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Debt and Bankruptcy
State of owing money to creditors. A person or organization is bankrupt when judged to be legally insolvent.
4,664 Questions
Does long term disability count towards means test as income when filing ch 7 bankruptcy?
Yes it does. Any form of income counts towards calculating your means test.
Social Security incomes do not count as income. I just visited my lawyer today. The only question we had was if my VA Disability would count, because there is nothing in the books that show one way or the other about VA disability. It specifically states that SSDI does not apply or count towards your income with filing Chapter 7/13. Although they are going to check, they are positive that disability income of any sort does not apply towards your income.
IF you are:
- a veteran,
AND
- you are disabled (as defined in 38 U.S.C. §3741(1)),
AND
- your indebtedness occurred primarily during a period in which you were:
- on active duty (as defined in 10 U.S.C. §101(d)(1)), or
- performing a homeland defense activity (as defined in 32 U.S.C. §901(1)),
Title 32. National Guard / Chapter 9. Homeland Defense Activities / § 901. Definitions:
In this chapter: (1) The term "homeland defense activity" means an activity undertaken for the military protection of the territory or domestic population of the United States, or of infrastructure or other assets of the United States determined by the Secretary of Defense as being critical to national security, from a threat or aggression against the United States.
THEN you are exempt from the means test.
What is the origin of the name Debra?
Someone that couldn't spell and didn't have access to the bible to look up the real name Deborah.
Can a teen get a debit card If so how And can they use it to make online purchases?
Yes, there are several methods to getting a debit card.
First of all, in most cases, you should be at least 13 years of age (since you are asking as a teen in the question, then it should be fine).
There are different types of debit cards, such as bank debit cards, prepaid debit cards, gift cards, and general purpose reloadable cards.
If you are trying to get a debit card that can be reloaded, then there are several options.
The first one is a bank debit card. If you have a bank account, then the debit card can be directly tied/connected to that account. A debit card is limited to the amount of money in the bank account itself. When a debit card is used at a retail merchant, the transaction "debits" or withdraws the amount owed from bank or deposit account associated with the card. Typically, the transaction happens rapidly and the funds are deducted that same day, so that you can't go over your own spending limit. Make sure you have a parent's or guardian's permission before obtaining a debit card (They have to set it up anyway).
Another way to get a debit card online with a linked account (ie. PayPal Teen/Student debit card). Your parents/gaurdians can set it up for you, and the company should usually mail the debit card to you. Your parents will enter money into your account, and you can only spend the amount of money in the card. Make sure to remember to spend your money wisely, and that they can usually monitor your budget.
You can usually make online purchases with your debit card, as long as the online vendors accept the brand of your card (MasterCard, American Express, etc.), and you have the permission of someone 18 years+. However you should be careful when spending money online (you probably know this by now, but I'll explain anyway). Unless you are absolutely sure the company you are purchasing from is reliable, you should be wary. Many companies are just frauders/conners that try to get your debit card information so that they can steal all of your money.
Hope this helped you and anyone who read this (and didn't confuse anyone either)! Best of luck; spend and save wisely.
You will need to check with your individual state laws. Generally, if you were only added to title via "QUIT CLAIM" they can not come after you for the mortgage liability.
If you are not on the mortgage, you are not on the loan. However the property will still be gone.
Unfortunately there is more to it that just having your name on the mortgage. I am personally aware of a couple who list the husband (because he had better credit history/score) as the sole holder of the mortgage, however when the payments fell behind and the mortgage went into default the bank came after BOTH the husband and the wife and attached the debt to her although her name was NOT on the mortgage.
The stated reason was that legally she was obligated for the debt because she occupied the property with him and it was listed as their primary residence. This may not be legal, however when they went to an attorney, he suggested that the best he could do was to request that the mortgage company remove her name as a "courtesy" and there would be no guarantee of this.
Do not be surprised if you are attached to the mortgage and are negatively effected (i.e. credit history/score) although you were not on the loan, especially it is your primary residence.
Even if you fight to be removed (this will require intervention from a lawyer) and are successful however the damage had already been done and her credit had been effected.
How many foreclosure houses are there in US?
In 2007, the Census showed that there were around 110 million occupied "housing units" in the United States. RealtyTrac estimated that 1/416 households in the US received a foreclosure notice in August 2008. That means 264,000 households received such notices. Assuming that it takes 6 months to sell a foreclosed house, I estimate that there are around 1.6 million "housing units" in foreclosure.
Eric Fisher, Professor of Economics, California Polytechnic State University
How can credit card debt be settled for less than owed?
I posted this because I am in massive credit card debt ($12,000) and don't have the means to pay it off. I racked up most of this debt while I had a steady, good-paying job. Then I quit my job because I got injured and decided to go back to school full-time. I am on time with payments, but my only income right now is from school loans and a little side-job on campus. It is breaking my bank to make the monthly payments and was wondering if there is a way to settle the account for less than what I owe? I have a friend who did this recently, but I don't recall why/how this was done. If you have any experience with this, please let me know! Other than this personal difficulty with debt, I have stellar credit.
What happens to loans or lines of credit if an issuinglending bank claims bankruptcy?
All outstanding loans with any bank is part of their balance sheet and when a Bank insured by the FDIC declares BK, the FDIC will take over and manage the loan. If the loan is owned by a Lending Istitution or creditor not controlled by a federal agency, most assets (which is what companies consider a loan that is being collected upon) will be sold to another lending institution. In the event that the company goes under and your loan is not purchased by another institution, you would have to review your collateral (ie: house, car, boat etc) carefully, becasue it may casue you issues in trying to sell it in the future.
Can you still do a deed in lieu once foreclosure papers were signed?
Majority of the time it depends on the investor of your loan as well as the company that services the mortgage. Most companies will require that you have deed in lieu paper work submitted a certain amount of time before a foreclosure sale.
What happens to your money if your bank files for bankruptcy?
Banks are insured up to 100,000.00 by the government.
What happens if nobody bids on foreclosure?
The bank who forecloses becomes the owner of the real estate. They then sell the property as an "REO asset" to try and get the money back to payoff the mortgage. REO stands for "real estate owned."
How do you write a letter of explanation for late payments because of address change?
To write a letter of explanation for late payments because of a change of address, you could say that you did not receive your mail in a timely fashion. You should also apologize profusely and state that you will endeavor to pay the outstanding amount by a given date.
Transaction number in demand draft?
first there is DD number then MICR Number and then comes the transaction ID on the demend draft
What happens if my car is repossessed and then I file bankruptcy?
Any leftover debt from that car repossession can be put in your bankruptcy petition..so if you owed $12k and the bank sold it for $6k..then you can file bankruptcy on the remaining $6k.
How can you get your bank to rewrite your mortgage with poor credit and very little income?
This is very difficult to do in most cases. Rewriting the mortgage is like starting over from scratch and the qualifications are the same. You have to show you can afford and qualify for the rewrite. If traditional sources are beyond your reach you may want to research Fannie Mae programs and eligibility for new federal programs. If you are having difficulty paying your mortgage you should contact your provider before things escalate and advice them of your situation, your provider is not obliged to rewrite your term or repayments but approaching them early would let them make a decision on what they can do for you short term
Which hurts your credit worse bankruptcy or late payments?
Late payment will drive your credit score into the ground rapidly. Many people question filing a Bankruptcy even though their credit is shot through late payments on mortgages and other bills. Filing Bankruptcy put all collection activity on hold and your accounts show current and up to date as long as you make your payments on time. Most people are surprised tofine their credit in much better shape after a BK than before with a much higher credit score
Late payments can always be corrected, and this will be reflected on your credit file. Bankruptcy, however, will stay on your credit file for six years.
Where do you go to buy foreclosures?
The best site on the web, without a doubt has to be WWW.GOVERNMENTAUCTIONS.ORG !!!
I just registered with that site and it showed me well over 3000+ foreclosure auctions in my area of Florida. They are based out of the USA, unlike many other websites that are abroad listing US government auctions, which to me seems very shady. GOVERNMENTAUCTIONS.ORG also has tons of other auction information like Car auctions, Jewelry, Electronics, and anything else the Government is auctioning off. Sweet Deal !!!
Bankruptcy surrender Lender will not pick up vehicle?
Take your hands out of the situation and let your attorney handle it.
What happens if you defult on repayments?
Let's assume this question is regarding repayments under Bankruptcy. If you donot make your payments to the Trustee in a timely manner you case the trustee will put in a motion with the court to have your case dismissed for failure to comply with the directions of the court. If you are having issues making your payments you should contact your attorney especially if it is due to job loss or reductions in pay to see if it is possible to have some form of temporary reprieve versus simply lettting the case be dismissed. Once you are out of the protection of the Bankruptcy your creditor are notified and most likely will resume collection activities against you.
Usually, the bank or finance company will write to you and ask that you bring your repayments up to date. If you cannot do this, they are likely to pass the matter on to a debt collection agency. If you continue to default, and depending on the level of your debt, solicitors may be instructed to take legal recovery action against you. Legal recovery action is likely to start with a County Court Judgement, or CCJ, being obtained against you and could result in a charging order being registered against your property or even a bankruptcy petition being issued against you.
If loan was paid in full prior to foreclosure. how do i get it off of my credit report?
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
How many times can a company file for bankruptcy?
THIS QUESTION HAS BEEN ASKED AND ANSWERED MANY, MANY TIMES.
IT IS PART OF THE DATABASE HERE.
PROPERLY USING THE SYSTEM MEANS YOU WOULD HAVE GOTTEN THE ANSWER WITHOUT HAVING TO WAIT!
(And consider that if you can't do that - you really should only consider having your own personal lawyer handle EVERYTHING to do with your financial matters and any BK issues which are all much much more complex and less forgiving of not adhereing to the system).
Under the bankruptcy laws effective on October 17, 2005, Chapter 7 cannot be filed unless the debtor was discharged from the previous Chapter 7 or bankruptcy more than eight years ago.
The debtor cannot file a Chapter 13 unless: (1) the debtor received a discharge under Chapter 7, 11 or 12 more than four years ago; or (2) the debtor received a discharge under Chapter 13 more than two years ago.
The above notes discharge dates, and as everything concerning BK, is a FEDERAL law applicable everyplace, the State is irrelvant.
A corporation (which a legal entity and my or my not be a business), can file for C-11 as many times as the courts and creditors will aloow.
