In Florida motor vehicles only carry a $1,000 exemption. However, HSA and IRA are fully exempt. Would I be allowed to sell a vehicle with $20,000 equity in it and move that money into an HSA and IRA account?
That would be a major problem. A fraudulent transfer occurs when you transfer an asset from being non-exempt to exempt. The chapter 7 trustee can set aside a fraudulent transfer that took place within 4 years of filing the bankruptcy. Also, your discharge can be denied due to a fraudulent transfer within the year prior to filing bankruptcy. You should consult an attorney about a possible chapter 13 or other options.See question
The balance on the rooms to go credit card is only about $4000.
There are no guarantees but Rooms to Go typically will not take back the furniture. Note you also have a right to "redeem" personal property by paying a lump sum based on the present value of the furniture. You might want to take the chance that they will never pick up the items. Reaffirming furniture loans usually is not a good idea.See question
I have only owned my home for 2 yrs and barely have any equity.
The bankruptcy trustee can sell your home if you do not claim the homestead exemption. The sale could be to an investor or a short sale for just to raise some money from the bankruptcy. Absolutely claim as exempt if you ant to protect the property,See question
I have $27,000 in credit card debt and $38,000 in federal student loans (I know that student loans cannot be written off, but I'm including them here so you can get a complete understanding of my situation) and no assets really (I own a cheap car)...
Yes, a 25 year old can file bankruptcy. It would permit a "fresh start". The amount of debt certainly could justify the advisability to file bankruptcy though you should consult an attorney to discuss your situation. Also, there are programs as to federal student loans to make the payments more manageable.See question
On the eve of closing, my title company informed me that a Judgment entered against me by CACH which was discharged in my Chapter 7 bankruptcy 7 years ago has now re-appeared on my credit report. They are clearly on the discharge of debtors and o...
First, confirm with the title company that the judgment is a certified copy of the judgment which was recorded and properly lists the Plaintiff's address. If not, it does not create a problem as a possible lien on your home. Even though your property is homestead, title companies will require the appropriate proof that it does not attach to your homestead. One option is to reopen the bankruptcy to file a motion to avoid lien. Second, there is a procedure to file an affidavit with the county with notice to the creditor to have an opportunity to object to your claim of homestead status. These will take time. If the judgment is small enough, and there is enough cash at closing, the title company might agree to escrow the funds while you take the necessary steps to clear title.See question
I has a ELOC with BB&T when my lawyer file the chapter 7 papers BB&T was listed as a unsecure Debt the court approve the chapter 7 the debt was wiped out but was told there still a lien
Debts are wiped out when you obtain your chapter 7 discharge. However, any valid security agreement continues to attach to the property. Your equity line of credit, assuming the mortgage was recorded in the public records, would continue as a lien on your property. You cannot strip an equity line or mortgage in a chapter 7.See question
It was not my intention at the time I got the loan not to pay it back I just didn't . We moved and I just forgot it . Now someone called me and says that he is serving me and I need to contact this law firm with case number and they can stop the s...
I would not believe anything the collector says on the phone. They should contact you in writing, If there is a real law firm you can check if they provide the contact information, but it might not be a real law firm. You have rights against a collector to verify the debt and confirm who owns the account.See question
I filed for chapter 7 sometime on October 1, 2008 and received the discharge paper on April 5, 2009. I need to file for chapter 7 again but the attorneys in my area have given me different answers as to whether I can file again in October this yea...
A second chapter 7 can be filed 8 years after the filing date of the prior chapter 7 in which you received a discharge. This means you could file after October 8, 2016.See question
DMV case: my florida client lost 10k for lapsed insurance(driving without insurance) then he hit bumpers( a scratch was made on bumper; lady claims damages from old injury at traffic light, he had verbal agreement to pay for car damages at site o...
Yes, I have filed numerous bankruptcies for the sole purposes of obtaining a reinstated drivers license that was suspended for lack of insurance.See question
I've been reading quite a bit about the advantages and disadvantages of reaffirming a mortgage loan in bankruptcy, but it seems that much of the information is out of date and based on the fact that many people were "under water" and owed more on ...
I agree with Mr. Gleason. There are pros and cons about reaffirming mortgages. You should have a clear understanding of these pros and cons. It is hard to predict your situation years from now, as to your personal finances or the value of the property. Signing a reaffirmation agreement is a judgment call that is ultimately your decision.See question