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Can we transferr a chapter 7 bankruptcy over to a chapter 13 bankruptcy on one company?

Rod — Wed, 01 Jun 2011 21:20:10 +0000

Question by dnye56: Can we transferr a chapter 7 bankruptcy over to a chapter 13 bankruptcy on one company?
We are in the middle of a chapter 7 bankruptcy n are 5 months behind on the house payments. The house place wants a relief from the stay or all of the money from where we are behind in. Can we go to a chapter 13 bankruptcy now in order to save the house n can we do it on only the mortgage company?

Best answer:

Answer by remowlms
Why don’t you ask your attorney what you need to do…if you wanted to keep the house, you should have reaffirmed the debt and kept paying the mortgage.

Give your answer to this question below!

Bankruptcy Survey Highlights Lack of Awareness

Rod — Wed, 01 Jun 2011 03:30:22 +0000

Bankruptcy Survey Highlights Lack of Awareness

(PRWEB) February 19, 2007

Debt help experts The Debt Counsellors are concerned that many people with debt problems are unaware of the serious nature of bankruptcy.

The Debt Counsellors Annual UK Debt Survey 2007 asked people seeking help for their debt problems about their attitudes towards bankruptcy, and the results show that there are still people who do not realise the risks involved in going bankrupt.

Asked how unpleasant they thought it would be to enter into bankruptcy, 11% of respondents said “a little”, 2.3% said “not much” and 1.9% said “not at all”. As many as 34.4% said bankruptcy was nothing to be ashamed of.

Similarly, 7.6% of respondents were under the misapprehension that they would not be putting their home at risk by going bankrupt.

In reality, bankruptcy can mean the loss of key assets, including property, and also places future assets at risk. In addition to this, the bankrupt is subject to severe restrictions regarding business activity and obtaining credit.

Also, the process of bankruptcy is very public, with details being published in the press and banks, etc, being informed.

John Porter, a senior counsellor with The Debt Counsellors, emphasises that bankruptcy is a situation that should be avoided if at all possible.

Porter said: “Bankruptcy is not an easy way out of serious debt and there are many reasons why it should be dismissed as such, not least the risk to assets and the severe restrictions it carries.

“The results of the survey show many people are unaware of these risks. However, bankruptcy can often be avoided, even in serious debt cases, through debt solutions like the IVA, or Individual Voluntary Arrangement.”

Porter adds: “The best way to learn about the facts of bankruptcy and the ways to avoid it is by getting professional debt counselling.”

The Debt Counsellors offer free, confidential bankruptcy advice. For more information see http://www.debtcounsellors.co.uk

###

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Bankruptcy Law Changes: Overview of Consumer Bankruptcy Law – FindLaw

Rod — Tue, 31 May 2011 21:56:34 +0000

An Overview of the new Federal Consumer Bankruptcy Law from FindLaw. URL: www.findlaw.com
Video Rating: 5 / 5

1099-A or 1099-C for mortgage debt discharged in ch. 7 bankruptcy?

Rod — Mon, 30 May 2011 09:09:15 +0000

Question by Tawnya S: 1099-A or 1099-C for mortgage debt discharged in ch. 7 bankruptcy?
Our chapter 7 bankruptcy was discharged in Feb06. We had the original intent of reaffirming our mortgage loan and even signed the form to do so; however, Wells Fargo never took us up on our reaffirmation offer for some strange reason, and our attorney let that fact slip by. Therefore, we were not legally responsible for this mtg loan any longer. When Wells Fargo refused to show on our credit report that we had been paying them faithfully, we got fed up with them and told them they could have their house back in Jan08. I mean, how stupid of them to not take us up on our reaffirmation request anyway! My main question is this… Wells Fargo sent us a 1099-A form instead of a 1099-C. Is this correct? I have been trying to research it a bit, and I understand that the 1099-A form is usually used in abandonment cases, which we essentially did end up doing. However, I was thinking we would’ve received a 1099-C instead of the 1099-A since it was a discharged debt in our Ch 7 bankruptcy. ??

If the 1099-A form is the correct form, are we protected by this new Mortgage Relief Act? Here’s the info from my 1099-A form:
Principal outstanding $ 76,396.22; FMV $ 65,450.00; Was borrower personally liable for repayment of this debt? “Yes” (how can this be “yes” when it was discharged in our BK-7?!) With this info., what needs to be done on our income taxes this year? Which discharge box w/b the correct one to check on the 982 form in our case?

Sorry about the tons of questions, but Wells Fargo just seems to try to jerk us around at every turn, no matter how hard we tried to work things out with them. They’ve got my “dander” up. Thank you!

Additional Details
Re: Reaffirmation
We signed a reaffirmation form w/ our attorney that they sent to Wells Fargo during the beginning stages of our BK-7 filing. Wells Fargo never responded to that form, thus not taking us up on our reaffirmation offer. Our loan w/ them even shows up on our credit report as “Discharged in Ch. 7 Bankruptcy”. The reaffirmation definitely never happened. And Wells Fargo’s “tax team” is trying to say that the 1099-A form is the correct form because of the fact that we abandoned the property. I am so tired of Wells Fargo’s bullying me on this that I feel like trying to sue them over the whole issue. Just another tidbit that our BK atty brought up– when the foreclosure was filed, an “in rem” judgment is what was filed, which tells her also that we should not have been mailed any sort of 1099 form from Wells Fargo.

Best answer:

Answer by Charles G
From the IRS Pub 4681http://www.irs.gov/publications/p4681/ch01.html#d0e437

Qualified Principal Residence Indebtedness

You can exclude canceled debt from income if it is qualified principal residence indebtedness. Qualified principal residence indebtedness is any debt incurred in acquiring, constructing, or substantially improving your principal residence and which is secured by your principal residence. Qualified principal residence indebtedness also includes any debt secured by your principal residence resulting from the refinancing of debt incurred to acquire, construct, or substantially improve your principal residence but only to the extent the amount of debt does not exceed the amount of the refinanced debt.

But, if you really want to report the thing, put it on a Sch-D, showing the (personal, nondeductible) loss. You will need to know the cost basis of your house for that.

Note: Wells Fargo is doing that to get the debt/bad loan off their books. It is not because of any personal malice. And, it might not have been an oversight for them not to reaffirm the loan.

What do you think? Answer below!

What exactly does “bankruptcy protection” mean?

Rod — Mon, 30 May 2011 09:09:13 +0000

Question by Jared Hilson: What exactly does “bankruptcy protection” mean?

Best answer:

Answer by Tato
a program with a solution to help pay-off your dept.

Know better? Leave your own answer in the comments!

Guidelines on Getting Mortgage After You Have Filed For Bankruptcy

Rod — Fri, 27 May 2011 12:22:15 +0000

Guidelines on Getting Mortgage After You Have Filed For Bankruptcy

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Guidelines on Getting Mortgage After You Have Filed For Bankruptcy

By: Chris Mcguire
Posted: Sep 11, 2009
Views: 152

So, you are considering filing for bankruptcy, on the other hand, take care that you have taken a look at all your choices. Bankruptcy has to be mulled over only as a final option. At present, a number of people who have filed some time ago say that they wish they had considered other choices earlier than they filed. Despite the fact that at times, bankruptcy actually is the most excellent choice. After you file, you will be viewing things from a better monetary condition.

A lot of people believe that after they file for bankruptcy, they’ll be not capable of getting any type of credit. However, this is far from the reality. In fact, there are credit cards, auto loans, and mortgages as well offered to people who have filed bankruptcy some time ago. If you are ready to shop around, work out a bit harder, and make use of extraordinary ways, you can find an excellent mortgage loan, even though you filed for bankruptcy. Should there, be a demand for a service; there will be someone who will fill that demand. Same is true, with mortgage for individuals who have gone through bankruptcy.

Once you have gone through bankruptcy traditional lenders like, banks will consider you as a high-risk customer and will avoid lending money to you, therefore it will be difficult for you to get loan from them. Luckily, there are a few lenders are ready to do business with such customers even if there is a marked bankruptcy on their credit record. These dedicated lenders recognize that your bankruptcy could have been, attributed to conditions beyond your control; maybe you have lost your job, have an accident or mishap. On the other hand, it is necessary to be practical at the same time as getting these types of loans. Lenders would like to see an excellent payment record regardless of and ever since, you filed bankruptcy. In addition, you will to pay a higher interest rate if you opt for a mortgage loan following bankruptcy. Even so, if you are ready to deal with these issues, you can buy your own home, regardless of a stained credit history.

Keep in mind though searching for knowledgeable mortgage brokers who are familiar with the lenders who are ready to offer this type of loan. Be sure to provide all the relevant information to your broker once you deal with him. Like this, you will save your as well as your broker’s time. You will almost certainly get a lot of proposals through the broker. Check on the various fees, closing cost and penalties you will have to pay if you miss on your payments or if you pay late. Like this, you can compare the proposals from various lenders to learn what the most excellent choice is. With a bad credit mortgage loan, you can have a new home of your own, in spite of your misfortune before.

Even though, if you have no option left than filing for a bankruptcy, it does not indicate that you have hit a dead end in your life. With the above information, you can bounce back and lead a normal credit life and will be financially stronger and secured at some point.

Chris Mcguire – About the Author:

Chris is an expert in the field. For more information on home mortgage and on best mortgage rates Please visit: http://www.ratesupermarket.ca

Source: http://www.articlesbase.com/finance-articles/guidelines-on-getting-mortgage-after-you-have-filed-for-bankruptcy-1221471.html

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Can a person file “Bankruptcy Chapter 13″ over the Internet?

Rod — Mon, 23 May 2011 21:14:12 +0000

Question by Gino R: Can a person file “Bankruptcy Chapter 13″ over the Internet?

Best answer:

Answer by bigpipe99
No, You will need to find yourself a Bankruptcy lawyer, he will do the filing for you and then there will be a court date that you will need to show up to.

What do you think? Answer below!

For Bankruptcy Protection’

Rod — Sun, 22 May 2011 00:08:04 +0000

‘For Bankruptcy Protection’

Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.S. Bankruptcy Code; however, for most consumers there are really only two viable options; Chapter 7 and Chapter 13 bankruptcy.

Chapter 7 bankruptcy is entitled Liquidation: In a Chapter 7 bankruptcy, a court-supervised procedure occurs during which a court-appointed trustee collects the assets of the debtor’s estate, converts them to cash for repayment, and makes all necessary distributions to the debtor’s creditors; however this is all done within the debtor’s right to retain certain exempt property. Traditionally, there is little or no nonexempt property in a chapter 7 bankruptcy. Due to this fact, there may not be an actual liquidation of the debtor’s assets. In this case, it is called a “no-asset bankruptcy.” It is important to realize that a creditor that is trying to collect on an unsecured claim will only get a distribution from the bankruptcy estate if the case is an “asset bankruptcy” and the creditor can provide proof of their claim with the bankruptcy court. In almost all chapter 7 bankruptcies, the debtor will be grated a discharge that releases them of personal liability for most dischargeable debts. The entire process normally takes just a few months from the time the bankruptcy petition is filed.

Chapter 13, bankruptcy is entitled Adjustment of Debts of an Individual with Regular Income: A chapter 13 bankruptcy is traditionally used for people who have a regular source of income or a full-time job. For many people, chapter 13 is preferable to chapter 7 because it allows the debtor to keep some assets. A chapter 13 bankruptcy allows the debtor to repay creditors over time. This time traditionally varies from three to five years. This type of repayment proposal takes place at a confirmation hearing. During this confirmation hearing, the court will either approve or disapprove the debtor’s repayment plan. This decision largely depends on whether the repayment plan meets the Bankruptcy Code’s requirements for confirmation. In a Chapter 13 bankruptcy the debtor is usually able to remain in control of their possession and property while making payments to creditors; however, payments are made via a court trustee. Unlike chapter 7 bankruptcy, the debtor does not receive an immediate discharge of their debts. Under chapter 13 bankruptcy, the debtor must complete the repayment plan before the discharge is granted; however, the debtor is protected from lawsuits, garnishments, and other creditor action while the plan is in effect.

It is important to remain cognizant of the fact that not all debts are discharged under bankruptcy. The debts that are able to be discharged will vary under each chapter of the Bankruptcy Code. However, the most common types of non-dischargeable debts are tax claims, debts that are not presented by the debtor to the court while filing for bankruptcy, debts for spousal or child support or alimony, debts to governmental units for fines and penalties owed to government entities, debts for personal injury caused by the debtor’s operation of a motor vehicle while driving intoxicated, debts for willful and malicious injuries to person or property, debts for government funded or guaranteed educational loans, and debts for certain condominium or cooperative housing fees.

In order to file for bankruptcy, you must file a petition in federal bankruptcy court. You must file a statement of assets and liabilities as well as schedules listing of your creditors. Once you have finished filing bankruptcy, your creditors can no longer take action against you to collect discharged debts.
Negative Aspects of Bankruptcy
In chapter 13 bankruptcies, you may end up paying back 50% or more of your current debts. Additionally, if you miss a regularly scheduled payment at anytime during your chapter 13 bankruptcy repayment plan, you could end up in violation of the court and forced to repay all the debt!

One of the most difficult parts of bankruptcy is learning to live with the fact that filing bankruptcy limits your personal spending to items that the court considers absolutely necessary. In most cases, debtors do not complete their chapter 13 bankruptcy repayment plans. Most people filing chapter 13 bankruptcies think they will be able to complete their repayment plan; however, only about a third of them actually do. Additionally, chapter 7 bankruptcy may stay on your credit longer than a chapter 13 bankruptcy. This time ranges from 7-10 years for most people. Many people do not realize that if you own a home with a sizable amount of equity, have a fair amount of assets to protect, or have co-signers on a loan, you most likely will not be able to file chapter 7 bankruptcy under current law. Now that the new bankruptcy legislation has passed, it will be even more difficult to file for bankruptcy.

Many people think that filing bankruptcy is the silver bullet that will fix all of their debt and credit related problems; however, filing bankruptcy is the worst thing you can do to your credit. Most lending institutions will consider your bankruptcy when evaluating you for a personal loan even after the bankruptcy has expired. Qualifying for a loan after filing for bankruptcy can be very difficult and could cost you considerably more than a person that has not filed for bankruptcy.

It is understood that some situations will require you to file for bankruptcy. However, you should avoid bankruptcy if at all possible. A good debt settlement company can help eliminate most, if not all, of your unsecured debt so that you do not have to file for bankruptcy. If you require additional information on the subject of bankruptcy you may want to contact a bankruptcy attorney in your area.

To learn more about debt relief and how to get started, please visit Debt Relief.bz

Noted Financial Author

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