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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I need a straight answer on this. I have $170,000 in debt

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I need a straight answer on this. I have $170,000 in debt that is all credit cards and unsecured loans. I had 2 businesses and one failed completely, the other is still going and in back in the black barely, but at least not a drain on me anymore, and is helping me to survive. This has been a several year process. Things got really bad in 2008 and I had to stop paying anything that was not life supporting. All debts have been charged off and resold over and over so I know there were about 15 original debtors. Currently I am not sure who owns the debt. I have been considering bankruptcy for some time now, but I keep getting bad advice. Some say if I declare bankruptcy I will not be able to buy a home for a very along time or ever. Others say that is not true and my best bet is to declare right away since that is the first step out of this mess. I have been holding out hope that I could come up with about 50k and settle with all of them at a discount, but that does not look likely anymore. I have 3 questions. If I file a business bankruptcy for one of my businesses that company has about 40k in unsecured debt, but I am the guarantor for the business, so wouldn't the debtors just come after me personally, which they have already been doing for many months? Would a personal bankruptcy relieve me of that business debt if a business bankruptcy is not filed first? Finally, After filing personal bankruptcy, when would I likely be able to buy a home again? Of all the debt which some are in my name and some in my wife's, I have 1 judgment for about 10k and she has one for 3k. Would those also be dissolved in the BK? How long does it take and how much should it cost? Please be as thorough and straight forward as possible because I am confused and have been for some time now. Thanks you for your assistance. You should also know that I have not communicated with any of the debtors in over 2 years. I think the statue of limitations is 3 or 5 in my state of Missouri. Either way I did not figure on that being helpful since I expect the companies that have bought the debt are somehow documenting things to prevent expiration whether true or not.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 7 years ago.
what is your current income, and do you have any assets?
Customer: replied 7 years ago.
I have one van I bought for 4500 and had to borrow against it at a super high interest rate. The loan is 2k. I would sell it if needed. I have one time share that I bought cash for about 4500 and that I can let go as well. The maintainance fee is 600 a year and vacations are far from my mind right now. In my family the is my wife and I, and we have to children ages 6 and 4. Right now I am pulling money out of my business as I need to live on but not doing regular payroll as it would be garnashed anyway. It is about 45k per year that I am taking out at the most.
Expert:  WALLSTREETESQ replied 7 years ago.
If the debt is in your name you can have them discharged, your income will have to be shown through the last 6 months pay stubs, in terms of assets you can keep the van, the time share would have to be turned over. Your debts in regards XXXXX XXXXX business can only be discharged by a filing of a chapter 7 for the business if it is a corporation, then you should do this also.
Customer: replied 7 years ago.
When might I abe able to qualify to buy a house again?
How long does the Bankrupcy process take?
Would the judgements also be removed?
Will these debts expire anyway at some time or will they keep on my record worse than a backrupcy?
Expert:  WALLSTREETESQ replied 7 years ago.
you could purchase a house in a few years when your credit score increases, the process takes 3-6 months to resolve.All judgments and debts would be removed, except for taxes or child support. A BANKRUPTCY IS BETTER THAN HAVING THE DEBTS EXPIRED DUE TO A STATUTE OF LIMITATIONS ISSUE.


Open Account (credit card): 5 years
Written Contract: 10 years
Domestic Judgment: 10 years (renewable every 3 years)
Foreign Judgment: 10 (renewable every 3 years)
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