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  • Bankruptcy

    i know this is not the right forum but i have to ask this . does anybody know's about the Bankruptcy law in here? i have an important question

  • #2
    i know this is not the right forum but i have to ask this . does anybody know's about the Bankruptcy law in here? i have an important question

    Comment


    • #3
      I might be able to answer some questions. What is your question?
      “...I may condemn what you say, but I will give my life for that you may say it”! - Voltaire

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      • #4
        thnx kollerkrot and thnx in advance. my wife owe money to some banks and credit card company's, and today they served her the papers from the court. actually they gived it to her cusin but anyway, she's getting sued now and they'r giving her 30 days to respond and the strange thing is , there is 2 court dates on that paper. one for may and one for nov? and it's about the same case? so now my question can she file bankruptsy at this point or is it too late? and can she protect's her car ? i mean she's disable and she doesn't have any income anyway and it was my fault actually bcoz she asked me to file it 6 months ago and i said not to, and now she's getting sued and i know the rest will be suing her soon bcoz she owe them more. so can she file chapter 7 or no or what? and why 2 courts? and what would happen at this court anyway? and is it hard to file it on her own or she needs an attorney ?

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        • #5
          <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by mike_2007:
          thnx kollerkrot and thnx in advance. my wife owe money to some banks and credit card company's, and today they served her the papers from the court. actually they gived it to her cusin but anyway, she's getting sued now and they'r giving her 30 days to respond and the strange thing is , there is 2 court dates on that paper. one for may and one for nov? and it's about the same case? so now my question can she file bankruptsy at this point or is it too late? and can she protect's her car ? i mean she's disable and she doesn't have any income anyway and it was my fault actually bcoz she asked me to file it 6 months ago and i said not to, and now she's getting sued and i know the rest will be suing her soon bcoz she owe them more. so can she file chapter 7 or no or what? and why 2 courts? and what would happen at this court anyway? and is it hard to file it on her own or she needs an attorney ? </div></BLOCKQUOTE>
          Mike,
          If your wife loses the lawsuit, that judgment can be included in the bankruptcy. If she wants to include the bankruptcy, she will need to file after she loses. However, she might have a chance at winning the case.

          General Bankruptcy Guidelines:
          Your wife will need to go through a debt consolation plan first to attempt to pay off the debt before she can file for bankruptcy. There are two avenues, total liquidation in Ch 7 and 11 of the bankruptcy code, and a repayment plan, or sometimes called debt relief, ch. 13. Depending on the state you live in, state law can add requirements or relief of which property is included in bankruptcy and which property is excluded. Generally, you can exclude your main home, personal property, and your primary car. All other assets and property, including the debts associated with the property, will need to be listed. Debts does include any state or federal income tax liability, as well as any business debts that can be attributed to personal property. Once the Bankruptcy is filed, the creditors will be notified and all debt enforcement activities will be suspended. A trustee will be assigned to the case, and there will be a creditors meeting to discuss how and when the division of assets can be distributed. if the Bankrutcy judge approves the bankrutcy plan, then your debt will be discharged. It will be on her credit report for 10 years and she would have a hard time getting new credit anytime soon. This also could affect you if you live in a community property state. But the bankruptcy will not affect your immigration status or you ability to enter the US in most circumstances.

          Sorry Kollerrot if I jumped in too early.
          "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

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          • #6
            thnx alot hudson. but what about the two court dats? why 2 court dates? one in may and one in nov and it's about the same case? is that normal? hmm so there is no way to file it while this thing is pending then. thats not good bcoz i dont think she can afford the payments plan either

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            • #7
              and also she's expecting a settlment bcoz she have a workers como case. so lets say she file bankruptsy and then later she gets her settlment can they reopen the case and go after her to collect the money? and in this case can she go to jail for that or no?

              Comment


              • #8
                i mean about this bankruptsy thing

                Comment


                • #9
                  Yes, she would be able to file now, but you can't do this without a lawyer and they cost money!

                  You have to realize although, when filing Chapter 7, you cannot only file it for some of your creditors. When doing so, it will affect all your creditors/finances/monies that you owe, and that you have coming to you. If it is because of a car, she will not be able to keep that, because it is not considered a necessity and the creditor owns that car until it is paid off. Hence it will be repossessed. In a chapter 7, the court might consider you keep your house, if you have one, because that is a necessity. Other financed stuff, depending on the value will also be repossessed. If you have anything of value, that you owe outright, that might be taken from you and sold to satisfy some of the debt.

                  Bankruptcy will affect your reputation/credit standing for 7-10 years, and will seriously hinder you to obtain credit in the future.

                  You ask me, I think it is NOT WORTH it to file for bankruptcy.

                  It might be better to get in touch with one of these debt relief organizations, as they work with the creditors to reduce/eliminate interest, which could make it possible for her to actually manage to pay back the debt.
                  “...I may condemn what you say, but I will give my life for that you may say it”! - Voltaire

                  Comment


                  • #10
                    it may not be worth it my friend but i dont think she have a better choice. i mean she doesn't have any income and she's disable for life. and she doesn't owen anything exept her car . so there is a chance to file it at this stage?

                    Comment


                    • #11
                      You guys are married, they will consider your assets as well.
                      “...I may condemn what you say, but I will give my life for that you may say it”! - Voltaire

                      Comment


                      • #12
                        well iam not in the country

                        Comment


                        • #13
                          <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by mike_2007:
                          thnx alot hudson. but what about the two court dats? why 2 court dates? one in may and one in nov and it's about the same case? is that normal? hmm so there is no way to file it while this thing is pending then. thats not good bcoz i dont think she can afford the payments plan either </div></BLOCKQUOTE>
                          I presume the two court dates are for the lawsuit. If that is the case, the first date is for discovery, evidence, and the second is the tentative trial date. So yes, it is normal to have two trial dates already scheduled.

                          If she files now, she will not be able to include the lawsuit debt that will come after the bankruptcy is filed. There are very stringent regulations to add additional debt not included. If it happens, the bankruptcy is dismissed, but still ruins your credit. You will have a minimum of 1 month, if not more, to refile if the dismissal was an administrative error.
                          "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

                          Comment


                          • #14
                            <BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by Kollerkrot:
                            You guys are married, they will consider your assets as well. </div></BLOCKQUOTE>
                            Koller,
                            Only if they live in a community property state and it is US assets only. However, since he is out of the country and not living together, she could include her assets only.
                            "Facts are stubborn things; and whatever may be our wishes, our inclinations, or the dictates of our passion, they cannot alter the state of facts and evidence." John Adams on Defense of the boston Massacre

                            Comment


                            • #15
                              thnx again hudson . i really dont kno wnaything about this whole thing. they'r giving her 1 month to respond to the court .and there was a date from nov 2007? so does she have to respond within 1 month from that day which is november or from the day they served her? and what is the best option for her now? in her setuation i mean

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