Dismiss Notice

Welcome To CK5!

Registering is free and easy! Hope to see you on the forums soon.

Score a FREE t-shirt and membership sticker when you sign up for a Premium Membership and choose the recurring plan.

Bankruptcy Info

Discussion in 'The Lounge' started by Resurrection_Joe, Jan 7, 2005.

  1. Resurrection_Joe

    Resurrection_Joe 1 ton status

    Joined:
    Jan 9, 2002
    Posts:
    17,372
    Likes Received:
    0
    Location:
    Gettysburg, SD
    Well after 8 years keeping an old farm house together and replacing most of it piecemeal, on $20,000 a year, my mom's kind of getting to the end of her means, and me paying pitiful rent and the phone bill for the last year hasn't been helping.

    So what is involved in the most common type of bankruptcy? Anyone been though it? What can you loose? What about stuff that belongs to me?
     
  2. js4x4

    js4x4 1/2 ton status

    Joined:
    Jul 17, 2004
    Posts:
    798
    Likes Received:
    0
    Location:
    San Diego, CA
    depends...is the house in yoru name? have been paying the mortgage? if not, then its potentially on the chopping block. I recommend visiting a bankruptcy lawyer for specifics in your state...most offer a free initial consultaion. Good luck, hope your finances turn around for the better soon.
     
  3. Resurrection_Joe

    Resurrection_Joe 1 ton status

    Joined:
    Jan 9, 2002
    Posts:
    17,372
    Likes Received:
    0
    Location:
    Gettysburg, SD
    It's my moms, OWNED as you young kids like to say
     
  4. boggerless

    boggerless 1 ton status Premium Member

    Joined:
    May 26, 2003
    Posts:
    22,728
    Likes Received:
    96
    Location:
    dearborn heights, Michigan
    it depends on your state ,i think, but it's not a big deal to go bankrupt.you won;t loose the house or anything else unless it's frivoless.
     
  5. boggerless

    boggerless 1 ton status Premium Member

    Joined:
    May 26, 2003
    Posts:
    22,728
    Likes Received:
    96
    Location:
    dearborn heights, Michigan
    chapter 7 you wash yourself of debt, chapter 13 you set up a repayment plan.13 can only last 4 years. 7 sounds the best for you guys. keep the crib and start over,find an attorney that does bankruptcy. not any lawyer can get it right.
     
  6. boggerless

    boggerless 1 ton status Premium Member

    Joined:
    May 26, 2003
    Posts:
    22,728
    Likes Received:
    96
    Location:
    dearborn heights, Michigan
    your stuff is safe, if you talk to a lawyer he may ask what you can sell, just say nothing. they can't and will not check.the lawyer doesn't care ,they just want thier money so don't worry about him or her. to many people go bankrupt for the government to check .:grin:
     
  7. fjleiter

    fjleiter 1/2 ton status

    Joined:
    Feb 13, 2004
    Posts:
    278
    Likes Received:
    0
    Location:
    Palmyra, NY
    Try the following sites.... read...read...read

    If she owns the house outright, or has substantial equity. She could lose the house unless you are in a state with a large or total homestead exemption. You don't really get to pick and choose which you will file, the courts go by the amount of disposable income she has at the end of the month. I suggest you read all you can and check with a couple bankruptcy attorneys, most give an initial consultation for free.

    www.artofcredit.com

    www.creditboards.com

    www.freeadvice.com

    www.creditnet.com
     

Share This Page