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Bankrupcy assitence. Fl. None

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Bankrupcy assitence

Lawyer's Assistant: What state is this in? It matters because laws vary by location.

Fl

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Submitted: 3 months ago.Category: Bankruptcy Law
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Answered in 3 hours by:
3/25/2018
Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago
Michael Bradley
Category: Bankruptcy Law
Satisfied Customers: 1,510
Experience: Owner at The Protection Group LLC
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Customer reply replied 3 months ago
I am american living in Florida where I have only one Asset protected by Homestead exemption Where my daughter, her 2 year old son and myself live together
Currently I only have one source of Income of 540 $/Month from SSI plus Food Stamps and Medicare and Medicaid provided by Social Security. When I need extra money my daughter provides.I have a total personal debt of $15,000 in Credit Cards on three banks (BOA, WeelsFargo and other).
My “S Corporation” has a debt of $15,000 on Wells Fargo
I stop paying back on August last year andI was about to file a Chapter 7 Bankruptcy that I stoped when I learned that the BAPCPA has been enacted to make it "more difficult for people to file a Chapter 7 Bankruptcy—under which most debts are forgiven (or discharged)--and instead required them to file a Chapter 13 Bankruptcy under which, the debts they incurred are discharged only after the debtor has repaid some portion of these debts.I believe that my personal debt can be forgiven under Chapter 7 ...is it?
My S Corporation has a good chance to get a one year contract of about $80,000 in Income in Peru
which I will know for sure by the end on April.I just received a letter from BOA Stating that I need to pay a minimum of 270 monthly otherwise they will be “charged off”. Dead line for this will be March 29 before 11am.I don't have the money to pay...Do you recomend me to call them and explain that by the end of April I will know for sure whether my company gets a 80K contract to start paying them???
Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago

personally you can file for a 7 and should not have a problem based on the fact that you are on SSI

charged off is not a bad thing, they will no longer try to collect on it

it will sit on your credit report though

there really is no point to call unless you have the funds which you do not have yet

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Customer reply replied 3 months ago
I will make the following statement to see if I understood properly:
To remain silent will induce the "charge off" of my debt which means they will not call me to collect the debt but it does not mean that it was forgiven so I will not be able to open a new account with them but I can open an account with another bank...The only way the debt is forgiven is by filing a Chapter 7 bankruptcy so I can work with them again....Am I correct????
Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago

yes in theory

although I would not be surprised if the bank will let you open a bank account even with a credit card issue since the local branch probably will not know

to be safe if you do not care I would open the account with another bank

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Customer reply replied 3 months ago
Referring only to Credit Card debts, I understand that my creditor is "Visa" NOT de bank...I am afraid to open a Bank Account with a deposit where the bank gives me a "Visa debit Card" and my deposit is seized by the VISA Company in order to collect the money I owe them....In what cases can this happen????
Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago
That does not happen very often at all. I think account cannot be seized until such time that you have been sued and the other side receives a judgment. Then they can try to execute on that judgment. However, it really is not Visa that is trying to do it but the bank he just happens to have a Visa card. Some banks have MasterCard accounts as well but really it's not Visa that does this but the bank that is affiliated with
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Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago
In my opinion the Creditor is not Visa but the bank who is affiliated with the Visa account. Normally the only thing a bank will look at when deciding to give you credit will be your credit report and that is looking for the amount of debt you have and your debt to income ratio. They did not normally look at your prior history unless it is negative. And the local bank does not look at prior Visa activity
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Bankruptcy Lawyer: Michael Bradley, Lawyer replied 3 months ago

can I assist you further?

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