We had our 341 meeting (all good). We filed to reaffirm our car, as we need it, even though we owe 18,000 and it's only worth 11,000 (interest rate is 14.5%). The Loan to Value makes it impossible to refi. Now we learn we don't ne...
You should speak more fully now with 722 redemption. Your question says "if" you are approved. You need to find out if you are approved, the value they place on the vehicle, and the interest rate which will be very high.. The current lender is not bound by the amount 722 is willing to fund. A settlement may need to be reached with your current lender. You will file the motion with the court to approve the redemption at a specific amount. Remember 722 redemption does not represent you but might have useful information for you regarding your redemption.See question
If I have a business loan which is personally guaranteed, do I need to add that to the personal bankruptcy too?
Absolutely. All debts including contingent debts must be listed in your bankruptcy. You will need to discuss with your attorney the impact of filing personal bankruptcy if you have an ongoing business. Your interest in the business is an asset.See question
My tenant had around 7K outstanding balance and hence we filed a petition for evicting her. We won the judgment and when Sheriff went to evict her after a month (I gave her 1 last chance to see if she can catch up her balance), sheriff came to kn...
Though technically it may be true that there is no automatic stay, the sheriff's office will likely take no action without a bankruptcy court order. ,See question
Lawsuit listed as a plaintiff - BK agreement with trustee was a % of the lawsuit upon disposition of the lawsuit and "X" amount of dollars for personal property that was not exempt. I fulfilled the latter, the lawsuit was thrown out with no appeal...
As I understand your question, you have already paid the trustee funds and there will not be any further recovery. This would mean that only now does the trustee know the full amount available to pay creditors. The trustee would now begin to disburse to the creditors. This process with formal accountings and review will take several months.See question
Just recently I lost my job and my wife had my baby, we were evicted, I got late on all of my credit cards, phone bill and my car was repossessed just 4 days ago, I already found a new job, but the car company (Honda) is saying they will auction t...
A bankruptcy would permit you to eliminate your debt and any deficiency claim on the car. The problem is that the car company does not have an obligation to turnover the vehicle back to you if you file bankruptcy. (We used to be able to require lenders to return the vehicle in chapter 13 bankruptcy but court opinions several years ago determined there was no right to return of the vehicle). There are a lot of facts and circumstances that should be reviewed as to your best course of action. Fees would depend on what is needed and should be discussed directly with the attorney.See question
Selling of debt is judgment still valid
Yes, judgments can be sold or assigned. This happens all the time.See question
mortgage on condo is upside down. It's in a Senior complex and we were forced out because we had a child after we moved there. I can no longer afford to hold it.
Creditors cannot take your IRA, Social Security or homestead. However, it sounds like you have moved and the property is no longer your homestead, and it is upside down. You might be subject to a deficiency claim if the bank forecloses.See question
if my primary residence safe when you file for chapter 7 ?, even if i have a 2nd mtg and no other creditors ?
In Florida there is a homestead protection from creditors. You still would have to pay your mortgages or they could foreclose. If you have no other debt, what is the purpose of the Chapter 7? Recently, we were able to strip second mortgages in chapter 7 cases in Florida. (We could eliminate the mortgage lien if the home was worth less than the balance owed on the first mortgage). However, based on a Supreme Court decision in June, we can no longer strip these mortgages in chapter 7.See question
I have around $60.000 in debt from medical bills from the past 3 years. When I went to the hospital, I already informed them that I don't have insurance, unemployed. I don't want to stay in the hospital but they always asked me to sign for going a...
A chapter 7 bankruptcy can eliminate all of your medical debt. Are you now covered by health insurance? I always raise this issue when medical debts are large. If you file bankruptcy today, and next month or next year there is another large medical bill for new medical services, then you would still owe the new medical bill.See question