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Bankruptcy

Date: Fri, 01/15/2010 - 20:26
Submitted by on Fri, 01/15/2010 - 20:26
Posts: 202330
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My husband and I are planning to file either chapter 7 or 13. Total debt $ 30k ( credit cards ) Questions: 1. my husband has a motorcyle probably worth 4k - its fully paid. is the trustee will take it? or can i transfer the title to my mother in law? how about furnitures? electronics? 2. we have 2 car loans - we are current w/ our payments - do we have to voluntary turn it in? - we do not want too bec that is our way of transportation to go to work. 3. We have a mortgage loan- we are current w. our payments - can we keep our house? 4. my husband will get about $3k from stop loss payment in the army -the trustee will take it? 5. while you are in bankruptcy status? is the trustee control your money?? how does it work?

God bless to all


You need to look at the state exemptions available to you. A fully paid motorcycle worth of 4k can be taken by the trustees if you file ch7. But don't try to transfer the title just before filing bk. It'd be regarded as a fraud and the trustees can cancel the title transfer deal and liquidate the bike to pay off the creditors.

Your best option is to talk to a bankruptcy attorney. Most would give the first consultation for free.


Submitted by SC on Tue, 02/02/2010 - 02:38

SC

( Posts: 3937 | Credits: )


dont file bankruptcy for only $30,000 in credit card debt.
Have you called your creditors and tried to work out a hardship payment program? Have you tried any sort of debt settlement?

If you have NO. money there is still hope.

I only say this because I filed bankruptcy and only wish I had been given some other options before I did. Maybe you have, you dont mention it in your posts. If you file Chapter 13, you will still need to pay off at least 20% of your debt over a 3-5 year time frame and you will be under the scurinity of the trustee the whole time. If you do some sort of debt settlement, you might be better off.

I know its tough, but there are other options. BK should be your last resort. if you could get a 2nd job and pay an additonal $700 a month towards your debt, you would be debt free in 42 months....

I know it feels like a huge weight on you right now, but break it down into small numbers. sell anything you can that you dont need and throw it at the debt, call the credit card companies for hardship repayment programs, increase your income,, it really is much more rewarding to get out of debt in less than 4 years than carry around a BK for 10.

Please dont think I am dismissing your decision.. your posts doesnt give me enough infomation about your situation and so, I am really just trying to give you some options...


Submitted by on Sat, 02/06/2010 - 18:46

( Posts: 202330 | Credits: )