Generally a bank will consider a spouse just as responsible for the mortgage even if they are not on the loan itself or even title. As long as the mortgage itself has been paid on time then you can do what is known as a family deed transfer and I know of several banks that will do so with no hassle. Basically it's done the same way as a refinance except you are bringing someone new on title with better credit in most cases. The catch is 1- it has to be someone you are related to (in your case, your wife so it's fine) and 2- The person currently on the deed/title has to come off. The rates will naturally be much better than in a bankruptcy refinance and it's much easier than going through the hassle of a sale, with the attorney's, the contracts, inspections, etc.
Not if the debt was officially discharged in the bankruptcy.
No, you still owe the government. Bankruptcy proceedings begin with the filing of a petition with the bankruptcy court. The filing of the petitions creates a bankruptcy estate, which generally consists of all the assets of the person filing the bankruptcy petition. A separate taxable entity is created if the bankruptcy petition is filed by an individual under chapter 7 or chapter 11 of the Bankruptcy Code. The tax obligations of the person filing a bankruptcy petition (the debtor) vary depending on the bankruptcy chapter under which the petition was filed. Generally, when a debt owed to another is canceled the amount canceled or forgiven is considered income that is taxed to the person owing the debt. If a debt is canceled under a bankruptcy proceeding, the amount canceled is not income. However, the canceled debt reduces the amount of other tax benefits the debtor would otherwise be entitled to. This information is not intended to cover bankruptcy law in general, or to provide detailed discussions of the tax rules for the more complex corporate bankruptcy reorganizations or other highly technical transactions. For additional tax information on bankruptcy, refer to Publication 908, Bankruptcy Tax Guide. See http://www.irs.gov/publications/p908/index.html
Maybe, but unlikely...the basic Q is was it done in anticipation of bankruptcy.
You can file a Chapter 7 bankruptcy.
Chapter 11 bankruptcy is actually a chapter in the United States Bankruptcy Code, it permits reorganization under the Bankruptcy laws of the United States.
A Chapter 7 bankruptcy is a "straight bankruptcy" where the assets are liquidated. This differs from Chapter 11 and Chapter 13 bankruptcies, where the company is reorganized. For more information see the related link.
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Chapter 7 bankruptcy information can be found at US Courts, Corporate Bankruptcy, Lawcore, Personal Bankruptcy, Legal Helpers, NOLO, and Bankruptcy Help.
An unfortunate aspect of Chapter 13 bankruptcy plans is that the budget is very strict and hard to keep. An individual having problems with the chapter 13 bankruptcy can convert into a chapter 7 bankruptcy or re-file altogether. Make sure to look into the changes and different effects that a chapter 7 (as compared to Chapter 13) will have on you.
Yes you can protect it under chapter 7 bankruptcy
Yes, there are no time limits for filing a Chapter 13 bankruptcy.
In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection.
contact a bankruptcy lawyer
What qualify u for bankruptcy
A lawyer is actually one of the best resources for information about bankruptcy. There are even bankruptcy lawyers who specialize in Chapter 7 and Chapter 13 bankruptcy law.
Chapter 7 Bankruptcy forms can be found on various reliable websites. A few of the sites that has Chapter 7 Bankruptcy forms are: www.uslegalforms.com/bankruptcy/, http://www.freebusinessforms.com/free-bankruptcy-forms.html and http://legal-forms-kit.com/.
Chapter 7 is called Liquidation Under the Bankruptcy Code and is the chapter of the Bankruptcy Code providing for "liquidation,", the sale of a debtor's nonexempt property and the distribution of the proceeds to creditors.
Chapter 13 bankruptcy is one of two forms of bankruptcy available to private citizens. The other form being chapter 7-the most common form of bankruptcy. Chapter 13 is a restructuring form of bankruptcy. Unlike Chapter 7, it allows the filer to pay off his or her debts over time-thus lessening to severe crush to credit of Chapter 7.
While participating in a chapter 13 all major financial transaction by the debtor(s) must be approved by the bankrupcy trustee. A house could not be sold, refinanced, have the titled amended or transferred and so forth, without the trustee's sanction.
A person's income does not count after filing chapter 7 bankruptcy. All that counts is what you had before filing bankruptcy.
If a debt was listed on a Bankruptcy that you filed and the Bankruptcy went through then that debt is permanently discharged with a Chapter 7.
There are three types of bankruptcy namely Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, and Chapter 11 Business Bankruptcy. Chapter 7 bankruptcy will discharge most types of debts for the average citizen. It will stay on record for ten years, but the major benefit is the stay it provides which prevents creditors from hassling you. On the other hand Chapter 11 bankruptcy is used by businesses, not citizens, to reorganize debts while Chapter 13 bankruptcy is wage earner's bankruptcy, which allows you to repay your debt through a plan. Among these three, Chapter 13 bankruptcy is considered as the best option for people with a steady income, who happen to have fallen behind in loan payments. idk and i dont give rats a**. hahahaha
No; the note you co-signed was paid in full when she refinanced. Since you didn't co-sign the second note, you're not responsible for it. Even if she didn't refinance, if she filed Chapter 13 and is paying the note thru her plan, generally they can't come after you.