I have over $700 in parking tickets. The city just picked up my car for the back tickets and fees. I have several judgements pending and need relief, I was thinking about filing bankrupty and was wondering if that tickets would also be wiped out. I am a disabled veteran and have been out of work for two years.
I would check out with a proper attorney. The intial 1 hour free consultation could give you the answer you are looking for.
How has it changed and what are the new requirements to qualify?
http://www.bankruptcylawinformation.com/
I may be filing for chapter 7 bankruptcy protection. Last year I became a guarantor of two mortgages for an LLC that a friend & I established. Several months afterward I left the LLC. I no longer own any part of it or work for it. However, I’m still liable for the mortgages. The mortgages are totally current. The LLC pays the mortgage on time and religiously.
My question is this: Since I’m filing for bankruptcy protection, how will that affect this LLC that I use to be a part of? Will those houses be foreclosed upon by my creditors? I’m personally going to lose my own properties that I hold title to and I realize that fact.
My concern is that the LLC will suffer. I care simply because I care about the people that are in it now. Please note that the LLC has warranty deeds. This wasn’t some crazy deal where I bought properties and Quit Claimed it to some corporation.
The LLC has no way of purchasing these mortgage instruments. It is not cash rich, nor are it’s current principals.
The LLC is not the guarantor on the mortgages–you are. Unfortunately, the LLC will not protect the loans in a BK. You’ll have to reaffirm those debts or let the properties go…
I have 1000 shares of Circuit City CCTYQ trading at 20 cents. What happens if I don’t sell them. If another retailer buys the company, can the stock go up.
Thanks
chapter 11 bankruptcy can also be called rehabilitation bankruptcy. It allows the firm the opportunity to reorganize its debt and to try to re-emerge as a healthy organization. What this means is that the firm will contact its creditors in an attempt to change the terms on loans such as the interest rate and dollar value of payments. Chapter 11 requires that a trustee be appointed. The trustee supervises the assets of the debtor and allows business to continue. It’s important to note that debt is not absolved in chapter 11: the restructuring only changes the terms of the debt, and the firm must continue to pay it back through future earnings.
If a company is successful in chapter 11, it will typically be expected to continue operating in an efficient manner with its newly structured debt. If it is not successful, then it will file for chapter 7 and liquidate.
In both instances, common shareholders will most likely see little (if any) return on their investments.
Try really hard to keep landing on the property owned by your opponent, especially Boardwalk and Park Place.
Sell all your properties for $1, then re-buy them back at higher costs, then re-sell for $1.
Monopoly can be an incredibly long game unless you’re willing to just go bankrupt.
Why would a credit card company send me a credit card with a $500 limit when they can see on my credit report that I filed and received a discharge for a chapter 7 bankruptcy?
Listen to the first poster. They did this to my parents too, right after they filed bankruptcy they started sending them credit offers. They accepted them and got themselves right back into debt. Don’t do it! Cut it up! It’ll have terrible interest on it and may even include a yearly fee…some of those subprime credit cards can charge up to $150 per year just to have them. Save your money, don’t get into debt you can’t handle!
You know, my parents were stupid in the first instance to get themselves into that mess of debt, but who was stupid in the second instance, them or the credit card companies who sent them more credit right after they filed bankruptcy?!
I have been in chapter 13 bankruptcy for 2 years and it will be discharged in 1 more year. Is it possible to get a $25,000 – $30,000 home loan? If so how and with which lenders?
Actually the court can approve that you can get a loan. The only reason it was filed is bc we had an enormous amount of medical bills. That was it.
Are you kidding? Trying to borrow more money while in CH. 13 could get your case thrown out.
My father received a personal settlement but filed bankruptcy a year ago, received a personal settlement claim, can they take that money?
In bankruptcy you are only allowed to keep the first $5,000.00. The rest would have to be turned over to the Chapter 13 Trustee. If he was in a Chapter 7 and he received the money after his discharge, he would be allowed to keep all of it. He should talk to his attorney about this….did he tell his attorney about the settlement before he filed the case??
I am interested in purchasing a 2/3 bedroom home in San Pedro, Ca. from someone that is facing a foreclosure action- Home must qualify under Veterans Association guidelines and financing requirements- willing to negioate reasonable assumption of lending agreement with mortgage company holding title and owner who has filed for bankruptcy protection in U.S. Bankruptcy Court, Los Angeles Southern District-and arising out of San Pedro, Ca.
I would contact a Realtor who specializes in foreclosure properties. That should expedite your search…
Regards,
Joe Ballarino
http://www.JBnaples.com
Was 2005 the last time or have they changed since then?
2005 was the last major change to bankruptcy laws.
In 2005, the Bankruptcy Code was amended to require that most individual debtors complete a special briefing from an approved credit counseling agency before filing a bankruptcy case. In most states, the United States trustee is responsible for approving the providers that offer this special pre-bankruptcy briefing, and in the six districts located in Alabama and North Carolina, the bankruptcy administrator assigned to those districts approve them. The United States trustee and the bankruptcy administrators maintain a list of approved providers.
Look at the link below for more information about bankruptcy
http://www.uscourts.gov/bankruptcycourts.html