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The vacation townhouse is worth 200K, My primary residence

The vacation townhouse is worth 200K, My primary residence townhouse mortgage is 275K, My car owe is 35K, The Divorce lawyer fees are 500K, Credit cards 60K, my income 80K, So again if the vacation townhouse is sold and I take that money put 10K into (2)529 college plans, pay off the car, refinance the primary residence townhouse, then file bankruptcy, how long do I need to wait before filing bankruptcy and what is the flaw in my plan? BTW - I paid the lawyers &160K to date from my IRA and I literally livepay check to pay check.

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Terry L.

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Doctoral Degree

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I will most likely be filling bankruptcy. Newly married since

I will most likely be filling bankruptcy. Newly married since 06-14 my wife wants to know what is likely to be asked from her if the bankruptcy is unavoidable by same time next year. Well we hope to make big enough payments to keep out of bankruptcy we also want to be sure to preserve her good credit and all assets she had prior to marriage. As it is we both sold our houses. Mine is not official and the presumption is the house will be assumed by my friends company. We rent now and my wife has already gone to part time and eventually will be unemployed by Jan 15. She has a small saving and will be offered a pension of some unknown amount plus 401k. I will put my car in her name very soon and the value is around 4000.00 I had recently provided our family a leased car.As a couple we have a joint stock account and while we are learning to be better traders it required her to deposit 13000 recently to bring our account back to the amount I borrowed from 401k. 26000 loan a year or so ago. this is how we hope to eventually pay back but of course there is no guarantee we will be successful. While I did bring around 10k of credit card debt into our marriage. It is now hovering near 25k and growing. My wife has no credit card debit and perfect credit record. I had one but we felt it would be best if only one of us take the brunt of a bankruptcy. Is it allowed to preserve her capital and use my paychecks and current use of credit with out being affected later at a possible bankruptcy. As you see are assets are meager. Nether of us made money on the sale of house. which had been our hope but was dashed by a less favorable market then we first believed.What are the general guidelines on this type of circumstance in the state of Virginia? What will be expected of either of us in bankruptcy and most notably what will be expected of my wife's assents in another year if we are unable to ward off banckruptcy. My wife has read that purchases such as food, clothing, meals out or possibly anything considered a debt created by our family since the time we married could fall on her equal to myself even though my cards are the only ones with a balance. Another question is the amount of bankruptcy. when should I file. Now at 25000 or a year later with perhaps 50000. Obviously we wont have a choice at some point if we cant meet he minumum payments but I imagine there is a place to consider doing so before debtors begin calling and demanding payment. We have hope now but too much higher and it will be done deal by our ablilttys to pay. Do we wait it out to the bitter end or file sooner?

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Phillips Esq.

Attorney

Juris Doctor

18,350 satisfied customers
When reading through the code for BK chapter 13, I noted that

When reading through the code for BK chapter 13, I noted that it said non-secured debt can't be over approx $383K and secured debt not over approx $1.15m.If there are judgements against the person that are only there due to personally guaranteeing a company's loan (used to be his company, isn't anymore), is that still included in the "not over $1.15m category?What happens if unsecured is over $383 and/or secured is over $1.15?

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Phillips Esq.

Attorney

Juris Doctor

18,350 satisfied customers
I read that these cases are public records . If in case you

I read that these cases are public records . If in case you have any info would've appreciate the imput.Aside from the guidelines I have read , it suggested to check with the local court on some procedures or requirement that is distinct to the local court handling BK. Do you have any info to this effect? Thank you

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WALLSTREETESQ

Attorney

Doctoral Degree

18,060 satisfied customers
I just recieved a letter from the san benardino county sheriffs

I just recieved a letter from the san benardino county sheriffs dept. Notice of levy under writ of execution (money judgement) on any and all accounts for a boat I voluntarily repossesed to the credit union 2008 because I was out of work for six months and could not afford the payments. It says "limited civil case". It says judgement entered on 5/30/2008. The notice was mailed to me 3/6/14. This was six years ago. I know I cant be sued because california law is four years. Is bancrupcty a good choice? This was filed in the county of los angeles in th city of pomona.

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Phillips Esq.

Attorney

Juris Doctor

18,350 satisfied customers
my wifes business is not doing good, and couldnt pay the

my wife's business is not doing good, and couldn't pay the rent. she paid a portion of rent, but yesterday, mall management sent a letter regarding default. it says they will pursue collection including interest and costs, etc. rent contract expires in August, 2015. We are not sure if she can do business until then, because she simply can't make any money. i loaned some money to my wife to pay the rent, but i can't do that any more.i need to know the followings:1. if my wife can't pay, then, what will be the mall management's next move?2. i am living in new mexico, community property state. Although she didn't make profit out of her business and i paid some portion of her rent, am i responsible for her rent as a husband? If so, what should i expect from mall management? are they going after me or my paycheck or my bank account or other account? i have IRA, 403B and educational account for my son.3. if my wife needs to file bankruptcy, can she do alone? or do i have to file bankruptcy too? if so, what type of bankruptcy should i file? my salary is $94k and we have filed joint tax return since my wife started her business in 2006.4. we have a house under both names. county estimate is $340k and i have a mortgage of $160k and $35k equity loan. do i have to expect collecting company to go after this house? 5. what other things should i expect from mall and what is the best for my wife and my family?

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37,986 satisfied customers
In the state of Nevada. My husband was diagnosed with cancer

In the state of Nevada. My husband was diagnosed with cancer in 2007 at age 53. He has been on 100% disability since then. He continues to be monitored by Mayo Clinic where he received his surgery and follow-up treatment plan (chemo/radiation). We took out a second mtg. that is now at !00K for medical and living expenses. Our house was underwater and we qualified for a "Nevada's Hardest Hit" program and it reduced our first mtg by 50K.We applied for the 2nd Mtg relief program, which we were approved for, however, Quicken Loans (who services our 2nd, that is with Charles Schwab) told us "they do not participate in that program, so we lost out on being able to use that opportunity. I am 70 and retired with SS only. We have an 18 yr. old special needs son that we adopted in 2004 and he received SS on my husbands record. We cannot continue on our income with this 2nd hanging over our heads. It is not feasible for us to sell our home.Question: How can we get rid of the second mortgage?

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Phillips Esq.

Attorney

Juris Doctor

18,350 satisfied customers
I am currently in credit card debt and have no income or assets,

I am currently in credit card debt and have no income or assets, due to a failed business. Extending family members are attempting to help me to the best of their ability. Im trying to make payment arrangements with one creditor, it has gone to a collection attorney. The attorney is saying that the need a signed affidavit by my parents stating my financial hardships, that i am living with them rent free, etc.. basically that the are supporting me, which they are. Is this common? or it is a trap?

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Phillips Esq.

Attorney

Juris Doctor

18,350 satisfied customers
Im looking for an attorney to file an involuntary liquidation

I'm looking for an attorney to file an involuntary liquidation action on behalf of myself and a number of other creditors of a Delaware registered company operating in Georgia where we are aware of an attempt within the last 60 days to transfer all assets out of the company under the terms of a secured debt agreement. Is this a hopeless task and if not how much are we likely to face for fees etc.? Alternatively, can we file ourselves and if so, what form should we be completing

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WALLSTREETESQ

Attorney

Doctoral Degree

18,060 satisfied customers
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