Dec
25
newyorkqueens23 asked:
When you declare in bankruptcy could your wife’s credit history be affected?
Is it only personal or affect the whole family?
[chapter 7 bankruptcy info]http://rexkaufman6721.livejournal.com/2220.html
When you declare in bankruptcy could your wife’s credit history be affected?
Is it only personal or affect the whole family?
[chapter 7 bankruptcy info]http://rexkaufman6721.livejournal.com/2220.html
Dec
20
bankruptcy and assets question?
Filed Under Personal Bankruptcy | 5 Comments
clayjoe asked:
We may have to file bankruptcy b/c my hubby’s building business is not doing well these days…if we file personal bankruptcy will they look at and take all assets to pay off debt under chapter 13? My problem is that my parents put their paid for house in my name and my 2 brothers names about 5 years ago because they are in their 70’s…they have also put money in my name although we still give them the interest checks on it. They did this to avoid a potential nursing home someday getting their assets…..anyway, if we file bankruptcy will they go after these assets? If so, what will they do? Can I take these assets out of my name and then file bankruptcy? If so, will they still be able to tell they were recently in my name? Do I need to wait a certain period after removing these assets from my name before filing? We would really like to keep our house and cars but the credit card bills are really hurting us.
What Is Chapter 7 Bankruptcy?
We may have to file bankruptcy b/c my hubby’s building business is not doing well these days…if we file personal bankruptcy will they look at and take all assets to pay off debt under chapter 13? My problem is that my parents put their paid for house in my name and my 2 brothers names about 5 years ago because they are in their 70’s…they have also put money in my name although we still give them the interest checks on it. They did this to avoid a potential nursing home someday getting their assets…..anyway, if we file bankruptcy will they go after these assets? If so, what will they do? Can I take these assets out of my name and then file bankruptcy? If so, will they still be able to tell they were recently in my name? Do I need to wait a certain period after removing these assets from my name before filing? We would really like to keep our house and cars but the credit card bills are really hurting us.
What Is Chapter 7 Bankruptcy?
Dec
20
How will my bank records affect my chapter 7 bankruptcy?
Filed Under Personal Bankruptcy | 1 Comment
Steve B asked:
I am filing Chapter 7. My personal account does not show much activity. My business account shows sales of roughly 20,000 monthly however when I pay off the company that finances my inventory ( I do not own my inventory) It shows a profit of around $2000 per month. Even though my profit is below the median income, will the large deposits arouse suspision on the part of the court. The large deposits are followed by large payments to that company that owns my inventory.
[Filing For Bankruptcy]http://yeetoe.blogsome.com/2009/04/27/before-filing-bankruptcy-think/
I am filing Chapter 7. My personal account does not show much activity. My business account shows sales of roughly 20,000 monthly however when I pay off the company that finances my inventory ( I do not own my inventory) It shows a profit of around $2000 per month. Even though my profit is below the median income, will the large deposits arouse suspision on the part of the court. The large deposits are followed by large payments to that company that owns my inventory.
[Filing For Bankruptcy]http://yeetoe.blogsome.com/2009/04/27/before-filing-bankruptcy-think/
Dec
7
How does the Business bankruptcy process for ch 7 work?
Filed Under Personal Bankruptcy | Leave a Comment
Bridalstore asked:
I own a bridal store that I bought in 2006, it has not profited since. I have not received pay roll since I purchased the store. Now that the economy has gotten so bad and with debt to creditor and suppliers, I am thinking of claiming bankruptcy. It is a sole prop. and I am planning also to claim personal bankruptcy. I found out my step mom has cancer again and I’ve been so stressed with the business and the cancer issue, that I would like to claim bankruptcy.
What is the process in ch 7 bankruptcy? mainly the trustee part. Does it mean that I no longer need to open the business and someone else will be at the store selling off all our gowns and basically closing the store and paying off our debt? what is the time line for that? Also, I feel so embarrassed that I can’t pay off my debt in the business, do I contact my creditors and suppliers or does someone else contact them?
Thank you for your help. I am planning to talk to a lawyer soon. Thanks again.
[chapter 7 bankruptcy info]http://rexkaufman6721.livejournal.com/2220.html
I own a bridal store that I bought in 2006, it has not profited since. I have not received pay roll since I purchased the store. Now that the economy has gotten so bad and with debt to creditor and suppliers, I am thinking of claiming bankruptcy. It is a sole prop. and I am planning also to claim personal bankruptcy. I found out my step mom has cancer again and I’ve been so stressed with the business and the cancer issue, that I would like to claim bankruptcy.
What is the process in ch 7 bankruptcy? mainly the trustee part. Does it mean that I no longer need to open the business and someone else will be at the store selling off all our gowns and basically closing the store and paying off our debt? what is the time line for that? Also, I feel so embarrassed that I can’t pay off my debt in the business, do I contact my creditors and suppliers or does someone else contact them?
Thank you for your help. I am planning to talk to a lawyer soon. Thanks again.
[chapter 7 bankruptcy info]http://rexkaufman6721.livejournal.com/2220.html