does that mean it's gone, or will that come back to haunt us? 5. I have some debt in collections, and some I have lost track of. How do I find out who has my debt? Is it all on my credit report? Will my lawyer get a copy of my report for me or is it all my responsibility? 6. I have a bank account and a loan through that bank. I am 3 payments behind on the loan, and can't afford to pay it up. Should I just let the bank account go? Can I open a new bank account somewhere else?

A: 1) well a friend of mine got a lawyer out of Royal Oak, Mich paid 650.00 cash and everything was done in 2 visits to Sagnaw Bankruptsy court. Email me and I will get you the lawyers contact info. 2) Bankruptsy sepcialist, that is what you want for this case. 3) If he is on the credit cards, mortages titles, then yes it would be a good idea. ONLY if he cannot fullfill the payments on his behalf. 4)They will all have to be found and claimed against anyways, it's better for you if you have everything from paystubs to bills handy when calling the lawyer. 5)A simple credit report will have all the info you will need including phone numbers and addresses to the collection company. A good lawyer should do all the leg work for you. 6) You have chises there which you will have to decide with the lawyer and loan company. You want to save the house cars (needed), and then set your priorities as to what you really need, and what you need to do to get yourself out of dent. After the bankruptsy is settled, then it will be safe to open a account, before and the collection companies can seize your money for payment. This was done to my friends nearly 1400.00.

Q: Bankruptcy questions: Chapter 7?
I have a few questions about filing Chapter 7 bankruptcy in Oklahoma. First of all, is it possible to reaffirm one credit card, such as American Express, while discharging all the others? Will Amex just cancel the person if they try to do this? Secondly, I purchased a motorcycle as a gift for this person last year, but it is not her primary vehicle. Is there a way to get it put into my name so it isn't taken away since I paid for it in cash? As it was a gift, it was titled in her name only, but wasn't purchased using the debt she's trying to get out of. Third: She hasn't filed taxes in at least 2 years that I know of. She's self employed and doesn't keep track of her income. What will this mean for her? Can she go back and file now, will this hinder the process? I am trying to help her out with this and keep her out of legal trouble. She has nearly 100k in unsecured credit card debts and no assets. Nothing has been purchased on any of these cards except the Amex in the past year at least. The Amex had a 4,000 purchase last month, but I am paying that in cash so I don't know if it's relevant. She has no proof of income and simply can't keep up the payments. All of this debt is credit cards, she has no loans or other payments. She's never missed a payment to date, but all her limits have been capped and her interests rates hiked over the past year, and she can no longer sustain paying these bills. Thank you for the answer, I'll address a few things. The 4k was not a rampant charge of hers, it was for a vacation we're taking together. I am paying for the vacation in cash, she put it on the Amex for the protections that offers. She hasn't made any large charges of her own in a very long time. Her income is not kept track of because she's a private tutor. She makes good money but it's all in 30.00 checks or cash that comes in whenever her students remember to bring it. She doesn't receive a paycheck or have a steady reliable income. She's not organized with this, but she's always been able to make enough to cover the bills. With the economy lately, she's been losing students. Once again, she doesn't live off these cards, she hasn't put any of her own charges on them in a very long time other than the occassional meal or groceries.

A: 1- You can reaffirm the AMEX, but if you're throwing good $ out for bad you are not helping her. If she charged $4K last month she'll keep charging like crazy after the Chapter 7 is discharged. I say give her the $4K to pay the taxes,and penalties, and let the AMEX go. It appears she was living off credit cards w/a $100K debt. 2-If she titled the motorcycle in her name @ the DMV there is an asset that's recorded. If she transfers that asset now it's called unlawful conveyance, and she can face prosecution. Gift or no gift. See FRUDULANT TRANSFERS BELOW WEBSITE. 3- Federal and state taxes are not dischargeable in a Chapter 7 she has to pay them. 4- Where does her income come from if she is not keeping track of it? Sounds like it may be illegal to me. If you continue to bail her out she will become more dependent on you than she is now. You need to make a decision. Contrary to the other answer a credit card can be reaffirmed. Bankruptcay law allows you to sign, and then say "just kidding" aftter 90 days if you decide not to reaffirm the card. It's not a good idea to reaffirm the card as I said before. Also see fraudulant transfer of assets in 2nd website below. Know what you are doing!

Q: Questions about filing bankruptcy. Any attorneys out there?
I just moved from Connecticut to Florida in June 2009. I want to file a pro-se chapter 7 bankruptcy. I contacted a company that said they can't help me because I have not lived in Florida for the past 2 years. Does anyone know if this is true? And what does this mean to me when it comes to filling in paperwork? I would like to do this soon and I cannot afford to hire an attorney.

A: Studies have shown that people who have tried to do it themselves without the help of a bankruptcy attorney have been quoted almost unanimously that if they had to do it over again, they would have used a lawyer. The money spent would have been well worth it in terms of the way their financial information was presented to the courts in order to obtain the desired results, as well as the number of assets that they could retain after the filing was completed. But there is actually more than that. A good bankruptcy lawyer will examine your financial details and then they will be in a position to advise you as to what options you might have, which are all elements of a sound and solid bankruptcy evaluation. This helps you fully understand where you are now and what is your best bet for the future from a financial and economic standpoint. If you do mutually decide that filing is the best way to go, then the lawyer will be there to work with you to present your financial data in the best light possible so that the desired outcome is one that is most beneficial to you; for example, filing chapter 7 or chapter 13. The best way to resolve your financial problems right now is to not make additional mistakes, and without an evaluation from a qualified bankruptcy lawyer, you probably don't really know what your options are or what is the best way to go. Do what is right for you and don't make more financial mistakes at this critical point in time.

Q: Questions about filing for bankruptcy in Wisconsin?
I do not know much about bankruptcy laws & was hoping someone could answer a few questions. There are a few bills/debts that I really don't want to include in the filing cause I don't want to lose the properties - House & car - is that possible to exclude or not lose things in the process? What are the qualifications for being able to file? If most of the debt we need to lose is credit card debt - is this the best help out there? Any other Helpful & serious suggestions would be appreciated.

A: have you weighed all your options? bankruptcy should be you last resort. Are most of your debts credit cards? If so, you could go through credit consolidation or debt settlement program. I myself went through a excellent debt settlement company that got me out of debt in less than 2 years. you can check out my own personal story on my blog if your interested in a alturnative to bankruptcy. but to answer your question when you file i believe you must put all debt into that. Also bankruptcy is very costly when the alternatives are not.

Q: Bankruptcy questions for florida residents...?
I live in Hillsborough County, FL I have 27 years left on a 30 year mortgage, I am a single parent, Head of Household, I do get $494.50 a month for child support. I have 2 rooms that I rent out for $790 a month and I bring home from my job between $1600-$1800 net. I have a 401K with my job, with about $2K it it and a $750 loan I am paying back into it. I also drive a 10 year old car w/122K miles that is paid for. I live in a mobile home on 1/2 acre with a monthly mortgage of $1165 a month, groceries $400 a month, gas $70 a month, electric $180 a month, homeowners dues of $20.00 a month and I could go on and on....In short my total expenses are $2691 and my income $3085 leaving me with disposable income of $394 which usually goes for school stuff for my kid, haircuts, clothes for us and etc. My debts altoghter secured & unsecured are about $22K, and I will have to pay on my student loans $75.00 a month starting in September. I really own nothing very valuable. I'd like to point out that a few of these debts are medical as I have had some ongoing health problems and some are just life. Everything was fine until last year. My fiancee got fired from his job, had a drinking problem, cashed out his 401K and that was how he paid his half of the bills. He never got another job as he got so consumed in his alcohol problem, his money ran out and I became so fed up at his lack of concern for our problem that I threw him out in March 2009. I don't need to be judged or snickered at, I know it all looks bad, my first question is, will I be allowed to file Chapter 7? Will they try to take my house & car? Also, as corny as it sounds I work in the insurance field and if I file bankruptcy and they find out about it, will that cause me to lose my job? I know they won't initially hire you in those type of positions if you have a bankruptcy. I am so scared and afraid, I just don't know what to do. I was going thru a debt settlement firm, but I didn't have enough $$ built up with them for them to settle my debts and I am getting letters/certified letters that if I don't pay the full balance I owe by next Friday, (and for some creditors that is about as much as $5000) they will begin the lawsuit process on me, so I think this is the only option I have and I do not see my financial condition improving, so I know I must file. I just want to know what to expect for FL. Please know that I don't mess around with my mortgage or any secured debt, I always pay things that I know can be taken away/repossessed. It's just that I have so much expense and so much unsecured credit debt that I am literally drowning in it. Please help me!

A: Most people most likely will not give the best information, I would visit a website like http://diylegalinfo.com/bankruptcy_Links.html for more acurate information