My husband and I were planning to file chapter 13 bankruptcy (we are seeing lawyer tomorrow) and I just found out that we should qualify for Chapter 7 too. We own a home, but only have 10k in equity in it. This wouldn't even begin to touch our 43k unsecured debt. I've heard that not eveyone loses their homes in Chapter 7. Does anyone know if this is true?
If you want to keep anything with a secured loan in Chapter 7, you have to reaffirm the loan during the bankruptcy (which means you agree to pay that debt).
I'm uninsured and was rushed to the hospital and the total bills were over $14,000.00. I ended up having to file chapter 13 bankruptcy since I don't make enough to pay them back. I need to know if I can file it on my taxes since I'm paying them back but not all of it.
You can only claim medical expenses that you PAID in 2007, and only those expenses that exceeded 7.5% of your income for the year.
I own a home with a mortgage and a car fully paid for. I get alimony and child support that barely cover the mortgage, condo fee, my health insurance premium, and utility bills. I have not been able to work because of illness. I have about $25K in credit card bills. Can I declare bankruptcy, and what would I lose if I declare bankruptcy?
I am a consumer bankruptcy. Although bankruptcy is a federal law, the property that you get to keep during bankruptcy is usually determined by state law. In bankruptcy, some of your property maybe claimed as exempt, meaning that some or all of the equity may be protected.
I recommend that you contact a local member of the National Association of Consumer Bankruptcy Attorneys to determine your options.
Other corporations have done it this way and restructured to better suit the needs of today. The Union members better do some talking fast to their elected members and agree to concessions in the form of one week vacation cuts, and salary cuts also. They better do it fast or they are going to be on unemployment insurance soon and the union heads will be sitting there still collecting their big cheques. What say you?
If a perfect capitalist environment, I'd totally agree with you Katzy. Problem is, the water has been so muddied by legal and illegal immigration, cheaper off-shore labor, stubborn labor unions, and a do-nothing government.
Years ago, companies found out they could outsource jobs cheap and the government let them do it blindly because they're all on the take. This resulted in the remaining US jobs becoming classified as part-time. This further allowed the companies to pay cheaper wages to US workers (non-union), while saving on benefits too, and side-stepping lots of labor laws to protect ALL workers.
So now, we have parents and single parents working 2 jobs just to put food on the table, jobs paying much less than full-time jobs of the past. No more health insurance either. Enter all the legal and illegal immigrants taking cheap labor jobs, why should the companies pay Americans a decent wage when they can pay much cheaper and get slave labor provided by undocumented aliens?
By now you see what I mean by muddy water.
But YES, you are right the labor unions should get to the table simply to avoid lay-offs and other severe consequences. But I'm not sure I can categorically state that the companies should declare bankruptcy and send all those workers to the bread lines. Frankly, I want the company executives to bleed more, A LOT MORE.
Sorry for such a long dissertation, but we don't function in a true capitalist environment any more.
Great question.
I have a friend who was in the U.S. Army and he got a chapter 11 for failure to adapt to military life. I have a bet with him: I think he can be drafted but he says other wise. Anyone know the answer or where we can find it?
This is a hypothetical question we have a bet on.
Since he’s “been there, done that, and it didn’t work” then no, they would not draft him. He might get “selected” but once he got to the processing center they would see his file and say good bye.
I want to claim bankruptcy, but I need a vehicle to work. I have leased vehicled. Can you keep that?
bankruptcy laws are federal not state.
Yes you can keep one vehicle. But since you are only leasing, it would not become part of your assets anyone. The car belongs to the leasing company.
If you are talking about the "lease" for the vehicle, that is not considered an asset anyway.
This holiday season I want to be sure that I don’t give gift cards for stores on the verge of bankruptcy.
Can anyone tell me about stores (besides Mervyn’s) that are going bankrupt? Is there a website that has this kind of information?
someone sent this to me a few days ago not sure if there going bankrupt but are closing
Watch those store money cards and gift cards.. and credit slips!
Stores that informed the Security Exchange of closing plans between
October 2008 and January 2009. PLEASE PASS THIS ON TO ALL YOUR FAMILY
AND FRIENDS.
Circuit City stores… most recent (? how many)
Ann Taylor- 117 stores nationwide are to be shuttered
Lane Bryant,, Fashion Bug ,and Catherine’s to close 150 store
nationwide
Eddie Bauer to close stores 27 stores and more after January
Cache will close all stores
Talbots closing down all stores
J. Jill closing all stores
GAP closing 85 stores
Footlocker closing 140 stores more to close after January Wickes
Furniture closing down
Levitz closing down remaining stores
Bombay closing remaining stores
Zales closing down 82 stores and 105 after January.
Whitehall closing all stores
Piercing Pagoda closing all stores
Disney closing 98 stores and will close more after January.
Home Depot closing 15 stores 1 in NJ ( New Brunswick )
Macys to close 9 stores after January
Linens and Things closing all stores
Movie Galley Closing all stores
Pacific Sunware closing stores
Pep Boys Closing 33 stores
Sprint/ Nextel closing 133 stores
JC Penney closing a number of stores after January
Ethan Allen closing down 12 stores.
Wilson Leather closing down all stores
Sharper Image closing down all stores
K B Toys closing 356 stores
Loews to close down some stores
Dillard’s to close some stores.
I am going to be going through chapter 7 bankruptcy next month (November). My car has 70,000 miles and it is five years, and four months old since I purchased it in 2001 (it had 13 miles when I bought it). If I keep my car for two and a half more years before trading it in, can i get a decent loan after filing for chapter 7 bankruptcy this november? My attorney told me that it wouldn't hurt me that bad because I get a VA compensation and they can't garnish my wages. Please help. And if I can get a loan, what kind of interest rate would it be?
you will have to wait until after your bankruptcy has been discharged before you can apply for any kind of a loan but your interest rate will be high if the bank will give you a loan at all some might not it depends on what bank you try to get a loan from
My husband and I are in a chapter 13 bankruptcy. We are going through a divorce now. Can I buy out of the Chapter 13 and file a Chapter 7 by myself?
no. you can buy urself out if you do it through a company, start one (a paper – only cash company) and than walk ur way out of it!
I am thinking of filing for bankruptcy. Can creditors touch the equity I have in my home? What assets can they cease?
Depends on where you are as to what can be seized or not. Generally the equity in your home would not be an issue, since it has no value except as loan collateral. The home itself may be looked at, really depends how much you owe and to who. If you have equity, you may be advised to use it to pay off debts and avoid bankruptcy, or restructure debt. Any bankruptcy trustee will advise you free on what your options are.