Is this correct, on how they start the process or not?
Do they just walk into his local court house and then ask for some papers to file? And how long until they are safe from debtors?
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If a student or anyone wants to file for bankruptcy, due to a loan/credit cards?
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If a student or anyone wants to file for bankruptcy, due to a loan/credit cards?
Is this correct, on how they start the process or not?
Do they just walk into his local court house and then ask for some papers to file? And how long until they are safe from debtors?-
Mary Alice_1979
well, you have to find a lawyer. But firstly, student loans are exempt and would still have to be paid even if you do file bankrupcty. So I would avoid it.
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Julia S
Don’t file for bankruptcy if you can possibly avoid it. It will cause you some serious problems in your future (and present, even, if you lose your educational loans).
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Bankruptcy, 20k in credit cards, Pending jail time/probation, lawyer wants another 10k?
As you may see, I’ve put myself in the worst of messes. I am either going to federal prison or at least several years probation for criminal charges (not related to anything financial). I have 20,000 in credit card debit, and my lawyer needs another 10,000 that has not been paid for yet. I still have the best job for the time being and I rent an apartment. Would I be willing and able to put the next 10k for the lawyer on a credit card and then file bankruptcy? I have a few thousand saved up, however the account it is in is in my name also as a family member. Due to both our names being on that account, could that money be taken?
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prez
I’m pretty sure the money will be garnished.
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R J
For any joint accounts, creditors may go after one, the other or both for the full amount of the debt. If you situation is as dire as you project, the right thing to due is to satisfy the joint account debt as quickly as possible so the other person is not left holding the bag. RJ
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If you file bankruptcy on a loan you were co borrower on can the mortgage co still demonstrate on the loan?
I surrendered the property to the co borrower. My bankruptcy was discharged. I noticed this loan is still showing up on 1 credit bureau. I called the Mortgage co to see why I was showing up and I was told a bankruptcy does not remove me from a loan and the merely way my name may come off is if the co borrower refinances it in his name merely. I advised them a bankruptcy judge discharged me from this property and I have nothing to do with it anymore but they refuse to remove my name. What should I do as this is preventing me from trying to buy a home of my own now.
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Felipe
I would visit http://diylegalinfo.com/bankruptcy_Links.html They have a lot of good information on bankruptcy questions.
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John
For that i suggest you http://www.BiznFin.com
it will help you .there are many other solutions
keep using answers.yahoo.com -
golferwhoworks
ask the responsible party to refinance the note solely into their name and yes the reporting stands until this is done.
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How did the more recent bankruptcy laws affect credit card debt?
can your debts be wiped out? is it harder to declare? does it price more to file now? save your opinions and give facts please.
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Miles
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
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Gabriella
The laws didn’t really change how hard it is to get credit card debt wiped out. You have to take a credit counseling course before filing, where they will try to convince you to work with your creditors and create a budget, this was created by the credit card companies so you would pay them instead of filing. You can’t fail the course or be forced not to file. When you file you have to submit a means test which determines if you have enough income to pay at least 25% of your debts over the next 5 years, if you don’t, then you can file ch 7, if you do then you will be forced into a ch 13 if you want to file.
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Pope
Check the sites thoroughly. It’s an excellent site with some wonderful options for you. It will definitely help you. Have a look.
http://bankruptcy-info.we.bs/
http://www.loan-house.info/2009/09/choosing-right-bankruptcy-attorney.html
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If my old tenet files bankruptcy, may we ever see the money they owe us?
My tenet moved out without paying for last week’s rent, the early termination of lease fine and damages to the house. We have asked them several times if they would pay and even offered a payment plan but they have stated they are going to file bankruptcy. We have yet to see some paperwork regarding this. If we file with small claims now, may we lose some our money if they go bankrupt?
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Elliott M
depending on the number of creditors you could receive pennies on the dollar.try to file in small claims then have the sheriff execute a court order to recover property of equal value before br proceedings good luck
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Joseph T
Forget it. Live and learn. There is no chance that you will ever see the money. The only way to avoid this problem is to qualify your future tenants financially before you rent. Take first and last month in advance plus a security deposit – if they cannot afford this, then do not rent to them. The worse thing that you can do is rent to marginal tenants because you want to fill a vacancy. Wait for the quality tenant.
From one who has been there……..
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How far in debt do you have to be in order to file for bankruptcy?
How far would you be before you filed?
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dreamscorporation
debt consolidation
getting out of debt is pretty easy with a debt consolidation plan
however it may get a bit tricky at times, I suggest you get as much information as possible online on this first,a good place to start in my humble opinion is:
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john d
There is some useful advice here.
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bobstefan
do your liabilities, what you owe, exceed your assets, what you own? If so, you are technically bankrupt. Your assets are probably worht less than you think they are.
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freaking_morons_ugh
It’s not as easy as it used to be. You would be better off going to a debt counceling agency and working with your creditors. Bankruptcy will follow you around for at least 7 years…if not more.
I’d have to be pushing $100k to do it myself.
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ladydeb
It should be the case that your liabitlites are greater than your assets, but there are no set figures. You want to show that you are unable to pay debt with the assets you have. Your house, if you own one, is exempt, as are other assets. Get a do-it-yourself bankruptcy book and it will give you all the details.
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J G
It would depend on the debt.
I would have to be delinquent on about $15,000 or more to even consider it.
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Smoothie
Been there, done that. I couldn’t give you an exact amount. I my situation, I was faced with the fact that my income was going to $0 (long story). So I couldn’t pay my debts regardless. But it may be worth checking with a bankruptcy lawyer about filing a Chapter 13 bankruptcy. It usually only costs about $50. Basically you are asking your creditors to take a settlement, say $0.33 on the dollar. You pay a fixed amount for a fixed period, maybe three years. Once you’ve paid you’re done, and several credit agencies look at this sustained payment plan as a positive, not a negative.
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How much tax payer money would have been saved if GM had been allowed to file for bankruptcy?
Without ever getting some bailout money? They took bailout money and they still failed.
I dont know of some successful businesses who need to file for bankruptcy…I do understand bankruptcy quite well thank you-
jinny c
I agree that these corporations does alot of stuff that we wouldnot be able to understand…
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capixaba
GM was allowed not to be forced into bankruptcy–until now, it seems. Since the corporation could not reach an agreement with its bondholders, it will almost certainly have to go through bankruptcy.
I perceive that your question is not related to the issue of bankruptcy, per se, but to how much bailout money could have been saved had the government forced the company into bankruptcy immediatedly.
The easy answer is: we lose all of the taxpayer money the government lent to GM. Had GM avoided bankruptcy, bash (above) would have been right, because the government, like other creditors, would have stood to recover at least part of its loan/investment/bailout expenditure.
Now, rather than continue to throw good money after bad, the Obama administration has decided not to make any more loans and thereby force GM into bankrupcy.
The only positive side is that, with goverment backing of purchasers of GM products, GM is likely to emerge from bankruptcy. If it does, it will continue to operate.
As with other government "bailouts," the money did not come with enough strings: the very people who got the banks and other companies into the mess in which they find themselves were allowed to decide to do what they wanted to do with the money. Rather than keep tens of thousands of people employed, for example, GM laid them off so that it could transfer the bailout money to creditors.
The intention of the bailouts, since the Bush administration, has been to trust the executives. The executives of banks were supposed to plough the money into sound loans needed by businesses so that the latter could stay in business. Instead, these same executives did what they do best, taking care of themselves and their investors at the expense of the taxpayer.
If the hens are disappearing, it is unwise to give the fox more hens to guard; it is far more prudent to go after the fox.
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Dog Father
All taxpayer money has done so far is delay the process period. Nothing changed its just wasteful spending dang just own it already Obama flubbed.
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chuck_junior
The amount squandered on this is right about 19.4 BILLION dollars, but don’t worry. The administration will just print more.
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Silverdub6
Having GM go bankrupt would never happen. It would mean the end of automaking for the US which a lot of powerful people don’t want that industry to close for Americans. It supplies jobs etc. The thing about bailout money is it is supposed to be paid back to the government with an interest rate. It’s supposed to hold companies up until were out of the recession until were back to our normal economy, and then it should be paid back with interest. A more important question would be how much worse would it efffect the US if we didn’t bail out major companies to keep them open when they are an important part of the US economy. In regards to jobs, exports, and brand.
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lawgirl
They filed a Chapter 11. They will still be in business. Without the bailout, they probably would have had to file a chapter 7 and would be out of business.
No-you don’t understand bankruptcy. Successful is a subjective term. If people continue to make profits in the future and people keep their jobs, that is successful in some people’s minds.
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bash
None. In fact, we would have likely been paying out more money. You seem to not understand what happens when a huge coproration fails. They close, all of their plants close, all of their dealerships close, all of their suppliers close or significantly reduce their workload. Thus, thousands of people are out of work, GM wanted to eliminate promised pensions, so thousands of people would be in the unemployment line, on social services for months and, more likely, years–as they have no other trade. Do the math….it is far more expensive to provide monthly checks and health care to these thousands of people for the next several years.
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Lordpercywooster
would have cost more in lost revenue from the failed suppliers and supporting the sacked workers
it was a pretty economicaly sound idea -
Steel Rain
Around 20 billion dollars.
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Dave87gn
they didnt fail. You dont understand bankruptcy
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dizneygeek
It has always been a question of WHEN, not IF GM would fail. GM would have failed sooner but it will still fail. We would still have all of the money they wasted trying to fix the sinking ship.
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would a bankruptcy stop me from becoming a lawyer?
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INSOMNIAC
NO, numerous people file bankruptcy both before and after they become lawyers, a felony will keep you from becoming an attorney but not in all states.~
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What kind of Bankruptcy do i qualify for?
Currently we are in debt about 100,000.00 and my husband in the merely 1 who works. we have 2 trucks we are paying for about 30,000. each. credit cards, consolidation loans, student loans. no mortgage, no air to breath. out of some the paycheck we merely get left with less than 400 for a family of 3. We are considering bankruptcy but don’t know much about it. Which is it 7, 11, or 13? How long does it ruin your credit for? Can we fix it later? Help . thanx
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William
Hello,i am Christopher Olive from Australia i saw your question here i want to refer you to the international loan firm that help me consolidate my depth ,when i was searching for loan and i was in a bad shape, a friend of mine introduce me to one Mr Brown Mclain Loan Firm that help me get out of my depth, the company offer all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer service , they are the only international loan company that can help you get a quality loan with a fast transfer.contact them and i am sure they will be of great help to you .within 24hours. here is their contact
brownmclainloanfirm@yahoo.com -
I love the wwe divas
Eag is wrong,a bankruptcy only affect you between 7 to 10 years not the rest of your life. Research the bankruptcy laws in your state. In Chapter 7 eliminates all your unsecured debt but want discharge student loans. If you own any property they will sell it in chapter 7 to pay your debt off. so if you file for 7 make sure you have nothing to lose and it will be on your credit report for 10 years.
In Chapter 13 you will have to come up with a repayment plan for your debt. You’lll have to repay between 25-30% of what you owe. Chapter 13 will be on your credit for 8 years.
In Chapter 11 its for debt over 500.000 so no need to look in to chapter 11.
If you can’t pay you can’t pay. Hell with your credit score,You will damaged it any way when you start missing payments or defaulting on it. Remember bankruptcy is always last option. -
Eag
Do not declare bankruptcy. It will haunt you for the rest of your life. Please listen to what I’m saying. Do NOT declare bankruptcy. Get off the internet, go directly to the library or a bookstore, and read "The Total Money Makeover" by Dave Ramsey, or "Financial Peace" by him. If you don’t want to buy it, just read it in the store or check it out from the library. Or go to YouTube and search "Dave Ramsey" or "Dave Ramsey bankruptcy" and watch some video clips of him. Those trucks have to go. Sell them and buy a used car. You’ve got to get out of this debt. Use the debt snowball that Dave recommends. You’re going to have to drastically change your spending habits, and live like no one else now (very, very frugally) so you can live like no one else later (financially free with no debt or payments). You don’t need to get more credit after this. That’s what got you into this mess! Get everything prioritized and get serious about doing the hard work of getting completely debt free. Then cut up your credit cards, deactivate them, and only spend what you can afford (meaning cash you already have, via cash, checks, and debit cards). No more credit! No more debt! No more slavery to people you owe! It’s worth it.
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Mary Alice_1979 5:03 pm on March 11, 2010 Permalink |
well, you have to find a lawyer. But firstly, student loans are exempt and would still have to be paid even if you do file bankrupcty. So I would avoid it.
Julia S 5:03 pm on March 11, 2010 Permalink |
Don’t file for bankruptcy if you can possibly avoid it. It will cause you some serious problems in your future (and present, even, if you lose your educational loans).