Join the 9 million people who found a smarter way to get Expert help

Recent Chapter 13 questions

I have a large amount of credit card debt that I racked up

I have a large amount of credit card debt that I racked up building and starting a new business and I have been trying to service it monthly since 2005. During this time the interest rates just keep climbing and now two of the cards have rates over 25%. Last year I made payments of over $6,000 per month and I'm not getting anywhere. I feel that I'm just throwing my money away and now I'm having a hard time paying my other bills. I need help but don't want to wreck my credit score (still over 650) or my relationship with my bank (who hate my cc debt but won't help me with it either).I started researching about credit card debt management and found a company GreenPath (supposedly in my area) and called them. I got a counselor, not from my area, but felt very good about the conselor that I was assigned to and felt satisfied about the time and attention to detail that he took about my case in two appointments. He now has a plan written up for me that will reduce my rates and I just make one payment to GreenPath for $2500 per month, of which $75 goes to them for administering and setting up the deal. With this plan I should be debt free from these cards in less than 5 years ($130K in current credit card debt). Plus they tell me that if I stick with the plan my credit score will probably increase!! Sounds pretty simple and why didn't I do this 5 years ago?? Now I didn't spend a lot of time searching for companies or plans (more prayer time than search time) and I need to do something NOW, so I need you to give me sound advice on this situation.My question is: What are my options; is this a good plan for me, what are the disadvantages and is GreenPath a reputable company or am I getting sold a bill of goods, plus are there other companies out there that will do this better or have a better plan?Thanks in advance!!

Read more

PDtax

Owner

Master's Degree

7,908 satisfied customers
I wrote moments ago about a trust. How would you suggest

I wrote moments ago about a trust. How would you suggest presenting the following scenario to a trustee for approval. I want to live on a boat - permanently. I pay 1550 per montn in rent and utilities. My costs for ownership of the boat would be the same or less.

Read more

PDtax

Owner

Master's Degree

7,908 satisfied customers
I Nov 2018 I complete a chapter 13. I have a trust I've

I Nov 2018 I complete a chapter 13. I have a trust I've established for my children. Is there any reason the Trustee needs to approve assets I purchase that are titled to the Trust rather than owned by me? I don't want to do anything incorrectly here. Example - supposed I purchase a boat but have the title held by the trust - and I live on the boat.

Read more

Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

4,188 satisfied customers
I would like to know if I should work on paying off my home

I would like to know if I should work on paying off my home that has a balance of 106,000.00, or concentrate on paying off a chapter 13 banruptcy, that I have 4 years left on, or to fund my 403 B account with the maximum amt. I am 62 years old, and will be able to retire at 66 with full soc security benefits. I intend to work past my retirement date. I have a management job that pays 120,000, per year?

Read more

Lev

Retired

Bachelor's Degree Equivalent

25,386 satisfied customers
Do you know where i would find a reputable Secured Credit Card

Do you know where i would find a reputable Secured Credit Card (line) , I am trying to re-build my good credit since the bankruptcy, and I thought if I got a secured Credit Card or line of Credit, that would help. I'm thinking of around $5000.00...

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
I would like to know what type of bankruptcy options I have

I would like to know what type of bankruptcy options I have for my situation. Since losing my job, I have been unable to land a job that will enable me to continue to make my mortgage payments and I think I need to file bankruptcy instead of going throughthe foreclosure process.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
I am in a Chapter 13 BK. My father wishes to transfer a car

I am in a Chapter 13 BK. My father wishes to transfer a car to me. The car still has a loan roughly 10K against the value - roughly 15K.a)Is it possible for him to transfer the car to me at all? Or can he only add me to the title given there is an active loan?b) If I am on the title can the trustee take the car?c) I need a car to get to work. IS there a provision that protects the car in that fashion similar to how tools are protected for a mechanic in a Chap 7?Thanks!

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
I received full forgiveness of a home equity loan from BofA

I received full forgiveness of a home equity loan from BofA of $13,427.58 on January 28, 2015. I listed this loan in my chapter 13 bankruptcy I filed in September 2013 that was discharged in June of 2014. Should I accept the forgiveness or decline? I don't want to have to possibly pay taxes on this. I live in Florida so no state tax.Let me know if you need any additional information.

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
How often can someone file chapter 7 bankruptcy? If a married

How often can someone file chapter 7 bankruptcy? If a married couple has a legal separation and the husband files bankruptcy, but the house is in both the wife's and husband's name can creditors take money from the house to satisfy a debt?

Read more

Lane

JD, MBA, CFP, CRPS

Doctoral Degree

21,546 satisfied customers
View more finance questions
In The News