my mom wants to give me a 1000 credit card limit for emergencies and wants to put me as an authorized user, not have the card in my name. can i do this while in a chapter 13 bankruptcy payback plan? i am in ohio.
i cant ask my lawyer becuase he retired. :/ im 2 years into my 5 yr payments.
This is a question you should ask your attorney, but since you are only an authorized signer and not a joint owner of the account, I don’t see a problem (but I’m not a lawyer, either).
Wanted to know if you can sue someone if your in a chapter 13 bankruptcy. The injury would have happened a year after the filing of BK 13. Not yet discharged still have 2 more years left. Am I able to sue or do I have to amend my plan? Please let me know the law about this! Thanks a million
Bankruptcy does not affect your ability to sue if your rights are violated, but like any other unusual change in income, if you win anything in the lawsuit, the creditors may get it.
I am thinking of filing for chapter 13 bankruptcy. I already have one judgment against me and I am worried another collection agency will be taking further action. How do they calculate the amount that the Trustee will accept for repayment? I am already paying close to $1000 for my unsecured debtors. I am concerned because I am going to have some large medical bills in the near future. Any help would be appreciated. Thanks.
Caveat: This is an oversimplified answer -
Secured debt on your house is based on a repayment plan of 3 to 5 years applied to the amount delinquent at 0% interest. (You can repay any delinquencies over 3 to 5 years at 0% interest on top of your regular mortgage obligations.)
Secured debt on cars, boats, planes, etc., may be bifurcated into the secured and unsecured portion. Secured portion remains. Unsecured can be discharged (rare event).
Unsecured debt is usually paid back at the rate of approximately 75% of the amount owed.
So, if you can afford this type of payment schedule, then Ch 13 is utilized. Otherwise, Ch 7 is on the table and the formula for that is different.
In the meantime, convert all "non-exempt" assets to "exempt" assets.
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.
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 am currently in a chapter 13 bankruptcy, but might get awarded a settlement. Will I be able to receive this settlement or will it go to the bankruptcy trustee?
Call your attorney.
If this is an exempt asset or one obtained completely after filing of your case (ie injured after case filing) you should be able to keep it.
If this is not an exempt asset, and one that was not listed on your original petition, you may need to ammend.
For example, if you are in a 10% plan because you had no assets. Yet this is a $100k injury settlement that should have lead to you being in a 100% plan. Lucy got some ‘esplainin’ to do.
If a person has a lot of unsecured debt that has been charged off by the lenders and the person is not eligible for Chapter 7, should they file Chapter 13? What are the benefits of filing Chapter 13 in this situation? Thanks!
If your lender "charges it off," it doesn’t mean you off the hook. It could mean that the creditor assigned it to a collection agency or actually sold the debt to a collections agency. Either way the creditor is going to continue to try to collect after charge off, which is actually an accounting issue and does not preclude collections.
When you really need bankruptcy protection is if a creditor decides to file a lawsuit against you. Then it’s time to call in the professional help, it’s time to call in a lawyer.
If I was to file for chapter 13 bankruptcy, how long would it take for me to be able to purchase a home with FHA. How long will it take before creditors approve me for credit.
Thank you,
FHA does not look at credit. They only look at your ability to repay based on your debt/income ratio.