I meant $5,442 for Trustee's fee from previous inquiry. So,
I meant $5,442 for Trustee's fee from previous inquiry.So, as you know now I have 2 unsecured creditors. Student loan ($7,381) and a CC ($1,025). And also, yes I have 1 Secured Car (the monthly payment, which I am ON-TIME for every month is $576.47). My mortgage arrears is $54,427.74.Now I am confused because I only factored in my Mortgage Arrears into my Plan, and the Trustee's fee.....My TOTAL MONTHLY TAKE-HOME PAY AFTER TAXES IS $6,350. MY WIFE'S IS $1,000 SO TOTAL MONTHLY INCOME IS $7,350. RIGHT NOW, I HAVE MY TOTAL MONTHLY EXPENSES FROM SCHEDULE J AT $6358.69. I WANT TO DO 5 YEAR PLAN.Please help, sir. You are life-saver.
I am doing a Ch. 13. I have 2 secured creditors (main one is
I am doing a Ch. 13. I have 2 secured creditors (main one is my mortgage arrears, $54,427.74; the other one is my car loan which I am making on-time payments for). What relevance, if any, does the fact that my 2 additional creditors (both unsecured) are BOTH LISTED AS BEING CHARGED-OFF??? One of the unsecured creditors is my student loan (amount $7,381) and my other one is a credit one credit card (amount $1,025). Both are charged-off.What relevance does this have that they are charged-off? I still list them in my paperwork etc. correct? Please explain because I am having difficulty understand what you meant last time when you said, "Because your plan payment must pay to your unsecured creditors at least as much as your non-exempt property. So, the higher your non-exempt property, the more you need to pay to unsecured creditors."?As of now, the math I did to calculate my 5 year Plan was based soley on:1. $54,427.74 (my mortgage arrears) = 90%2. $5,987. 52 (trustee) = 10%=$59,875.22and my 5 year plan was = $997.92 (I did $59,875.22 divided by 60 months).Am I doing my Plan wrong?
State: Louisiana; Question on allocation of non-exempt
State: Louisiana; Question on allocation of non-exempt property between adult family members living in the same household.The situation would be that a homeowner and wife are filing Chap 7. Living in the same house is the homeowner's 27 yr old son and family, who recently moved back to the house to save up money for a house down payment.How would a trustee make the determination to allocate/divide the non-exempt property between what the homeowner owns versus what the son owns. Such property include televisions, electronic equip, musical instruments, toys, portable A/C, aquariums, furniture, etc.?
I was told that even though the Bankruptcy Law is a Federal
I was told that even though the Bankruptcy Law is a Federal Law - a so-called 'Exceptions' to it differ by state.Questions:1 - What are the different exceptions for New York & New Jersey states?2 - Need a web link for the 'exceptions' per each of the above states3 - Comparison / explanation between the two.Thank you.
I am back asking questions again about the Sears
Hi , I am back asking questions again about the Sears Hometown store I purchased in June 2012. I decided to stick it out to fulfill my contract with Sears. The landlord chose not to evict me. The corporation is taking the store over on July 5th. I nowowe the landlord over $70,000. If he sues me I might file a personal bankruptcy. One question I have is now that I have steady income from my job that I started almost a year ago how does that affect bankruptcy? I am insolvent but do want to work my way backup to a good financial state. The home I am living in is actually worth less than what I owe. The other question is how do I find out what the statute of limitations is for business fraud since the owner told multiple mistruths. And the district manager completelythreatened to sue if I closed down. I really do not want to sue these people but it upsets me to this day abut the deception during the sale. If the statute of limitations is 3 years I am probably out of time. Another note is that when I paid the old owner, it was at his attorneys office and they had me fill out a form that stated if I found something in due dilgence that was missed I can not file suit. Is there even a form that could have legally deen presented that state such a thing. I realize I should nothave signed it but in reality since I left my job and paid the owner with retirement money I was in a fair amount of duress at the time.
Under the Texas Exemption Statutes it allows horses,
Under the Texas Exemption Statutes it allows for 2 horses, mules or donkeys and a saddle, blanket and bridle for each. I have three (3) show horses that are insured. If the statute only allows for 2 horses must I immediately dispose of one of them, orwill the trustee dispose of the property. Perhaps they could be classified as pets with values of up to 30K under the Texas Exemption statutes.
I am considering filing bankruptcy but I don't know if I qualify.
I am considering filing bankruptcy but I don't know if I qualify. I have a nonprofit foundation that I put my money into; I just held an event that recouped very little. All my credit cards have been used to pay for the event I held; I also have taken a loan and done a debt consolidation, all done in attempting to get my foundation through its first year of events. So the nonprofit and me are tied together. The two bank accounts show transfers back and forthIn order to file bankruptcy, don't I need to stop the consolidation so that one creditor is not favored over another? No account has been settled yet, but I have a tentative settlement and in order to pay it, I have to put more money into the consolidation account. I know I have to stop paying the loan, again, so my creditors are treated equally.The only asset I have left is some stock totaling a few thousand dollars. I still have expenses from my last event that I need to pay, but my understanding is that I can't sell the stock because that's fraud, even if I use it to pay expenses on my business. Is it just all too difficult to process? The nonprofit isn't worth anything at this point so I was told it won't affect me filing, and I was also told I qualify to file. But I'm nervous about all of this.
Would my 86 yr old mother be judgement proof if I decided to
Would my 86 yr old mother be judgement proof if I decided to file chapter 7 bankruptcy?I signed my name to an elder care in home service for 24/7 care in the home for my dad after he was released from a rehab center. So for 2 and a half yrs. 200,000 from his savings was paid out for 24 hr care for my dad and mom who was and is suffering from short term memory loss. Dad passed away 5/31/13. We, my mother and I had to sign a new agreement because it was just service for her. Now the first and second agencies are threatening a civil suit citing my mother and I for not paying the remainder of 2 bills.The first one is for 9,000.00, second one is for 19,000.00. We just ran out of money throwing what was left in their accts at the bills. I was told to consider BK. Since she lives in a different city, I was told she would have to file too in that city. I would really like to avoid my mother having to go through this process considering her age. We bank at Wells Fargo and live in the state of North Carolina. She gets a federal pension, ss, and state retirement pension from husband which is deposited in WF.