Debt and Bankruptcy

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Yes, a reverse mortgage does not have any credit requirements, however if you are in bankruptcy or filing one you may need court approval to do the reverse mortgage.

yes, this email just went out from John. Anyone see the irony in a company built to help you build your own business going bankrupt? Guess they forgot to do their neural reconditioning:

Dear OneCoach Clients:

It is with deep sadness and regret that I inform you that the OneCoach Board of Directors has decided to wind down the OneCoach business though filing a Chapter 7 bankruptcy proceeding in the next several days. Since the company cannot meet the financial obligations of the day-to-day operations and could not recapitalize or restructure to meet such obligations, the Board decided to file for bankruptcy protection to ensure that all creditors, customers, and other stakeholders are treated fairly. We have worked tirelessly to accomplish an out-of-court recapitalization or restructuring of OneCoach but unfortunately, despite many attempts, the various stakeholders in the company could not reach acceptable terms.

The company expects that shortly after the bankruptcy filing, the court will appoint a trustee to manage the wind down. Your investment in coaching or consulting with OneCoach will be addressed by the bankruptcy trustee and the court as the wind down process proceeds. As is typical in these proceedings, current management will not be involved in the Chapter 7 process, except to the extent that the trustee calls upon them to assist. To my dismay, once the trustee takes over I don't expect to play an active role in managing the affairs of OneCoach. Consequently, the trustee will communicate directly with each of you regarding any losses you have suffered.

Regrettably, OneCoach cannot issue refunds in the interim. However, it is my understanding that you may continue to access the online materials for so long as they remain available. I also know that many of you would like to continue working with your coaches and you can choose to do that and make whatever arrangement with them directly.

No founder expects this outcome or feels good about it. I am deeply saddened that it has come to this and that the decline of the company has adversely impacted you in any way. I know that it is not what you want to hear and that many of you are understandably very upset and angry.

You know me, so you also know I'd like to offer some additional color on the situation, but as I am advised, that's now the exclusive role of the attorneys and the trustee.

Thank you,

John Assaraf,

CEO and Chairman of the Board

yes

8.68 trillion

Depends on how long it takes you to raise your credit score back to an 'excellent' rating and save enough money for a down payment.

You can make new purchases and create new debt as soon as the day of the discharge of your bankruptcy action. However, if the cash your using was not disclosed in your bankruptcy, or was temporarily diverted to a friend or family member to avoid disclosure, then you may face federal problems if discovered.

If you are using disclosed cash, or new assets you obtained after your bankrupcy you would not have any problems. However, if your looking for a mortgage for this new house, willingness of a financial institute to provide you with new debts or loans will vary depending on how this effected your credit and other factors.

Prior to the problems in the mortgage lending industry it would have been possible, however today it is much harder since there really are no sub-prime banks anymore. I would say it may take a few years and diligent personal financial and credit management.

There is no specific person named Misha associated with Kevin Trudeau's "Debt Cures" information. Kevin Trudeau is a controversial author and infomercial marketer known for promoting various self-help and health-related products.

Technically no, but it would really depend on what the company did in response to you trying to keep it. They could report the asset stolen or worse.

There is only two ways to legally obtain an asset against money owed, mutual agreement between you and the owner, and by order of the courts (ie., Writ of Garnishment and Seizure).

At the end of the day, just keeping an asset of the company amounts to theft, even if they owe you a zillion dollars.

The best answer can only come from a licensed attorney specializing in bankruptcy law. However, as a credit and collections expert, regardless of how you default on the mortgage it is still going to hit your credit with the same amount of damage.

The best option is to try to use the bankruptcy process to get a loan modification or attempt to get the lenders acceptance to forgo any foreclosure actions to attempt to sell or short-sell the property.

Selling the house will not fix any late payment history for the loan, but will take the sting out of just walking away from the house.

It does not matter what state you filed your Chapter 13 Bankruptcy, as it was done in Federal Court, and these types of events stay on your credit for 10 years.

First, the only and best source of tax information is from a licensed professional who as reviewed all your financial information.

The documents created in the Chapter 7 Bankruptcy, and any foreclosure or surrendering documents can be used to estimate any gains or losses occurred by the disposal of the real estate asset. However, the IRS only allows recognition of actual gains or losses, not those suffered by deprecation in the assets value nor any deficiency balance you may owe and have not paid.

So, if you had a $100,000 house, put $10,000 down with a $90,000 mortgage and you disposed of the asset the next day for $90,000, then your actual loss is $10,000 - even if the market value of the house jumped to $200,000. Also, this example does not factor in any renovation, fixed improvements, or amortization of your payments up to the disposal.

Bottom line is, your losses can not be more then your out of pocket.

The best you can do is get a lawyer who can help you during the call. There is usually a legal reason for the call to be recorded.

Federally and/or state funded student loans are not automatically discharged in BK proceedings. The filer must prove that the owing of such loans currently presents and will continue to present an undue hardship upon themselves and their dependents. Courts use different criteria for deciding whether or not the loans should be a part of the BK procedure, but, most use the Bruner Test.

Be advised, testimony of the BK filer(s) as to their non ability to ever repay the loans is not sufficient evidence.Often the person must,in some manner be certifiedas havingthe type of disabilitywhich would makethem incapable of earning enoughfuture income to repay the loan(s).

In regards to the discharge of any BK, such action can take several months to even years depending upon the circumstances of the case.

This is a common question, especially when done as a form of asset protection. The ability for the bankruptcy courts to bring the real estate asset into the proceedings will depend on a few factors. A few of those being if the asset was transferred less then 12 months prior to the bankruptcy, do the "old owners" still live in the property, and/or if there is a mortgage or other debt for which the property is subject to.

Lastly, there are some people that attempt to quit claim property as an attempt to hide or shelter assets, both in bankruptcy and divorce matters, and if the courts suspect such they can create a hold new legal problem for both the "old owners" and the new deed holder.

accumulation of debt

The borrower can sell the house up until the auction is completed. If it does not sell for the amount owed, the borrower may be able to get the mortgage holder to accept a short sale. Watch out for scams in this area.

Many employers use credit reports as an indicator of someones ability to handle responsibility, trustworthiness and general desire to uphold their obligations. BK would not be a good sign. However, Federal law in the United States explicitly prohibits employers from denying employment based on bankruptcy. An employer cannot deny employment based on an individual's bankruptcy, to do so would be illegal.The U.S. Bankruptcy Code contains a nondiscrimination provision that bars employers from firing or discriminating against an employee who is or has been a debtor or bankrupt "solely because" of bankruptcy. However, the law is interpreted broadly, and if an employer can find another reasonable way to fire or deny employment from you than it is legal for them to deny you employment.

Cancel

None ! Debt recovery agencies simply 'buy' the debts from companies who are owed money - they then write to the customer or 'debtor' and tell them they will be taking steps to recover the debt. This can be either through the courts, or by doorstep collection.

because they ran out of money.....................

There are several possible ways to save your house, at least until it is sold to a third party. Call or go online with your area legal services office or attorney general's officce and ask/look for foreclosure assistance offices. You may be able to find it through your are United Way or Community Action Council. Make sure the entity you use is approved by a state or federal agency.

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Bankruptcy Means Test and Household Size With a Pending Divorce .

Basically a Chapt. 7 BK is the liquidation of debts and the forfeiture by the debtor of non exempt properties. There are certain debts that cannot be discharged in BK. A

Chapt. 13 BK allows the debtor to consolidate debts and make arrangements through the court for the repayment of such.