If I had student loans on those accounts would they be protected?
What you are able to protect would depend on your state's personal property exemptions. Debtors are given exemptions they can use to protect personal property. A bank account is considered personal property. In Illinois, a person filing for bankruptcy gets a $4000 personal property exemption. Therefore, you can protect $4000 in a checking/savings account. Each state has its own exemptions. I highly recommend consulting with an attorney in your state to discuss your options. Good luck!See question
Co-signed auto loan for son. The account has been sent to a collection agency. Is it too late for me to contact original creditor (CARMAX) to negotiate payment arrangements to try to salvage my credit rating.
Carmax has most likely sold the debt to the collection agency for a fraction of the debt. Therefore, I would recommend calling the collection agency to negotiate a settlement. Collection agencies are usually willing to settle for a fraction of the debt. Good luck!See question
Does my husband have to pay my credit cards debts.I had the cards before we got married. I did stop paying on them little after we got married because I do not have a job or a bankaccourt but my husband has one but my name is not on the accourt.It...
Since you obtained the credit cards before you were married, you will be liable for the debt you incurred and not your husband. You can always try to settle with the credit card company. Many credit card companies are more than happy to settle at a fraction of what you owe. The credit card company may just write off the debt. If money is really tight, I would not recommend settling until they actually sue you. Good luck!See question
I want to move because of flooding and safety issue with my condo but I was recently laid off so I have no income to try to rent another unit in a safe neighborhood of my city. I am going back to my attorney to adjust my trustee payments, but I...
You can only strip 2nd mortgages that have absolutely no equity. Therefore, if you only have one mortgage, you can not strip the mortgage with a Chapter 13. A deed in lieu will only satisfy the first mortgage and the second mortgage (assuming you have one) can still sue on the note. If you are underwater on the first mortgage, a deed in lieu will be difficult to obtain. Good luck!See question
When filling out expense schedule J, can I include my student loan payments? I am not asking if I can have them discharged, just if I am allowed to list them as an expense to offset my income from schedule I. Thank you
The answer to your question depends on what district you reside in. In the Seventh Circuit, there is a case law that is on point with your situation. The Courts allow the expense as a necessary one because it is nearly impossible to discharge student loans in a bankruptcy. I would recommend consulting with an attorney in your state.See question
if not we will have to pay 22, 5000, I really need help, i don"t have that kind of money. should i get a lawyner.
It seems like the creditor is pursuing you for a deficiency. A deficiency is the difference from what they sold the car for and what you owed on the note. I wouldn't recommend hiring an attorney to handle this matter until they sue you. They may just write it off as a bad debt. Good luck!See question
i had a auto loan . the car was totalled. the ballance is 3 grand. collector says he cant garnish me on the state level so he is goint to the federal level through the irs or he will block my commercial drivers licesnce or block my car tags on ot...
In Illinois. a creditor can garnish 15% of a person's wages once they obtain a judgment and are granted permission from the court. I would assume NJ would have a similar provision. I have never heard of a creditor sending the IRS to collect on a judgment. The IRS only handles tax matters and a creditor can not pursue you through the IRS. It seems like the creditor in this case has not even sued you on the debt, therefore it seems like they are making improper threats towards you. I highly recommend contacting an attorney in your area to handle this matter for you.See question
going to court this credit card had insurance protection i was unemployed in 05 and then went on disability in 06 this card has gone thru many people please advise what I can do I cannot afford a lawyer i am 66 yrs ol and live on a fi...
The first thing you should do is make the plaintiff (the party suing you) prove that they are entitled to collect from you. If they are suing you on a "breach of contract" theory, then ask them to present the actual contract. In Illinois, the contract a party is suing on must be attached to the complaint. If they are able to present the contract, then you should ask them for a statement of all purchases made. Ask for the date and time of the transactions. Forcing the debt-holder to work may result in them dismissing their lawsuit. Not many debtors contest credit card lawsuits. The debt-holder may find it in their best interest to dismiss your case and chase the debtors who will not contest the lawsuit. At the end of the day they may decide the juice is not worth the squeeze; especially if they are suing for less than $10,000.See question
I'm 27 years old and in the process of building several start ups that have the potential to be a great success into 2011/beyond. For the past year, I've had quite the financial struggle due to a chronic medical issue that has made my life fairly ...
Your first step should be contacting your lender to inform them of your current financial condition. From my experience, they will work with you given your current medical condition. It is highly unlikely that they would be willing to reduce your balance. The debt is too "fresh" for them to offer you a settlement. If your medical condition is not likely to improve in the near future, you may be able to discharge the debt through bankruptcy if you can demonstrate a "undue hardship". The "undue hardship" standard is extremely difficult to meet, but it is not impossible. I highly recommend consulting with a competent bankruptcy attorney to discuss your options in the event your lender is not willing to work with you. Good luck!See question
I just recently had to go to the emergency room. It turned into something way bigger than we expected. Now we have a medical bill of $23,000.00 and my husband and I are both on unemployment. We have a 1967 trailer that's paid off on a lot we own t...
It would depend on Arizona's homestead exemption. In Illinois, if husband and wife own a house then $30,000 of equity is exempt and creditors can not touch it even if they have a judgment. Some states have a 100% homestead exemption. I would highly recommend consulting with a competent bankruptcy attorney in your area.See question