Credit and Debt Problems Forums http://www.debt-consolidation-credit-repair-service.com/forums/ Have questions about filing a bankruptcy? Wondering what it will do to your credit? Here is the place to start. en Tue, 07 Sep 2010 18:23:12 GMT vBulletin 60 http://www.debt-consolidation-credit-repair-service.com/forums/images/styles/bluedeluxe/misc/rss.jpg Credit and Debt Problems Forums http://www.debt-consolidation-credit-repair-service.com/forums/ Hold the Phone.. Bk 7 and money owed me http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303906&goto=newpost Tue, 07 Sep 2010 17:06:14 GMT
Quote:
Originally Posted by gravelgirl66 (Post 1075077)

however the ex wife is saying that she shouldn't have to pay him the money bc he is going through a BK. and he wont owe the money either. - and plans on telling the courts this also. does this make a diffrence and what do we do? is she right?
This is flat out wrong. Sue her for the money owed. ]]> usctrojanalum http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303906 <![CDATA[Call I sell a asset to fund attorney fee's prior to ch7?]]> http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303904&goto=newpost Tue, 07 Sep 2010 15:56:11 GMT Thanks Denita for the reply. I do own the car outright. I did have my initial consult, at which time I foolishly thought I could scrap up his... Thanks Denita for the reply.

I do own the car outright.

I did have my initial consult, at which time I foolishly thought I could scrap up his fee so the question didn't enter my mind. Wasn't sure if asking him another question after the free session was proper. ]]> jims86lxihb http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303904 Bankruptcy: Keeping the costs down. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=278066&goto=newpost Tue, 07 Sep 2010 12:19:17 GMT Bankruptcy lawyers will give you a initial consultation and by the help of bankruptcy lawyer you can keep the fees down by being well organized and... Bankruptcy lawyers will give you a initial consultation and by the help of bankruptcy lawyer you can keep the fees down by being well organized and well prepared. ]]> esterlydsl http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=278066 Hmm...interesting thing BoA said to me re; BK http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303875&goto=newpost Sat, 04 Sep 2010 11:42:56 GMT
Quote:
Originally Posted by Randall948 (Post 1074842)
...he claims that if I file for BK the trustees now "will probably" require you to look at a DM/ consolidation plan prior to filing "so maybe you dont have to file"
No basis for this. And if he continues to give unsolicited legal advice, call his state bar disciplinary board and let them know about it. ]]> jq26 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303875 Ch13 BK gone bad... need help! http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=294755&goto=newpost Fri, 03 Sep 2010 19:59:12 GMT Excellent news.

And nice to hear BoA is behaving themselves now.

But just because the hardest part is behind you don't let your guard down. There are still wolves out there that may contact you over things that are done and discharged. (I sure as heck had a few -- went through about 15 copies of discharge notice before things calmed down) Be ready with a nice "go pound sand" letter.

BTW...did they ever answer the RESPA letter...completely? ]]> Methuss http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=294755 401K withdrawal included in the means test? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303840&goto=newpost Fri, 03 Sep 2010 17:36:15 GMT
Quote:
Originally Posted by jq26 (Post 1074736)
Lowbud,
You should be fine. If the asset doesn't NET anything after claimed exemptions and all transactional costs, it isn't worth selling. Don't forget realtor fees and real estate transfer taxes. Transactional costs usually run 8-10% of sale value.
jq26, thanks for your input.. It's appreciated. ]]> lowbud http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303840 Considering Filing BK myself http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303682&goto=newpost Wed, 01 Sep 2010 14:29:44 GMT ---Quote (Originally by Ex IT Guy)--- I did not think that they could do this either since we reside in TX and state law does not allow this. But I...
Quote:
Originally Posted by Ex IT Guy (Post 1073443)
I did not think that they could do this either since we reside in TX and state law does not allow this. But I do not know what my steps would be to fight this or get it dismissed.

And yes, this would make the difference between filing or not filing for BK.
Your Chapter 7 will shut down the garnishment, but you'd be best off contacting the creditor directly and giving them a case # on the day you file. They should (must) contact your employer and have the garnishment stopped. Monies that were already garnished will not go back to you.

Regarding Texas, it depends on state laws. I've heard out of state creditors make arguments that their state law applies, therefore subjecting you to garnishment. Some states, such as mine (PA), allow garnishment only for landlord-tenant disputes, IRS & state tax issues, and child support cases. You have to look up Texas rules. This yankee isn't familiar. ]]> jq26 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303682 <![CDATA[Filed BK & WF froze my bank account]]> http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303641&goto=newpost Sat, 28 Aug 2010 21:18:35 GMT ---Quote (Originally by usctrojanalum)--- Trustees have a ridiculously hard job as it is to begin with. I do not see the harm in them getting help...
Quote:
Originally Posted by usctrojanalum (Post 1074132)
Trustees have a ridiculously hard job as it is to begin with. I do not see the harm in them getting help from banks. I'm not saying if someone has $160 in their bank account that it should be frozen. But anything above 3k imo, should be frozen since it does technically no longer belong to the debtor. And the estate should be immediately notified.
Yes there is harm because a bank should not have that type of power over the debtors assets, especially if they may be a creditor too. Yes, the trustees job is hard but the banks should not take on the trustees job. The trustee is the one who is responsible for the estate, not the bank.

Now, the bank certainly can send a letter to the trustee stating that they have such and such asset that is in the debtors name and let the trustee make the decision to claim the asset or not. The bank however should not be allowed to freeze the asset no matter what the size of the asset is.

And the 9th circuit appeals court agrees with that line of reasoning apparently, regardless of what we say. ]]> WhoCares1000 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303641 Typical Time Line to Relinquish House in BK http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303712&goto=newpost Fri, 27 Aug 2010 19:21:46 GMT Thanks for the answer. Yes, there is no way she could move now because she has no money and I seriously doubt she would find a place in two weeks. ... Thanks for the answer. Yes, there is no way she could move now because she has no money and I seriously doubt she would find a place in two weeks. Plus there would be no point to it if the foreclosure would take that long. She could put money aside to find a place to live.

We are trying to present BK as an attractive option to someone who is clearly drowning in debt, feels guilty and ashamed about it, but needs to do something.

I've heard of so many people who have to declare BK after a death or some traumatic thing and yet she thinks she's the only one who isn't making it even though she lost a very substantial income.

Another question: is there any obligation to talk to the bank about modification before declaring BK? ]]> sje123 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303712 <![CDATA[This can't be right !!!]]> http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303742&goto=newpost Thu, 26 Aug 2010 13:26:27 GMT ---Quote (Originally by Ex IT Guy)--- Went to see two different attorneys yesterday to discuss filing BK. Was hoping to be able to file a 7, but...
Quote:
Originally Posted by Ex IT Guy (Post 1073887)
Went to see two different attorneys yesterday to discuss filing BK. Was hoping to be able to file a 7, but knew that with our income we probably couldn't. Well, both confirmed that we do not pass the means test and told us we need to file 13.

One of the attorneys said that she can give us monthly amounts for payment into the 5 year plan once we pay a $500 retainer up front.

Here is the part that doesn't make sense to us:

The other gave us a figure of a $1581 monthly payment for the unsecured creditors per month. So by our calculations our total payment amount at 60x1581 is almost $95K. And the total unsecured debt is only $57K.

Why would we want to file bankruptcy then?? It would seem we are better off trying to negotiate a settlement, and if the CC companies don't want to settle, then offer them full repayment but over a longer timeframe.

Any thoughts?


Thanks,

EX IT Guy
Need more information such as how many accounts still with original creditor, how many with junk debt buyer. I would not pay another penny and defend against any dunning letters and or lawsuits. Would not recommend a bankruptcy. ]]> Massive http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303742 Curiousity: Why does it matter if I am behind.... http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303690&goto=newpost Mon, 23 Aug 2010 20:33:31 GMT No. TOTC dismissals (case 3) tend to be egregious cases where people technically pass the means test but behave poorly. High income folks can pass... No. TOTC dismissals (case 3) tend to be egregious cases where people technically pass the means test but behave poorly. High income folks can pass the means test easily if they have enough secure debt. So a trustee, US Trustee, creditor, or the court itself may bring a motion to dismiss or covert to a Chapter 13 if, for instance, someone with a $180,000 income and a $6000 monthly mortgage payment purchased a Ferrari with a $1600/month payment a few months before the filing. They may pass the means test thanks to all of their secured debt, but my guess is that eyebrows would be raised enough for one of the above-listed parties to bring a motion for dismissal based on totality of the circumstances.

You are probably not on the 11 USC 707(b)(3)(B) radar... ]]> jq26 http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303690 New to BK http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303657&goto=newpost Fri, 20 Aug 2010 19:44:29 GMT ---Quote (Originally by willingtocope)--- Not exactly true. ALL creditors are IIB whether they are listed or not. If the amount owed is...
Quote:
Originally Posted by willingtocope (Post 1073191)
Not exactly true. ALL creditors are IIB whether they are listed or not. If the amount owed is substantial, or the creditor comes after you later, you may need to reopen the BK to get them formalized, but they are included. I think this is to prevent the debtor from trying to pick and choose who they will continue to pay.
Great news thank you very much.

as I was reading through the paper work for the 341 meting it is suggested that I cut up all my CC cards so my question about the 2 cards I have has been answered, it's scissor time. ]]> Wan2Live http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303657 BK to keep home? http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303659&goto=newpost Fri, 20 Aug 2010 13:41:11 GMT ---Quote (Originally by Denita)--- If the original modification was done verbally, then your friend does not have a leg to stand on regarding the...
Quote:
Originally Posted by Denita (Post 1073176)
If the original modification was done verbally, then your friend does not have a leg to stand on regarding the change in his written loan agreement.
Right! I'm hoping that he does have it in writing, but don't know yet.

Quote:
The judges don't have the power to modify the terms of the mortgage loan, even in a Ch 13. What can be done is the arrears can be put in the Ch 13 plan payment and the F/C can be stopped which may give your friend some breathing room to get back on his feet.
Assuming he doesn't have the loan modification in writing, is the judge/trustee likely to approve an agreement whereby his payments would be the equivalent of his current interest-only payments?

Quote:
But I have to ask, is the income drop temporary? Or does your friend think he will be in this position a while?
His income has been increasing somewhat (was promoted to assistant manager where he works), but don't know how likely it is that it will increase significantly more over the next year or two.

Quote:
He may need to surrender the home if the income drop is long term.
That's what I'm thinking, but he's thinking that a Chapter 13 will help him save his home. I'm not convinced. ]]> myhouse http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303659 how a TL should look post re-affirmation http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303639&goto=newpost Fri, 20 Aug 2010 01:48:36 GMT If you reaffirmed the loan, it should be reporting normally with all payment history. But, you are probably not dealing with a problem caused by... If you reaffirmed the loan, it should be reporting normally with all payment history.

But, you are probably not dealing with a problem caused by the lender, although that is still possible. You see, two years ago the big-3 credit bureaus were sued for failing to report tradelines included in bankruptcy proceedings as being IIB with $0 balance after the discharge. As a result, the bureaus are taking a knee-jerk approach to the problem by simply marking everything as IIB, no balance, and no history.

In my case, Experian went so far as to delete my entire file....

Which is fine with me. I'm done playing with snakes, personally. ]]> Methuss http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303639 Hi............, http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303609&goto=newpost Tue, 17 Aug 2010 18:23:20 GMT lmgtfy dot com/?q=Bankruptcy+explained ;) lmgtfy dot com/?q=Bankruptcy+explained ;) ]]> Wannabe debtfree http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=303609