Hi, my husband & I filed Bankruptcy 11/20/2006 due to a local attorney coming after us for $3,500 in medical bills from 1998-2001. We had our hearing on 1/9/2007 and our bankruptcy is due to be discharged anyday if it has not already.
Now, we are looking to move into a new apartment, but they would like you to have a credit score of 500 or better. So I am wondering what a persons credit score is after discharge of chapter 7? I also have a Target Store card of which I have had for several months, made one purchase & paid it off, and it is still revolving.
Thank you to anyone who replies 
You should get a copy of your credit report. It won't give you your score but you can click on another link on Experian or TransUnion or Equifax and for a fee, get your score.
You can get one free copy of your report per year from each of the 3 credit reporting agencies from the link below.
My wife as I stated has almost perfect credit with a 740 credit score BUT she doesnt make the money. I however filed for bankruptcy a chapter 13 1 year ago and it has not been discharged yet. What are the chances of us obtaining a loan either before my debts or discharged or shortly after?
Or do you think it would be possible for my wife to obtain a loan on her own legally in some kind of no income stated program?
Thank you and your answers are very much appreciated.
Hi! I deal with a similar situation between my husband and I. Therefore, you are totally NOT alone! There's no reason your wife shouldn't be able to obtain a loan since she has great credit. Unfortunately, as you already know, your chances are not as good. Don't fret though, you'll eventually build yours up. Be grateful your wife has great credit. Some couples have no help as they both have horrible credit, you know?! Just go forward with processing the loan in her name, regardless of her income. A bank can better advise you too, so seek their help. You'll never fully know till you try. So go out there and get you a loan! Good luck to you and your wife!
I own a SMLLC that is disolving I owe creditors more than the capital that I have what is the best way to either file business bankruptcy or personal (will this affect my spouse)
thank you
You want to file the one that wipes your slate the cleanest. I can't know from your question if you need to wipe out some personal debts (most people do) or not. You will probably do a personal bankruptcy and your wife will be affected negatively.
they live in new york state and are mortgaging a home jointly
No, the debt is jointly "earned."
What exactly happens to the bonds and bondholders of both a Chapter 7 and a chapter 11 bankruptcy?
They may or may not get paid depending on if the bonds are secured or the company can generate payment.
A) exemption for a car up to a certain amount
B) unlimited exemption for professionally prescribed health aids, such as an artificial limb
C) homestead allowance up to a certain amount
D) unlimited exemption for tools used in the petitioners trade or business
D.
I work in a small store that opened a few months ago. The people I work with are great, but I have a sinking feeling that we are not making enough money to operate much longer. I know some of the figures and they are just not adding up, at least not with the info I've been getting. How long does it take for ab usiness to go under, and what are some warning signs?
Layoffs or reducing everyone's hours to skeleton-crew size, no new inventory coming in, owner losing weight or looking tired, suddenly raising or lowering all the prices…
Offer to help promote the store. Sometimes with the excitement and promise of a new business the owners don't promote very much, or despite having the big idea don't have a creative or selling bone in their body and then the business sputters to a stand-still. At the very least it would be a comfort to them that you want to breathe some life into the place, and it might energize them as well.
You guys could dream up a gift or price promotion and distribute flyers, put an ad somewhere, stand outside ringing a bell, just about anything.
Filing for bankruptcy is a very personal decision. Heavy debtors may choose to file a bankruptcy if they see no other way out from their heavy debts. By declaring bankruptcy and filing a petition with U.S. Bankruptcy Court, the bankruptcy filer will be protected and relief from debts under the Bankruptcy Code.
Bankruptcy filing should be you last option if there are no better options available, because the consequences of filing a bankruptcy will follow you for 7 to 10 years. If bankruptcy is your only option, then by understanding the process of filing bankruptcy will get you more prepare to face it. Bankruptcy procedure and exemptions may vary from one state to another state. This article will walk through with you the general process of filing a bankruptcy.
The first part of the bankruptcy filing process is collecting your personal financial information. This includes your existing secured and unsecured debts and tax returns for past two years. Prepare all your deed documents which include real estate you own, car title, land title and other loan documents. You may want to order your credit report, it will provides you some helpful information on your past records.
Then, you either assign a bankruptcy attorney or you can choose to file the bankruptcy yourself. If you choose to file the bankruptcy yourself, you need to get the bankruptcy forms (you can get these forms online) and get them fill up. You have to fill in your current financial status and recent financial transactions (within last 2 years) into the bankruptcy forms. At the mean time, you need to decide to file under what type of bankruptcy; there two commons types which are Chapter 7 and Chapter 13, chapter 7 bankruptcy is the preferred one, but not all are eligible to file under chapter 7. If you choose to file under chapter 13, you need to enclose your proposed repayment plan with your petition. Once the bankruptcy petition is completed you will need to file the petition with your local United States bankruptcy court. If you have assigned a bankruptcy attorney to handle your bankruptcy case, the attorney will help you and guide you through the above process.
Once you have submitted your petition to the bankruptcy court, you will be immediately protected under the bankruptcy code. Your creditors are not allowed to make direct contact with you or making a claim to any of your property from the date of filing. About 1 month later, the trustee will call a first meeting with all your creditors and your creditors’ lawyer. Objections are typically resolved by negotiation between you as the debtor and your creditors. If there is no challenge raises in the meeting, you should receive a notice from court after 4 to 6 months stated that your bankruptcy has been discharged; otherwise, if compromise can be reached by all parties, a judge will intervene.
In Summary
Bankruptcy filling is a long process, it may takes up 6 months to a few years if a court case involve. You must be prepared to face it and if you have no confidence to get through yourself, it’s better to assign an attorney to handle the bankruptcy process.
Cornie Herring
http://www.articlesbase.com/finance-articles/get-to-know-the-bankruptcy-filling-process-if-this-is-your-option-96401.html
Stocks are the basic building block of the stock market. A stock represents partial ownership of a company – the smallest share possible. Company issues stocks to raise capital and investors who buy stock are actually buying a portion of the company. Ownership, even a small share, gives investors rights to a say in how the company is run and a share in the profits (if any). While stocks give owners certain rights, they do not carry obligation in case the company defaults or faces a lawsuit. Worse comes to worse, the stock becomes worth absolutely nothing but that’s where the liability ends – investors will never actually owe money if the company goes bankrupt.
1. Companies Give Stocks To Raise Money
In most cases, the company needs money to expand or to acquire new properties. Each stock issue is limited to a certain number of shares, and when they are issued they are given a par value. The value of a company stock is often directly related to it’s market share.
2. Buy Low, Sell High
If you are going to buy stocks, make sure you invest in a company that you believe will be growing soon. Investors who acquire stock in a new company are taking more of a risk than buying shares of well-established companies but the potential gain is much greater. For example, those who invested in Microsoft and held onto them are quite wealthy today.
3. How Is A Trade Done?
A trade actually happens at stock exchanges such as the NYSE or NASDAQ. Only reputable, and listed, companies can have shares bought, sold, or traded. As an investor, you will need a broker to make your transactions for you. You can tell your broker to sell once the stock reaches a certain price or simply to sell what the market will bear. Your broker will get a commission for the sale.
4. How To Minimize Your Losses
Smart investors always say that most of the game is in minimizing your losses. A more recent stock trading strategy to help you minimize the amount you can lose on any given trade is called “trailing stops”. With a trailing stop your broker can trigger the sale of your shares if the stock deviates down a certain percentage from it’s most recent high.
5. Why Stocks Over Other Investments?
– Stocks grow over time – Stocks give you rights to vote as a shareholder – Dividends give you money once or twice a year – You will never owe money if the company goes bankrupt – Can earn more money than any other savings investment
John Morris
http://www.articlesbase.com/non-fiction-articles/the-basics-of-stock-market-trading-64664.html
Bankruptcy legislation under US law was first introduced in 1898, by the enactment of The Bankruptcy Act. Thereafter, from time to time, there have been many acts and amendments to laws on bankruptcy in response to commercial and socio-economic demands. Petitions for bankruptcy, filed under chapters 7, 11 or 13 Bankruptcy have different implications.
By filing for a bankruptcy petition under Chapter 7, the petitioner hands himself to the protection of the court. It implies that the petitioner has no hope of ever being able to repay back his debts. The end result is a complete liquidation of the petitioner’s assets through a court appointed trustee, subject to exemptions, by way of sale to payback the creditors. Thereafter, the debtor is discharged from his debts. The advantage here is that the court intervenes and prevents creditors from harassing you and makes sure that the debtor is not turned into a destitute after the liquidation of the assets, by exempting certain assets as cannot be attached or liquidated in course of bankruptcy proceeding. However, there are certain obligations and debts that are beyond the scope of that which can be discharged.
The exemptions are fully described in 11 United States Code Section 522.
Petitions filed under Chapter 13 are for unsecured debts under $25000 and secured debts under $750000. The debtor is allowed to restructure interest free debt repayments over a period of three to five years, under a new repayment schedule. The repayments are made to a trustee who appropriates the repayment against secured and unsecured debts, as per directions of the court. Creditor approval is not required and if the creditor(s) object to the reorganized repayment schedule, the court can force acceptance. The debtor’s assets are not categorized as under liquidation although the trustee has control over the finances.
Bankruptcy petitions under chapter 11 are nearly always filed by businesses, since the limit for filing under this chapter is $2,000,000 and above for secured loans and unsecured loans cumulatively. Though, individuals may also file if the amount falls within these limits. This chapter also envisages a reorganization plan that may have a schedule up to six years. The business continues to run, preserving assets and jobs and the debt is restructured to enable repayment to be made from future profits, recapitalization, mergers or sale of some assets.
Foreclosure
After a bankruptcy petition has been filed, no action for foreclosure can be taken, if proceedings have already been initiated. Neither can someone be evicted if he has filed a bankruptcy petition. However, it is open to the lender to appear before the bankruptcy court to lift the stay, so that he may proceed with the eviction. Since it is a general practice for lenders to take action only after a three-month default, the foreclosure proceedings themselves take anywhere between four to nine months, after which the eviction will have to be conducted.
Credit
Any petition filed for bankruptcy has disastrous results for the petitioner credit worthiness. It spoils and ruins his credit. The bankruptcy related information usually remains on the credit report for a period of ten years. Availing of credit will be difficult and even if you are able to avail credit at a future date, it will be at a much higher interest rate, thereby raising costs.
Kris Koonar
http://www.articlesbase.com/non-fiction-articles/bankruptcy-foreclosure-credit-how-it-affects-you-119881.html