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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I bought a concrete foundation company in may 07.The loan was

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I bought a concrete foundation company in may 07.The loan was secured with the company assets two panel trucks,two trailers, wall panels saws and tools.There was no building or anything like that.Also the signichers of my mom and dad and me. My mom and dad are filing a chapter 7. So that should leave just me on the loan. They have lowerd my payments and I am trying to get them to lower it again.The loan was for six years 115000 got it payed down to 70,000.00 in just three years. my payments was 2400 a month and now thay are 1200. Trying to get it two 500 a month until work picks up. Not sure they will lower it but can not pay no more then 500 a month.I filed a chapter 7 in 2005 and was discharge in feb question is if they can take my wifes assets and is it possable to file a chapter 7 or 13? we were maired in aug.07
What state are you in?
Customer: replied 7 years ago.
Since you are not in a community property state, since the loan was not signed by your wife, it was signed before you were married, and it was not used for her immediate benefit, your wife cannot be held liable for this loan. This means her assets cannot be touched if it is not paid.
In general, a Chapter 13 Bankruptcy can be filed after 4 years of filing a Chapter 7, but another Chapter 7 can only be filed after 8 years of filing a Chapter 7, so you should be able to file a Chapter 13 now.

Edited by Christina Fortunato, Esq. on 7/1/2010 at 12:42 AM EST
Customer: replied 7 years ago.
What assets of mine would they be able to take if I cannot get the bank to work with me on my payment or if I have to file chapter 13? At the time I bought the company I had a list of goods... some of those items have been sold, trashed from ware and tear and replaced
The assets they can take in a Chapter 13 are the same as for the Chapter 7 you filed - basically, the Bankruptcy court can take anything that in not "exempt", including a car if it is worth more than $3,225 jewelry worth more than $1,350, household goods worth more than $10,725, a house worth more than $20,200, more than $400 cash, etc.
Customer: replied 7 years ago.

Thank You for your help!

One last thing, just so I understand, if I no longer have an item that was listed on the list of goods or if the item has been damaged, I will not be liable to pay for what I no longer have?

Do you mean would you have to pay the Bankruptcy court?

Edited by Christina Fortunato, Esq. on 7/1/2010 at 1:10 AM EST
Customer: replied 7 years ago.
If Im un-able to do a chapter 13 and the bank comes to collect the list of goods am I held responsible for the items I no longer have or the condition of the items now compared to three years ago?
You can be held indirectly responsible for missing or damaged items, because the bank can get a deficiency judgment for the difference between what the remaining items are sold for, and the balance on the loan.
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