We had to file chapter 7 bankruptcy because of high medical bills from myself sliding off the roof which was supposed to be covered for 30 years.We reaffirmed the mortgage debt and are still paying it but the house has become a health hazard. Can anyone please help?
You need to talk to speak to an attorney about this one.
I may have to consider chapter 13 bankruptcy. The problem is, I may want to sell my apartment within the next 7 years. I have no mortgage. I know that after selling a property they take a portion of the sale.
MY QUESTION IS: Do they make you pay the initial amount due to the creditors or the amount determined by the court after filing for chapter 13?
the property is also worth at least 200,000. So how can i avoid the risk of losing my home?
Suggestion: If you qualify just file for Chapter 7. When creditors and banks look at your credit report the work Bankruptcy is the same to them wheither it is chapter 7 or 13… Once you are ready to sell, no one will come chasing you for a portion of the sale of your home. Chapter 7 will not take your home, IRA or 401k, etc.
Good Luck and Best Wishes!!
We filed chapter 7 in 2004, now we are sooooo in debt with our construction company (payroll taxes and more…) that we are considering bankruptcy on our LLC company. Can someone tell me if it is even possible to do that in Missouri? Is Limited Liability Company going to be linked to a personal bankruptcy in any way?
Thank you for all future answers
You really need to speak to a good bankruptcy attorney in your area, most will see you on a free consult. Depending how your business is set up, if you filed chapter 7 in 2004, you cannot do a chapter 7 again until 8 years after the first one. You would only qualify for a chapter 13 payment plan. Like I said before, depends on the first filing. You can review this link in the usbankruptcy courts website, http://www.uscourts.gov/bankruptcycourts/bankbasics04606.pdf
It’s in pdf format, and will give you some more information. Contact an attorney to see them and bring all your documentation they request so they can review everything and tell you what you can qualify for. Good Luck!
ok this is the best meaning youll found of bankruptcy protection
It mean you file for bankruptcy under chapter 11, which "stays" your creditors to give you time to reorganize. Once this happens you have a certain period of time to come up with a plan to present to the court to show how you can pay off at least a portion of your debts and stay in business
I always believed Chevy ( or some GM car like the old days) should be big in stock car racing and now that GM realizes that chapter 11 can keep them alive buy dumping UAW which will make them competitive , Chevy may be able to be a force in long term. You can say what you want about Toyota but they are doing better in US than Chevy and this decision by GM will allow them to be competitive again
GM will never go away.
With all the foreclosures causing banks to loose profits, would forestalling the bankruptcy process in hopes of a using unsecured debt forgiven under the old law as a lever, save homes?
He must be a popularist.
I am doing a report so if a hyperlink from a website could be provided that would be helpful. If not, that's ok
Well Iceland is in a finanial crises, but has not declaired bankruptsy. The problems are rooted in the absolute oposite of socialism, that is capitalism.
Icelands 3 commercial banks grew 11 times bigger than the Central bank (the equivilent of the federal reserve) but when Lehman brothers went belly up and one of the banks had a lot of stocks in that it crashed too and dragged the other two with it, as they had borrowed from each other (a common practice in the world of banking).
So absolutely nothing to do with socialism.
I owe money to a hospital that recently filed for chapter 7 bankruptcy. Will my debt with them taken off my credit report? Or does it stay?
Same goes for a bank. If they go into chapter 11 or Chapter 7?
Your debt would be their account receivable which is an asset. When businesses go bankrupt, the assets are sold off. Just because the business goes bankrupt, that doesn’t give you a free pass.
The debt will stay on your credit file for the balance of the 7 year reporting period. Actually, the hospital bill may already have been sold to a collection agency.
I believe I make more than the median income in Ohio, Can I still file a chapter 13 bankruptcy? Plus, I have a few payday cash advance loans can I include them in on the bankruptcy?
Yes you can, and with the way the banks are today I'd say stick it to them. If you don't, they'll scam you in the end by selling the debts to some joker who'll tack on thousands in interest and (il)legal fees, so don't listen to anyone who says otherwise.
Stick it to the banks. they won't go broke.
Also, anyone know of a reputable (tried and true) debt relief assistance or debt counseling company?
Good Morning =)
Depending on your assets(house/car/bank accounts) you may be able to get all of your unsecured(credit card) debt discharged(forgiven) by filing chapter 7 bankruptcy.
Consumer Credit Counseling Service(MMI) helped my sister figure out that bankruptcy was her only option and MMI has been approved by the Executive Office for U.S. Trustees to issue counseling certificates in compliance with the bankruptcy code(needed for court.)
They only charged a fifty dollar fee total to counsel her, give her the needed certification for court and also the follow up paperwork she had to have for her bills to be discharged.
To find out what your options are,call or fill out the form online by following the link below.
Best of Luck to you =)