Timothy Denison's answer Your credit score will be drastically reduced and credit will cost you more than someone with good credit. However, many lenders will be happy to lend you money upon conclusion of your bankruptcy bc they know you can’t file again for eight years. It also provides you with a relatively easy avenue to rebuild your credit.
Timothy Denison's answer Depends on your ownership interest in the property and the equity in it. You need to speak with a competent bankruptcy lawyer who can assess your complete financial situation before you do anything.
Kevin M Rogers' answer Get rid of the car. The title now belongs to the lending company. List the original lender, the seller of the car and the company that all previous liens were consolidated with and BE FREE of this lousy car!
Timothy Denison's answer Way too many questions to answer in a text bc there are so many variables to consider, but the short answer is yes, a Chapter 7 or 13 could help you resolve these issues permanently and likely help you keep your home. You need to consult with an experienced bankruptcy attorney who can analyze your complete financial situation and decide which route is best for you.
(a) The court shall grant the debtor a discharge, unless--
(8) the debtor has been granted a discharge under this section, under section 1141 of this title, or under section 14, 371, or 476 of the Bankruptcy Act, in a case commenced within 8 years before the date of the filing of the petition;
(9) the debtor has been granted a discharge under section 1228 or 1328 of this title, or under...
Anthony Marvin Avery's answer You must continue to make payments or the Lender will get relief from the Stay and repossess the collateral. Find out what type of payments your Sister's Plan proposes, and this will determine what you pay each month after the Plan is confirmed. But until the Plan is confirmed, no payments by the Trustee will be made.
Kevin M Rogers' answer You will be fine. THAT’S what Chapter 13 is for. It would be a different matter if the Mortgagee could prove that your house had NO equity. Because it is the equity in your house that the court will find is necessary for your rehabilitation.
Your lawyer will amend your Plan, adding a new, secured creditor - the same Mortgagee except the amount he will be owed is EXACTLY the amount, including interest of the arrears. You will pay this through the Plan, through the Trustee and it will...
Anthony Marvin Avery's answer The Creditor probably can Probate Grandmother's Estate for its benefit. But it is very unlikely. You are probably better off filing a Notice of Exempt Property with whatever Court and Docket Number you are being sued under. You should be able to Exempt all property, but be careful with any Bank Accounts.
Trent Harris' answer For purposes of the Chapter 7 means test, Social Security benefits are not income. But for purposes of Chapter 13 disposable income, yes, Social Security benefits are counted as income from which your allowable expenses are subtracted to arrive at disposable income in Michigan. In some other jurisdictions (other than Michigan), the answer would be different.
As always, you get what you pay for. Be sure to talk to a qualified attorney about your specific situation before choosing to...
W. J. Winterstein Jr.'s answer Unless you took a security interest in the debtor's real or personal property at the time you advanced the money, and "perfected" your lien by filing in the designated places (Registrar of deeds in county where real property is located, or Sec. of State of PA and/or county for UCC-1 filings), then your loan is most probably subject to discharge in the bankruptcy.
There are exceptions to discharge, listed in Section 523 of the bankruptcy code, e.g., if the debtor procured the loan by...
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