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Six years ago, I came into some hard times and was not able to make my obligations I didn’t have the money to pay a bankruptcy lawyer. I have been living on cash from then until now. life always changes and I need to address this now. The debt was...
The statute of limitations for a creditor to sue you, is six years, from the time you last made a payment on it, or otherwise incurred debt. So if that timeframe passes, and considering you are in the fifth year, there is a decent chance that will happen, then the debt is no longer enforceable. However, I have certainly seen my share of junk debt buyers sue in the sixth year. If they don't sue, then after seven years, the debt is no longer even on your credit. I would probably be inclined to take a more reactive approach at this juncture.See question
I am considering filing chapter 7 after a rough several years of medical debt, poor spending habits, and other issues. All of the attorney websites say I need to bring current statements of my debts owed to each creditor to my consultation. This i...
First off, you obviously did not contact my office, because we do not require clients to bring all of their bills to the first appointment.
Second, a credit report is probably the best starting point to gather up what is remaining of your debt. You can get your free official credit report at www.annualcreditreport.com, and can get one from each of the three major credit bureaus (for which you will find there is 95% correlation), or you could just buy a three Bureau merged credit report for $35, and the beauty of that is that it can be imported directly into our petition preparation software.
Third, you cannot rely 100% on a credit report for being the be-all and end-all of your credit history. So I am presuming that at some point over the last four years since the time of the fire you have been getting bills, and I hope that you have been keeping track of those. Credit reports typically are going to show revolving debt such as car loan for credit cards, and public records. Medical bills don't always appear on credit reports. If you know that you went to a certain clinic or hospital, you can just list them for notice purposes only.
Fourth, if all of your debt is more than four years old, you should be aware that it may have gotten to the point of being uncollectible. Because the statute of limitations is six years. Thus, it may turn out that you really don't have that much debt.
Fifth, presuming you do file bankruptcy, even after you get your discharge, if it turns out that you missed a creditor, you can usually add them on after the fact.
I am filing Chapter 7 and using the Minnesota exemptions (because of equity over $30k in home). What Minnesota exemptions protect pets and non-wedding jewelry?
The cat is the least of your worries. You should not be filing a MN exemption case without an attorney. You will most likely end up paying in what you tried to save, and once the trustee has a warchest to go after you, they can try to revoke your discharge for not disclosing things that you may not even think of as assets.See question
This year has been very bad for me due to job loss for an extended period of time. I also lost my home to foreclosure, had to borrow money from family, and had medical issues. I've barely stayed afloat. My sister has offered me the opportunity to ...
Paying rent that is consistent with market value, and is being paid in a timely, monthly fashion (as opposed to a year in advance, or catching up after a year) shouldn't be a problem. You also mentioned you have borrowed from relatives, which isn't an issue as long as you haven't paid them back. It's OK to pay a debt back to a relative after you file, but not before.
Whenever a person is about to engage in a transaction at a point where they know bankruptcy is imminent, it is best to actually sit down and do a thorough consultation (or simply retaining counsel, even with a small down payment) BEFORE doing the transaction, rather than relying on online responses such as this, which are based on a very limited understanding of all your circumstancesSee question
We have several clients who have filed Chapter 13 and Chapter 7 bankruptcy, however, we are not always listed on the schedule. For us, when our clients file bankruptcy and we are listed, we write the debt off as a bankruptcy debt and remove certai...
Once you have knowledge of the bankruptcy, you are subject to the automatic stay. Your claim is discharged unless you find out after it is too late to file a claim. In a chapter 13, that deadline is about 4 months after the case is filed. In the large majority (probably 95%) of chapter 7 cases, claims don't get filed because there are no assets, and therefore, there is no deadline, i.e. even if you find out about a bankruptcy years after the fact, you are bound by the discharge. If there were assets, and you are notified after the claims bar deadline, then your claim is not discharged. If in doubt, you can seek a hearing in front of a judge to determine whether your claim was discharged; you can't always simply assume it was because if you're wrong, you could get in trouble.See question
I had a well-paying job and was able to get many low-interest credit cards. I ran into some difficulty when I lost that job. I now make much less than I was and couldn't afford to make all the minimum payments. I stopped using my cards about 6 mon...
For sure I would recommend bankruptcy. You have plenty of debt, and you are under the median income. You may be able to survive on 75% of your income for now, but how you can do that indefinitely, confounds me. And why have the pressure of creditors coming after you? They can sue you within six year, then have a judgment for 10 years, then renew for 10 more years. "Just getting garnished" sounds like an effective life sentence of debt. You would be paying back $34,000, and your credit will permanently stink. A bankruptcy should cost under $2000, and put you in a position to start rebuilding your life financially.See question
I only work 20 hours a week and waiting for my disability hearing. I just didn't have the funds to make my mortgage payments.
You will probably want to get a five month postponement. Hopefully that will give you enough time to get the Social Security situation figured out, and maybe you will get retroactive pay, which will be sufficient to reinstate. Otherwise you could do a chapter 13.See question
Ok, I'm going to start off by saying I am quite confused. I've been reading & even receiving conflicting answers on this simple(what seems anyway) & direct question. First, here is my situation and then on to the question & plan/thoughts ...
They will need to start all over after the stay expires, which is usually 90 days after you file. Typically it takes another 3-6 after that before they actually foreclose. Once they do foreclose, there would only be a 5 week redemption following the new sheriff's sale date.See question
I am currently in the 4th month 'postponement' cycle. May 1st (sheriff sale) is the last Day to get current on the mortgage with June 1 as my scheduled move out date. It is very feasible that I will be able to come current with the arrears, ho...
A chapter 7 would stop the sheriff sale, and the mortgage company would not be able to recommence a new foreclosure until the stay expires, which is usually 90 days unless they move to lift the stay, which happens less than 20% of the time. Even after the 90 days, it's usually another 3 to 6 months before you end up back in foreclosure. So if that's all the time you need to catch up (keeping in mind the reinstatement figure will increase with every month's payment, not to mention additional interest & fees) then a 7 might be the way to go. There's more to the analysis than that, but that answers your question.See question
how can i get a bank to remove me from a mortgage/HELOC after a divorce? My ex owns the property, per our final decree, and the debt is causing my credit rating to plummet. The bank is refusing to remove my name. Thanks
If your ex is making the payments, that shouldn't affect your credit, so I presume they are not.
The simplest thing to do, is to pay it off and ask your ex to pay you back. Your other options are even less attractive. If your ex isn't making payments, you can ask the family court to grant some sort of relief, including ordering a sale, if the decree provides for such a remedy, and there is equity. You could ask your ex to refinance, but that may not be feasible either if their credit is poor and there is more than an 80% loan to value ratio.