My SUV was written off by Wells Fargo dealer services. And it still technically had a balance of $4300. I don't want to be in bankruptcy but we need to save our house. (Only he's on the home loan). I cannot get another vehicle right now as I am no...
Lots of moving parts here. First, do not over think what "charge off" means as it doesn't mean what most people think it does: bottom line, the creditor can still attempt to collect on that debt, but is regulatorily restricted from calling it an asset on its balance sheet. Next, you never are "required" to file for bankruptcy. That said, if your husband is planning on continuing to make the payments, your not filing will not be of any great moment. However if he is planning on surrendering it, cramming it down (a process where the value only is paid with the balance owed treated as a general unsecured debt), then those actions may leave you liable for the amounts he doesn't pay. Talk to a lawyer local to you who understands Chapter 13 bankruptcy issues and be certain you understand what your husband's plans are with respect to the car.See question
Have contract on one property before he filed bankruptcy.
In addition to what my colleagues have said -- which I agree with -- I would point out that some jurisdictions require that your broker/agent be authorized as a professional by the bankruptcy court prior to their being able to be paid. This is absolutely required in Chapter 11 cases, but as said, in some parts of the country typical practice will require it be done in other chapters as well.See question
will filing bankruptcy affect my credit union account. ?
I agree with Mr. Detzky, but would add that prior to filing your account could potentially but garnished or subject to a common law right of setoff if you owe money to the credit union. Again, that's prior to filing, so if you owe money and have not filed yet, speak to a local bankruptcy pro to see if bankruptcy is right for you then get to it!See question
I am a full-time adult student who is drowning and personal debt and I'm wondering what the consequences of filing for Chapter 7 bankruptcy would be on my student loans and financial aid.
Student loans are a very different type of debt compared to other debts you might report in a bankruptcy case, and are typically NOT dischargeable, which means you will most often still be liable to pay those debts after your bankruptcy case is over. That said, "typically" doesn't mean "never," so be certain to speak to a competent bankruptcy litigator (not just a standard bankruptcy practitioner) to confirm how your student loans will be treated.See question
My credit card debt is $48,000. This debt is under my name only. My wife is not on them. Haven't made payments for 1 year. Own a house with my wife on the Deed. That's our only big asset. Equity in the house is about $50K. My wife and I fil...
There are two basic tests in a Chapter 13: Can you make the payment (the feasibility test) and have you paid as much as you would have lost in a Chapter 7 (the liquidation test). note that there are other requirements (paying off arrearages within the life of the plan (typically 5 years unless there is cause for a shorter period, cause typically being based upon hardship), as well as maintaining regular secured payments that are not "crammed down) such as a primary residence payment). Cars might have to be paid the regular payment too, unless they were purchased more than 910 days prior to the petition date in which case they might be able to be crammed down.
Sound confusing? Well, it is. Which is why less than 3% of all Chapter 13 cases files without a lawyer succeed. Bottom line: talk to a local pro familiar with Chapter 13 cases. You'll be glad you did!
Best of luck to you!
My husband had to take a job in another state. The short of this is that my parent lent me $20,000 against the equity in my house in order for us to buy a house in and move to the new state. At the time I completed a promissory note which was no...
Lots of moving parts to this. First, while there are a lot of technical issues here (several of which can get you in a LOT of trouble), remember that once the bankruptcy is over, you can pay anyone you want to pay. Before is a big problem -- but after is A-OK. So remember that when thinking about all the ins and outs of what you are asking here.
That said, recording a lien now is a bad idea. My colleagues mention waiting one year to avoid a preference action and that's not wrong at all -- good advice -- to a point. The problem in my mind isn't whether you'll win, but whether you'll end up spending a mint on attorneys fees defending an action you could have acoided by not filing any lien at all. Now that said, I am not a NC lawyer (I'm a FL lawyer) and the laws related to homestead exemptions are radically different and can be a major part of what you need to consider here.
Bottom line: talk to a competent local lawyer and get the advice related to NC law you need. Most Bk lawyers give initial consultations for free, so the only risk you'll have is in NOT talking to someone.
My bk was discharged June 2014. I signed the intent to retain my property. I just discovered my lawyer didn't file the reaffirmation form. I been making payments to mrtg co for two years under the assumption it was reaffirmed. The loan was not rea...
Dorothy is right -- the things you incur related to the house AFTER you file are not things that are included in your bankruptcy discharge and you'll be responsible for paying them. That said, while "just walk away" is rarely the right answer, you should consider calling your bank and coordinating the time when you leave the house and they take over. You may still be able to negotiate a "cash for keys" deal (where the bank pays you to leave) or other beneficial arrangement.See question
Last year at Christmas time a radio station called and asked it I wanted to donate to the military Christmas basket. In return they would do an ad on the radio for my business. They said the would send me air time of my ad and wouldn't' have to...
I am not certain I agree with my colleagues. If there was an actual contract, then I'd agree, but this may be more in the nature of a donation -- a gift -- and the promise of the giving of a gift is typically not enforceable if the donee (the giver) decides not to follow through.
It would be very helpful if any paperwork was provided related to this -- which it sound like there is not. That said, speak to competent counsel right away -- if you have actually been sued you have a very limited time within which to respond to the suit. If it is just a demand, it is time to respond to the demand and deal with this head on.
Best of luck to you!See question
I have a acct that has direct deposited my ssi money every month with no problems. My mom got her rail road retirement from my father deposited also. My mom just passed away so they froze acct. I have done everything they have asked of me they wil...
Speak to a consumer lawyer right away. A bankruptcy lawyer might also be helpful even if filing a bankruptcy is not the right option as they typically are very familiar with exemption laws (the laws that deal with what you can keep free from your creditors) and the things you need to do to get this matter resolved.
But DO NOT delay in doing this -- you have a very limited amount of time to respond to what is happening, and if the time passes you may be out of luck.
Good luck to you!See question
someone came to my house and handed me paperwork that i had to sign for, saying i have to appear in court because someone is suing me for an unpaid ring i purchased off him, attached to the court papers is a contact him and i signed saying i would...
Not likely, but note that note complying with orders by the court could. Without seeing the papers it is impossible to give you any legal advice, but ignoring the problem is truly a bad idea. What will most likely occur is that they will get a judgment against you for the amount requested plus the costs the plaintiff (the person suing you) incurred, including the filing fee, which can be several hundred dollars. Also a judgment can wreak havoc on your credit score. The better course of action would be to show up and try to resolve it with the other side -- often small claims cases have free mediators present to help you get the matter taken care of without the need to have a judgment entered against you.See question