A Chicago Sun Times article states that the Obama’s were deep in debt and about to face foreclosure until Michelle miraculously landed a job At a Chicago Hospital as a well over paid administrator .
Don’t you find this interesting that this was never brought out when he was nominated. He clearly has demonstrated that he has no freaking idea how to create a budget or how to truly stimulate our economy. It is all a bunch of smoke and mirrors. I am not saying that McCain would have been much better, but at least he has proven to be a true patriot and didn’t hate this country’s founding principles. We as a nation who really do care, need to speak up and do something, not just at a "mock tea party " but really step up to the plate and take back what is rightfully ours. Alot of good people have dedicated their lives and given their lives to protect this great nation and I think we owe it to them as well as ourselves to do so. We as Americans have gotten lazy, and have lived off the fat of our pasts prosperity way too long. There is no button to push or agency to hire to do this for us, we need to get off our ass and do it for ourselves. The one big question is how do we unite, organize, and make this happen before its to late?
I want to buy a new car before i file for chapter 13 bankruptcy but will that ruin the chances for them approving them ?
If you have the ability to buy a new car before filing for bankruptcy, you are not bankrupt and will probably not pass the means test.
my apartment owner filed a chapter 13 bankruptcy, i think he is giving ownership to the bank, so what happends to my security deposit? Does he give me it back or anything,, thanks
You go on the list of debtors just like everyone else. I’m not sure where you fall in the pecking order, it’s possible you’ll lose it or have to wait 8 years to get it back (which is about the same).
When the bank takes the building, ask them if your deposit is still good. They might cover it.
How do you convert a chapter 13 bankruptcy to a 7 in Oklahoma if you dont qualify or make too much to do a 7? I may have to do a 13 soon but Im concerned with what I read about people not being able to make their payments to the trustee.
I don’t know about Oklahoma, but here in the Southern District of California we just file a one page form signed by the debtor, and the case is automatically converted and reassigned to a Ch. 7 trustee. There will be other things to file, for sure, like updated Means Test and Schedules I & J. A new creditor’s meeting is scheduled. Check with a local attorney, or start by checking the local bankruptcy court’s website. Some of them are really helpful.
I am considering filing for chapter 7 bankruptcy. I qualify based on the means test, but I purchased an investment property with a business partner 2 years ago. there is no mortgage on the property and it’s only worth about 40k. How would a trustee normally handle this property since there is another owner who is not filing for bk and is not my spouse? does that make that property exempt?
No, neither the fact that you own it with a partner nor the fact that you own it "free and clear" makes it exempt. Florida (which your screen name seems to indicate you may be from) has an exceptionally generous homestead exemption, but that is for a homestead in which you are living.
See a local bankruptcy attorney to discuss how this property may be affected by your bankruptcy filing, and also to discuss other options if the Ch 7 option does not sound feasible.
Everything that i’ve read says that you can get a home after 1 year in a ch 13 bankruptcy, 2 years after ch 7 bankruptcy, and 3 years after a foreclosure. I am about to file a chapter 13, and wonder how long would I have to wait before I could purchase a home. Does anyone know the actual rule and could you point me to the website or where you got your information?
Thank you!
It really depends on the banks to which you apply. The Bankruptcy will remain on your credit report for 10 years. The banks look at the date of the bankruptcy, your credit before the bankruptcy and your current credit. The amount of time it takes to show your credit-worthiness is not that easy to calculate.
Consider why you want a bankruptcy and what your credit looks like now. If your credit is spotless, then you have an incident (let’s say an accident) that leaves you with humongous debt for which you file bankruptcy, and you continue paying on your other debt … I would hazard to guess that the time would be minimal.
If, however, you have bad credit, get yourself into a bind using credit cards, etc., file for bankruptcy and include almost all your debt in it … it could take longer to be able to purchase a home.
I recently filed chapter 7 bankruptcy in Illinois will I be able to keep my tax refund?
Maybe. You have not provided enough information.
I am from Brazil and my monograph is about it.
The laws about bankruptcy in Australia are governed by the Insolvency and Trustee Service Australia (ITSA) and this is their website for further information.
http://www.itsa.gov.au/
If the house and belongings are in the name of both husband and wife but only one of you is going bankrupt, what happens with the house and belongings?
Also can a 3rd party, ie a family member buy out the bankrupt persons half of the house?
Any help appreciated.
http://diylegalinfo.com/bankruptcy_Links.html has a lot of information on bankruptcy questions, how to handle them yourself and other information.
Many people think that filing bankruptcy is an easy way to solve all their debt and credit related problems. Many people do not realize that debt can so easily be fixed and they can enjoy good credit again. There are several ways to resolve the problem that do not involve a step as drastic as bankruptcy. Keep in mind that if you follow through and file for bankruptcy, this will be a hugely obvious detriment that will appear on your credit report and affect your credit score for the next seven years or longer. There are very few lenders who will approve a loan for someone who has declared bankruptcy within the past two years, and if they do, the interest rate will likely be as high as federal law will allow.
Avoiding bankruptcy and rebuilding your credit is possible with a very simple plan. Some credit card companies offer easy approvals. But at the same time, additional credit card debt creates a lot of unnecessary burdens, and isnât that a big part of what got you where you are now? The credit card companies that offer easy approvals will usually charge a very high interest rate, because they realize they are âtaking a chanceâ on you that you will repay this debt.
If you have a basic problem of having more financial obligations that you have revenue coming in, either in business or from a personal perspective, taking on more credit card debt is not going to solve the problem. It may delay getting the problem resolved for now, but it is really like the old saying of ârobbing from Peter to pay Paulâ, and could get you into even worse shape than you currently are.
Many plans can let you get your hands on loans that have low interest rates. In return, the creditors freeze interest on the debt, agree not to contact the debtor while the plan is in place and write off a portion on the debt. It is all too easy to run up huge bills when you are charged high rates of interest on your un-paid debt. The reason that many creditors are willing to do this is that they understand that if they allow you to be charged a lower rate of interest, your total debt picture may allow you to repay your account with them, whereas if you declare bankruptcy, chances are good that they will only get pennies on the dollar.
Sometimes a creditor will allow you to make âinterest onlyâ payments. While we all know that this is just money going out the window because it does not have any effect on reducing the principal amount owed, it may allow you some âbreathing roomâ while you are getting things squared away.
Debt consolidation is another option to consider. Say you have five credit cards or loans with varying interest rates, perhaps as high as 23% or more on each one. If you got a debt consolidation loan and paid off those five credit cards, your total monthly payment will probably be lower than what you are paying right now, and you will likely be paying significantly less overall interest than you were before. The big danger in this approach is that now you have five credit cards with a zero balance, and the temptation to go out and charge them up to the hilt again will be something that it will take tremendous willpower on your part to avoid.
Jon Arnold
http://www.articlesbase.com/finance-articles/how-to-avoid-bankruptcy-93455.html