Archived
My loanI modification is in the process of being booked and thepayments are still too high.What do I do?
Shannon's answer
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Answered on March 21, 2012
You can file for bankruptcy, surrender the home to the bank and move to somewhere more affordable. Alternatively, if this is your only debt, you...
Archived
What exemptions do I use for Chapter 7?
Shannon's answer
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Answered on March 21, 2012
These questions always sound like fingernails on a chalkboard, as all of us realize, you are in over your head. We may be able to tell you "yes,...
Archived
Can I sell a non exempt Luxury car and buy an economy car before filing chapter 7?
Shannon's answer
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Answered on March 21, 2012
Yes, you are allowed to do some "pre-bankruptcy planning" which is what you have described; however, before doing any of these things I would...
Archived
I live in RI what can I do about old debts?
Shannon's answer
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Answered on March 21, 2012
You may be able to file for bankruptcy which would stop the garnishments. If you ask the creditor for verification, they should provide it;...
Archived
NJ. If you get hit with a huge lawsuit as an individual can you file bankruptcy and later have it dismissed if you settle?
Shannon's answer
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Answered on March 20, 2012
First, you can only file a Chapter 7 every 8 years (and one day). The bankruptcy will remain on your credit report for 10 years. If you truly...
Archived
Can a collection agency have a negative credit item removed from the credit bureaus?
Shannon's answer
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Answered on March 20, 2012
If you pay the debt, the collection agency should report to the credit bureau that the debt is paid. This should prevent any further negative...
Archived
What income is considered too high in Illinois?
Shannon's answer
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Answered on March 20, 2012
It sounds like you have good start on a budget. I would recommend taking the time to sit down and really look at your income verses expense....
Archived
If the equity in your house is a down payment of funds from a trust that you still don't have control of, who owns the equity?
Shannon's answer
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Answered on March 20, 2012
This is not a bankruptcy questions and I have reposted it to the estate planning section. It sounds like the executor did not act in a fiduciary...
Archived
What if I can't afford to return my tax return to my bk 7 trustee?
Shannon's answer
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Answered on March 20, 2012
I believe this is a chapter 7 case and not a chapter 13. If the trustee has demanded you turn over the refund, you must do so in order to receive...
Archived
Can I "rent" my house out after bankruptcy?
Shannon's answer
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Answered on March 20, 2012
I agree with attorney Oney, and would like to add 2 points: 1- make sure you keep homeowners insurance on the property and (2) you could attempt a...
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