Will all of my assets be taken from me?

[mscmatt]

I think people should only be able to file for bankruptcy one time in their lives. I'm seeing too many people abusing bankruptcy laws so they can live extravagant lives without having to pay up... This has to STOP because it's pulling the rest of society down with them. People need to learn that it's not OK to spend more than they make on a regular basis. This is destroying us all. People who file for bankruptcy more than once are the scum of society!

[bankruptcyattorney]

@mscmatt If this was the case Henry Ford would have never invented the model T. Considering that Models a-s where failures. Henry Ford filed bankruptcy more than once. You are a young man and you never know what is going to happen in life. You judge more when your young. When you get older hopefully you will gain wisdom and wont be so quick to insult those who have failed.

[candyflip1971]

I have a question for you. I live in Illinois, and my wife and I are both on the mortgage, but only my wife is on the note. If our house goes into foreclosure, would my credit be affected? Also, if I buy another home in my name only, can the bank put a lien on my new house? And can they garnish my wages? Please advise. Thanks!

[bankruptcyattorney]

@candyflip1971 your credit will not be affected if you are not on the note and the bank can't put a lien on your new house unless your wife is on the house as well. They will not be able to garnish your wages either.

[qqqqq11111qqqqq]

If you are going to defalt on the house and you have around 50k in cridet card dept because of a job loss. Do you need to file both on the same chapture 7.

[bankruptcyattorney]

@qqqqq11111qqqqq when you file bankruptcy you must file on everything.

[bankruptcyattorney]

@qqqqq11111qqqqq the short answer to your question is yes.

[therockkkkher]

if i have a paid off truck, does the value go by bluebook? it is a 2003 f25o valued around 17,000, but it is broke down and really not worth much of anything, would i get to keep it if i only have cc debt, 6,000, no income(lost job), with chap7?

[bankruptcyattorney]

They do go by blue book but if you can prove your car is worth less than the blue book they will take that into account as well.

[michiganhunter]

If filing bankruptcy if i owned land up north that has been paid for since i bought it 10 years ago, would i lose it or would they take it from me?

[bankruptcyattorney]

It really depends on the value of the land

[lemos80]

I'm i debt with a friend $6500, We put that money on his credit card because he had low interested, I stoped to pay him because I lost m job, so he paid off the debt but of course, He wants he money back, but I can't pay him. I'm going to file chapter 7. Can I add that debt on m bankruptcy?

[bankruptcyattorney]

Yes as a matter of fact you are required.

[bankruptcyattorney]

You can't get rid of student loans unless there is some extreme circumstance. Chapter 7 is bankruptcy. The only thing that seems like an issue in your setting is how recently you may have used the credit cards. You must at least have 90 days of time between credit card use and filing. Otherwise, the credit card company can still go after you. you may reach me at 800-728-3363 to discuss this further.

[bluesblake]

Q: I have 70k in C.Card debt, that is jumping up to 20% interest. I have 4 rental homes in my name, 1 in my wifes name and I am on a deed with my father but not on the mortgage. My family and myself now live with my father. I have never missed a C.C payment or mortgage payment but am very close to falling back. Are there any options for me?

[bankruptcyattorney]

This sounds really rough. Are you employed what is your income. It would work better if you could call my office 800-728-3363

[weeknumber]

I have a car which I am current on my payments with. However, I have credit cards and student loans, which I won't be able to pay off because I currently on work partime. I lived on my credit cards for a couple of months while looking for a job, but I haven't found one yet. and it is do or die time now. Should I go chapter 7? What is chapter 7?

[tormozat]

Jamie you seem to be a very good attorny but i picked the wrong attorney and now i am paying for it but about the house and chapter 7 filing what i was trying to say is after chapter seven you can keep your house but you have no more rights in that house because your debt was discharged your lender can forclose or raise your mortgage any time they want and even after you pay the entier mortgage they wont send you the title because your debt was dischrged  why lowyers dont tell you that.

[bankruptcyattorney]

Sorry for the confusion. I was saying that if you are current on your house when you file a chapter 7 you can keep it.

[tormozat]

Then why are you telling this guy you can keep your house in chapter 7???

[bankruptcyattorney]

What you are saying is really on a situational basis. The general rule is that after the period of redemption there will be an eviction. Most of the time the mortgage company will not accept payments after the Bankruptcy. The only way to make sure you keep a house in a bankruptcy is to file a chapter 13.

[tormozat]

I dont understand why my attorney did'nt tell me me the truth about being able to keep the house now i know that you can keep the house but no longer you own any rights in that house they just let you stay there as long as you make your payments most predetory lenders like counrywide wont reaffirm the loan so it wont be even reported to credit beuras your debt to your morgage company was discharged in bankruptcy the reason they let you stay in the house and make the payments .

[polmanearth]

again if 25 c/d the presumtion of abuse arises and you will have to file ch13 and pay 25c/d for 3 or 5 years. Usually with people who can't pay the home and want to start fresh this is not an issue and Ch7 would be the best option. What assets debtor can keep there is a full list whether you decide to choose state exemptions or federal exemptions, whatever server better your financial situation.

[bankruptcyattorney]

Great thanks for the comments.

[polmanearth]

What the viewers should understand is that in real bankruptcy scenario, whether you can file chapter 7 or 13 depends on your income of your last 6 months (average). If you want to file chapter 7 but your disposable income high enough to pay at least 25 cents on a dollar, the creditors won't approve your plan for ch7 and there is a means test(differs from state to state) that the debtor has to pass,

[huless]

so how are u supposed to pay for this and how high an income are we talking

[bankruptcyattorney]

this statement is partially accurate.

[dawc129964]

Is this a general rule for bankruptcy or does each state have different rules on what you can keep? Lets say Oregon and California. Would the bankruptcy rules be the same?

[bankruptcyattorney]

There are State and Federal exemptions and a person may elect to take either. You can certainly contact my office to discuss your particular case. The Video is just speaking in general.

[huless]

question does all this apply in minnesota

[huless]

also if your car is wirth 4 to 5 thousand can u keep it and how much does a bankrupcy cost

[bankruptcyattorney]

No....but your spouses income will count against you for purposes of the means test.

[McAllenchic]

I got in debt before I got married and I want to file for bankruptcy. Will it affect my spouse?

[elliselove]

thanks for sharing info b/c my lawyer wasn't this helping... shoulda picked younger handsome lawyer lol j/k