It should only affect you personally if you also guaranteed the debt. Most businesses are a separate entity just like a separate person. You are only liable for a debt to a creditor if you agreed to be liable for it. You can co-sign with your company or a person and be held liable.
We would like to continue to make payments on it and keep it because we need it for our property. The home & 1 acre is in my name because I lived here before my husband and I married. We use the tractor for property maintenance and feeding our cows. (We have 2 that are being raised for our meat... Read more »
Great question, and one that I frequently field from potential filers. The John Deere Finance loan will have to be identified in the bankruptcy schedules. This ABSOLUTELY does NOT mean that you have to give up the tractor. There are multiple paths available to keep the tractor. One path,...Read more »
hypothetically a close relative needs to file bankruptcy but I assume she will loose the home in the process so I will take over home and loan then rent it to them theory. The home mortgage is currently and no payments missed
She won't necessarily lose the home, but it depends. If she has equity, if she's been up to date on paying her mortgage etc. Your relative would need to speak to bankruptcy counsel re the specifics of her situation.
Re you taking over, that is something you would need to request...Read more »
Most will but there are exceptions to discharge. The most common non-dischargeable debts are domestic support obligations, student loan debt, and most tax debt owed to federal, state or local governments. Debts from misrepresentations made to get credit, debts arising from fraud, "willful...Read more »
Your brother seems to qualify for filing bankruptcy. He makes very little income. There may be a problem for him in that if he sold the restaurant, there should be maybe money left over or money to be accounted for. There is also a requirement to keep records. He could make a gross income of...Read more »
Bought shed from marketplace from a lady. She wrote a receipt stating that it was paid for in full previously by her and it was not being financed anywhere. Before I had a chance to get it moved the finance company re-Po'ed it and now she refuses to give my money back. She texted me and told... Read more »
My fiance is making the payment for me and its not really effecting my budget and i am up to date and current on all my payment in my bankrupcy and the credit card. I really dont want to draw this to my lawyers attention. Will this cause my case to be dismissed
What you describe sounds like a post-filing debt, which would not be discharged in your Chapter 13. I have no doubt that your jurisdiction forbids incurring new debt, (including credit cards) without Court permission. (No Court in my experience would EVER grant permission). I agree with Mr....Read more »
We filed together approx 2 years ago, prior to divorcing, and this if the first year we are having to turn in our tax returns, but I received a motion stating he had not done this. I do not know how to protect myself in this situation. He has a car with my name on it and I have a car with both... Read more »
The bankruptcy case will be dismissed if the ex does not pay the tax refund. I fail to see why you would be in Chapter 13 unless you have a large income, a large amount of assets, student loans, or income taxes which you need to manage in Chapter 13.
If a lawyer was to request a early payout on a chapter 13 how does that work exactly and what is the turn around time for all of that? I am 3 years into plan and want to request a early out or early payout
“Copies of all notes, security agreements, loan disclosure statements and other documents relating to loan transactions to which the debtor is a party” Say it in layman/is this about my personal loan already included in the case that I am declaring bankruptcy on?
Yes it is, but it also pertains to any and all other loans you currently have. Best to turn over all loan documents for any loans you currently have, whether you are discharging them or plan to repay them.
I'm not licensed in Kentucky, so you should consult an attorney licensed in your State. In most States your brother's 1/8 interest would not be exempt under law. What that means is that his bankruptcy estate would include his 1/8 interest and the bankruptcy trustee would be entitled to...Read more »
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