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CML Bankruptcy
CML Bankruptcy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 24
Experience:  Highly experienced in Chapter 7 & 13 bankruptcy.
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Hello, i was curious about the rules of bankruptcy. Im 39

Resolved Question:

Hello, i was curious about the rules of bankruptcy. Im 39 and I have 2 condos and an apartment that im renting. One condo is in short sale and the other is one month behind on the mortgage. Both condos are underwater but tens of thousands of dollars. I havent paid the short sale condos mortgage in 1.5 years and my other condo takes a loss of close to 400 dollars a month when rented. My current apartment has 1100 rent i pay, and im currently looking for my next job. I was just curious about bankruptcy and whats involved. I have a 2006 Audi A3 that is paid off and worth maybe 8000. I also have some furniture and other small assets. Any help would be great.
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  CML Bankruptcy replied 2 years ago.

JACUSTOMER-5wmx0je1- :

Good evening. Let's see if I can assist you with your question.

Customer:

hello

Customer:

thanks

JACUSTOMER-5wmx0je1- :

No problem. So, when you mention that you have a short sale condo, what do you mean? You purchased it on short sale, you're selling it? Please explain more.

Customer:

i own it and i have been trying to short sell it for about 2 years

Customer:

we have submitted many offers

Customer:

waiting to have the bank accept one or forclose

JACUSTOMER-5wmx0je1- :

Oh ok, I understand.

JACUSTOMER-5wmx0je1- :

So, you have two condos and you don't live in either of them, correct?

JACUSTOMER-5wmx0je1- :

You live in the apartment?

Customer:

correct

JACUSTOMER-5wmx0je1- :

Are you renting out the one that you have listed for short sale?

Customer:

no

Customer:

its vacant

Customer:

i have a guy who sometimes house sits in it for free

JACUSTOMER-5wmx0je1- :

And the other condo?

Customer:

to keep an eye on it

Customer:

burbank is the short sale condo

Customer:

arizona is the other one

JACUSTOMER-5wmx0je1- :

OK. And do you have a lease for your apartment?

Customer:

we can refer to them as such going forward

JACUSTOMER-5wmx0je1- :

Sure.

Customer:

arizona is rented, but i take a 400 dollar loss on it every month

Customer:

the mortgage is 600 and the association fee is 200 and i get around 500 rent

Customer:

i do have a lease on my current apartment

JACUSTOMER-5wmx0je1- :

Have you ever filed bankruptcy before?

Customer:

im trying to get out of it and move home with parents

Customer:

for the short term

JACUSTOMER-5wmx0je1- :

Is your Audi paid in full?

Customer:

yes

Customer:

audi is paid off

Customer:

worth maybe 8k

Customer:

i have around 5k credit card debt

JACUSTOMER-5wmx0je1- :

And what do you want to do with your condos? Do you wish to surrender them?

Customer:

at this point i just want out

Customer:

i feel like they are draining me

Customer:

emotionally and financially

Customer:

and i dont see an upside

JACUSTOMER-5wmx0je1- :

And when did you last work?

Customer:

1 month ago

Customer:

i hope to work soon in 2012

JACUSTOMER-5wmx0je1- :

Well, let's see what we can do to get you some information that might help you feel better.

JACUSTOMER-5wmx0je1- :

How many months did you work in 2011? How many people are in your household? Is there other income in the household?

Customer:

i feel like eerything is a mess

Customer:

and i want a clean and simple situation

Customer:

i worked maybe 8 months in 2011 and i am the only one in the household

Customer:

i probably grossed maybe 65k

Customer:

something like that

Customer:

maybe 70k

JACUSTOMER-5wmx0je1- :

OK - so, depending on how much income you have had in the last 6 months, you may qualify for either a Chapter 7 or a Chapter 13. Timing will be important in your case, depending on when the bulk of that money was earned.

Customer:

what are the ramifications of that

Customer:

i made the most money in the last few months

JACUSTOMER-5wmx0je1- :

But, if you have few or no assets, you should be ok with the car, be able to surrender the condos, and get out from under the credit card debt.

Customer:

and what about money in the bank ad things

Customer:

i have maybe 10k in the bank

JACUSTOMER-5wmx0je1- :

I don't have the median income figures right in front of me right now, but any qualified bankruptcy attorney licensed in MI can get that information for you.

Customer:

can you talk more about bnkrupsty in general and what i would face and how long it takes to declare, etc...

JACUSTOMER-5wmx0je1- :

Sure. Bankruptcy is the legal process by which you get out from under your debt, through a Chapter 7 (no repayments) or Chapter 13 (a full or partial repayment) process. A case can be filed within 24 hours or less, depending on whether you complete your credit counseling (permission slip) and have all the documents your attorney will need. A Chapter 7 bankruptcy is typically over in about 6 months. A Chapter 13 bankruptcy lasts 3-5 years from the time the case is approved (about 4 months after filing in the Eastern District of Michigan).

Customer:

ugh

Customer:

sounds complicated

Customer:

i cant suspendmy life for that long

JACUSTOMER-5wmx0je1- :

Probably not if you think of it as "suspending" your life; but if you think of it as taking control back from your creditors, its much more comfortable.

JACUSTOMER-5wmx0je1- :

And, its not an active process for the entire case. Much of what you do is passive.

JACUSTOMER-5wmx0je1- :

I highly recommend you contact a qualified bankruptcy attorney licensed in MI to discuss your situation in more detail and to get legal advice - which is specific to your situation.

JACUSTOMER-5wmx0je1- :

So happy to have been able to help you. Please remember to click the green "accept" button so I can receive proper credit and compensation for assisting you.

Customer:

can i move around for work durring the process and how do i keep working durring it and making income

JACUSTOMER-5wmx0je1- :

Best of luck to you!

Customer:

will i have damaged credit forevor?

JACUSTOMER-5wmx0je1- :

No, you will not. And likely better than it is now, with a year and a half delinquency on the Burbank condo.

Customer:

what amess

JACUSTOMER-5wmx0je1- :

Honestly, its only a mess until you take control back. Then it all gets put into a nice neat little pile of bankruptcy papers. Really...honestly.

Customer:

do i lose everything?

Customer:

cani ever buy a house again

Customer:

thanks so much for your time

JACUSTOMER-5wmx0je1- :

Unfortunately I'm not permitted to give legal advice, only legal information, but no - typically you do not lose everything; and yes, you will be able to buy a house again.

Customer:

would i ever carry a credit card and stuff again?

JACUSTOMER-5wmx0je1- :

You are welcome - best of luck to you!

JACUSTOMER-5wmx0je1- :

Sure you would.

Customer:

ok, i will talk to someone about more specific infomation but i appreciate it

Customer:

how much does the lawuer cost

JACUSTOMER-5wmx0je1- :

Typically initial consultations are at no charge, but attorneys could charge any amount for the consultation. At that point, you should receive a firm price. I can't really quote you a price, as my rates may vary greatly from other attorneys in the district or in the Western District of MI. It will also depend greatly on whether you are a Chapter 7 or Chapter 13.

Customer:

hmm

Customer:

i see

Customer:

i would hate to spend more money

Customer:

and get in more trouble

Customer:

when im already in trouble

JACUSTOMER-5wmx0je1- :

Well, that's a decision you have to make. But at the end of the day, you have to decide how you are going to be able to get out from under your debt. Bankruptcy is one option.

Expert:  CML Bankruptcy replied 2 years ago.
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Expert:  CML Bankruptcy replied 2 years ago.

As a bankruptcy professional, I'll let someone know if I think they have better options. Any attorney you counsel with in person should be able to do the same for you.

 

Thanks again for the opportunity to assist you.

 

Please remember to leave me feedback if you would.

 

Thanks!

Cara

CML Bankruptcy, Attorney
Category: Bankruptcy Law
Satisfied Customers: 24
Experience: Highly experienced in Chapter 7 & 13 bankruptcy.
CML Bankruptcy and other Bankruptcy Law Specialists are ready to help you

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