Debt and Bankruptcy

Yes, having a cosigner on a loan or line of credit/ credit card can help your credit. It can help because, assuming they have good credit, you are more likely to get approved, which gives you a chance to build your credit. The danger is if the cosigner where to default on payments or abuse the account (such as using a credit card you both are signers on to rack up a lot of debt). So if you pick your cosigner carefully it can help you- but remember what you do on the account effects their credit, so make sure you are also responsible with the account.

The lender can go after you for any deficiencies and the foreclosure will be reported on your credit record. As a co-signer you are equally responsible for paying the mortgage.

Many people do. An advisor can tell you what options are open to you. You can then make an informed decision

I sold my home with contract for deed tenant not making any payment who i can get back my home who i can evict him from my home

It takes seven to ten years after you initially declare bankruptcy for it to drop off your credit report, and you really should wait at least 1-2 years after that to declare again I hope that helped.

Yes, the co-signer also gets a copy of 1099-c. The actual borrower also gets a copy as well. If the debt borrower who is the actual beneficiary of the forgiven amount fails to account for the 1099-c the burden falls on co-signer. One of the two parties is supposed to take this into their accounting. Hope this helps.

It is possible to file bankruptcy without an attorney. But it would only be suggestible to those with a good comprehension of the current bankruptcy laws while keeping up to date with any changes to those laws.

A person would have to how to submit all the complete information, dates of deadlines, which property they are entitled to claim as exempt as well as which property that are not entitled to, and finally what chapter of bankruptcy to file under. A result of not completely adhering to or understanding the law and procedures, could lead to a dismissal without debts being discharged.

If a person does not have the comprehension to follow this whole procedure, it would be best to simply consult with an attorney.

EFTPOS can accept credit cards, EPOS only cash

Some areas of the country have been hit much more severely than others. We haven't hit the bottom yet because mortgages that are in default have been piling up behind the floodgates.

There are thousands of properties whose owners are in default and the lenders haven't yet taken possession of those properties. Banks don't take always take possession of properties that are in default as soon as the owners stop making payments because there are too many for them to take on all at once. They often wait until they have a buyer or take a few at a time in any one region, market and sell them.


The market is extremely depressed in many areas of the country. It is more difficult to qualify for a loan. Many people who would qualify under normal conditions are reluctant to take that step because of the instability in the work force. Young working couples who might have purchased their first home around this time find themselves working in industries that are downsizing due to the poor economy. They see their employers laying off or terminating employees by the hundreds and don't know if their notice will come next. They don't dare take advantage of the first time homebuyers perks.


Some cities have huge numbers of foreclosed properties that aren't selling. Many of those properties have been allowed to fall into disrepair since the owners couldn't afford them in the first place. They drag down the property values of other properties in the area.


Although the conditions vary around the country region by region, we haven't hit the bottom yet.

Yes, you can covert a chapter 13 to a chapter 7 and vice versa.

If a car dealership files for bankruptcy, someone will purchase the accounts receivable as part of the bankruptcy settlement. That person or company should contact you and tell you where to make payments.

• The amount of the loan forgiven becomes income on which you will have to pay income taxes. If the forgiveness is due to uncollectability, it will have a negative effect on your credit. Unpaid taxes will also negatively affect your credit.
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• Filing bankruptcy or a special IRS form showing you were insolvent at the time will take care of the tax issue.
  

What happens to what? Your debts are still owed, including the mortgage(s). If you are not in foreclosure and are current in your payments, nothing will happen to your home. You will start getting sued (or getting hauled into court to collect on existing judgments) and eventually will get attachments on your home and/or on your wages if garnishment is allowed in your state for consumer debts.

You may be able to refile, maybe after some period of time. Ask your bankruptcy lawyer or get one.

Second mortgages can be discharged only in a Chapter 13 and only if there is no equity in the real estate for the loan to attach to.

It depends on your state. A few states allow you to choose the federal or the state exemptions, whichever is better for you. Homestead exemptions have gotten a lot more complicated since the changes. See the link for more specific information for your state.

http://www.exemptionsexpress.com/

When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.

It can be, but the credit reporting agencies do not have to remove any factually true item from your report until the required time has expired (7 years for debt, 10 years for bankruptcies).

Filing a Chapter 7 does not prevent you from moving. You have to notify all the creditors, the trustee and the court of the change of address, by motion (see local rules for any specifics or consult a local bankruptcy lawyer).

The inheritance will have to be added to the assets listed in Schedule A, with the value of the 16 percent equity, again by motion with copies to all the above.

I recommend using a lawyer to do it right.

You not only can, you must. All creditors must be listed in any bankruptcy filing.

Debit bad debts
Credit accounts receivable

The accounts can remain up to seven years after the last payment was made, but will show a zero balance due to a bankruptcy filing.

Deposits in excess of the maximum insured amount ($200,000, or $400,000 for a joint account) are gone. The Fed will have another bank take over the failed bank's operations and you should get notice of that. Access to funds under the maximum amounts are available just the way they were before, and usually within a few days.

http://www.fdic.gov/bank/individual/failed/index.html

The two types for individuals are Chapter 7 & 13 and businesses can reorganize under chapter 11 and there is also chapter 9 (not commonly used)

what can happen if you are filing bankrupt and you miss your court date

After a foreclosure, the mortgage company or bank will send you a 1099-like form showing forgiveness of the balance due on the mortgage, including the costs of foreclosure. This is income to you and you will have to pay income taxes on that amount unless you file bankruptcy. You can also remove any unsecured debt that would otherwise make it harder to start over.