How does being legally separated affect filing for bankruptcy?
441192
well since you are still married then i think it would show up as a bankruptcy for both
128132
Well, if you fall into the criteria for filing Chapter 7 (your HOUSEHOLD income (not just yours) is lower than your states median income) then you should probably look to spend between $500-$1500.  You can fill out the paperwork yourself and file everything for a smaller fee (there's like a $200-$400 fee to file the paperwork).  The attorney's may offer a free consultation, however when an attorney does a bankruptcy they represent you because they are filling out the paperwork for you on your behalf.  Have you visited wethepeoplema.com ?  They show you how to file by yourself.  Good Luck.
904315
Let me start by saying I am not a lawyer or credit counselor so take my advice for what it's worth.\n\nA huge majority of people who file for bankruptcy list loss of job and divorce as a reason for filing.  So don't feel bad about being forced to file.\n\nBy your question, lets assume that you could somehow convince these creditors to accept a lesser amount, and you now only owe $15,000, with no additional late fees or interest.  Yeah, right...pretend you just woke up in the land of OZ, but we'll pretend anyway.\n\nIf all you could afford is $100 a month it's going to take over 12 years to pay off this debt.  Very rarely will any creditor accept a plan that takes move then 3-5 years.  They are NOT going to  wait longer then that to get paid, so it's not likely your plan will work.\n\nNext option is to examine the debts.  How many are beyond the statute of limitations?  Those debts can be ignored.  It's going to trash your credit history for a few years, but so will a bankruptcy.  That may lower your debts a bit, but I don't think it's going to help you enough.\n\nThe other problem you may have is your side business.  If you set it up as a sole propriety and not a separate company, the BK court may want to include those assets and income into the plan, and that could cause problems.  \n\nThe new bankruptcy laws will most likely not allow you to file for a chapter 7, based on your comment that you can afford $100 a month toward your debts.  \n\nYou may not have any other options but to file, but you really need to discuss this with an attorney first.
1115847
If he filed bankrupts on the house it belongs to the bank, i do not see how she can owe that money because the bank does not take only a portion of the loan of the house for bankrupts they take possession immediately. all of it. something doesn't sound right. I would call a lawyer for advice. But i am not sure about the new laws for filing bankr. They are different now. I heard your dept is not dissolved.
344728
I helped my girlfriend file a year ago and it was relativly simple.  I've since learned that the laws were changed (and few people know because Iraq/Elections/Missing Persons were the only national headlines.  It' supposed to be exceedingly difficult now, especially if you have any assets that most people would consider protected. \n\nI'll see if I can find some more.\n\n\nMore: "WASHINGTON - The most sweeping rewrite of the U.S. Bankruptcy Code in a quarter- century, making it harder for debtors to erase credit card and other obligations in court proceedings, goes into effect Oct. 17.\n\nAmong the changes made by the new law:\n\n* It sets up a new test for measuring a debtor's ability to repay. People with insufficient assets or income can still file a Chapter 7 bankruptcy, which if approved by a judge erases debts entirely after certain assets are forfeited. But those with income above their state's median income who can pay at least $6,000 over five years - $100 a month - will be forced into Chapter 13, under which a judge orders a repayment plan.\n\nIn calculating income, people filing for bankruptcy may deduct various expenses as defined by the Internal Revenue Service, including food and clothing, and some health and disability insurance expenses.\n\n* People seeking bankruptcy protection are required to take credit counseling courses within 180 days of filing.\n\n* It gives priority to a spouse's claims for child support among creditors' claims on a debtor in bankruptcy.\n\n* The law allows for special accommodations for active-duty service members, low-income veterans and those with serious medical conditions in the new income test for bankruptcy applicants.\n\n* The law supersedes the unlimited homestead exemptions in states including Florida, Iowa, Kansas, South Dakota and Texas that allow wealthy people to file for bankruptcy and keep their mansions sheltered from creditors. The law limits the exemption to $125,000 if the person in bankruptcy bought his or her residence less than three years and four months before filing.\n\n* It also requires billing statements for credit card accounts to include an example of how long it would take to pay off a balance at a specific interest rate if only minimum payments are made.\n\nThe law also makes it tougher for businesses that file for bankruptcy protection:\n\n* The law limits the exclusivity period, the 18-month span during which a company in Chapter 11 has the sole right to propose a reorganization plan. Debtor companies are no longer given unlimited extensions of the exclusivity period.\n\n* It limits the ability of companies to give lucrative pay packages as a way of retaining top executives.\n\n* Companies must decide within 210 days, or seven months whether they will keep or relinquish leases on property.\n\n* Creditors can seek to have a Chapter 7 liquidation filing dismissed or converted to a debt reorganization plan under Chapter 11. "\n\n\nBest of Luck,\n\nArmus
689125
I did it 10 years ago and it worked out for me but don't be misled.  There are 2 different bankruptcy clauses.  Chapter 13 and chapter 7.  One is based on a person that was paying on time and suddely were thrust into the situation because of a hardship like being laid off or extreme medical bill occuring.  This is the better situation, Chapter 13.  Chapter 7 is for someone that ran up their credit and lived beyond their means.  It is hard to recover from Chapter 7.
230522
Actually, not everyone may file a 7 bankruptcy.\n\nYou must be eligible.\n\nA person who has had a chapter 7 discharge within the past 8 years may not file a chapter 7 bankruptcy case.\n\nA person may not file a chapter 7 bankruptcy if doing so is "abuse".  A case is presumed abusive if the person makes more than the national median income, approximately 40,000 for an individual and approximately 70,000 for a family of 4.  If a person's chapter 7 bankruptcy is "presumed abusive", he or she may still be able to file a chapter 7 case if the parson passes a somewhat complex "means test".  The means test determines whether a person has enough "current monthly income" to pay at least $10,000 to unsecured creditors over 5 years or at least $6,000 to creditors over 5 years if that results in paying at least 25% of the unsecured debt.\n\nA debtor must take a credit counseling session before being eligible to file a chapter 7 case.\n\nBankruptcy will discharge all of your dischargeable debts (but not taxes, student loans, domestic support obligations and others).  However, interest rates for a debtor for several years after a bankruptcy will be higher on loans or credit cards
83530
A bankruptcy usually has no bearing on your tax return, since debts discharged by bankruptcy are not considered income in the way a discharge of debt outside of bankruptcy is.  Unless you have a more complicated return, like one involving a business, it will probably not be a factor.
340115
The whole Chapter 7 bankruptcy process takes about four to six months, costs $200 in filing and administrative fees without an attorney, and commonly requires only one trip to the courthouse. \n\nTo file for bankruptcy, you fill out a two-page petition and several other forms. Then you file the petition and forms with the bankruptcy court in your area. Basically, the forms ask you to describe: \n\n \n\nyour property \nyour current income and its sources \nyour current monthly living expenses \nyour debts \nproperty you claim the law allows you to keep through the bankruptcy process (for example most states let you keep clothing, household furnishings, Social Security payments you haven't spent and other basic items) \nproperty you owned and money you spent during the previous two years, and \nproperty you sold or gave away during the previous two years. \nFiling for bankruptcy puts into effect something called the "automatic stay." The automatic stay immediately stops your creditors from trying to collect what you owe them. So, at least temporarily, creditors cannot legally grab (garnish) your wages, empty your bank account, go after your car, house or other property, or cut off your utility service or welfare benefits. \n\nUntil your bankruptcy case ends, your financial problems are in the hands of the bankruptcy court. It assumes legal control of the property you own (except your exempt property, which is yours to keep) and the debts you owe as of the date you file. Nothing can be sold or paid without the court's consent. You have control, however, with a few exceptions, of property and income you acquire after you file for bankruptcy. \n\nThe court exercises its control through a court-appointed person called a "bankruptcy trustee." The trustee is mostly interested in what you own and what property you claim as exempt. This is because the trustee's primary duty is to see that your creditors are paid as much as possible on what you owe them. And the more assets the trustee recovers for creditors, the more the trustee is paid. \n\nThe trustee goes through the papers you file and asks you questions at a short hearing, called the "creditors' meeting," which you must attend. This meeting is not likely to last more than five minutes. Creditors may attend, too, but rarely do. \n\nAfter this meeting, the trustee collects the property that can be taken from you (your nonexempt property) to be sold to pay your creditors. You can surrender the property to the trustee, pay the trustee its fair market value or, if the trustee agrees, swap some exempt property of equal value for the nonexempt property. If the property isn't worth very much or would be cumbersome for the trustee to sell, the trustee can "abandon" the property-which means that you get to keep it. Very few people actually lose property in bankruptcy. \n\nIf you've pledged property as collateral for a loan, the loan is called a secured debt. The most common examples of collateral are houses and motor vehicles. In most cases, you'll either have to surrender the collateral to the creditor or make arrangements to pay for it during or after bankruptcy. If a creditor has recorded a lien against your property, that debt is also secured. You may be able to wipe out the lien in bankruptcy. \n\nIf, after you file for bankruptcy, you change your mind, you can ask the court to dismiss your case. As a general rule, a court will dismiss a Chapter 7 bankruptcy case as long as the dismissal won't harm the creditors. Usually, you can file again if you want to, although you may have to wait 180 days. \n\nAt the end of the bankruptcy process, most of your debts are wiped out (discharged) by the court. You no longer legally owe your creditors. You can't file for Chapter 7 bankruptcy again for another six years from the date of your filing.
796474
The state rules generally apply to what your exemptions are...or what you are allowed to protect after you file for bankruptcy.  \n\nYou still have to follow the general US bankruptcy laws.  If your income is high you won't qualify for chapter 7, and will have to repay a portion of the debts.
453879
You and your credit score and not going to win on this one. Go to the lender immediately. Talk frankly with them...they may offer you options, they may not. But it cannot hurt, and it well may help. The lender will NOT want you to file bankruptcy unless they hold a deed of trust. IF they hold a simple mortgage, the property will be tied up for at least 6 months, maybe more. They may be very lenient with you to avoid the problems associated with bankruptcy. Even with a Deed of Trust, Bankruptcy throws a serious wrench into the foreclosure process. Talk to them, not us...they have better answers than we do. Either way, don't plan on your credit score to be very high for many years...up to 7. You can carefully rebuild your credit, but a filing of bankruptcy may live on longer than 7 years, considering the changes in bankruptcy laws last year. In fact, you may not be able to claim bankruptcy because of the changes in the law. Check it out with an attorney and the lender.
693364
No, you do not loose assets/or income when you file bankruptcy.   The new bankrupcty laws for Chapter 13 (reoranization of your debts) would make you and your lawyer create a pay-back plan and a court appointment Trustee would administer the pay back plan.    I'm not sure about the new Chapter 7 (the old wiped out all your debt) and you didn't have to sale any of your primary property (by that I mean if you have only one car to get back and forth to work; and want to keep the car, you are allow to; that goes for your home as well.)   Retirement monies and disability/state and not touched by bankruptcy
191386
As previously stated, it will depend on what kind of debt you are talking about.\n\nStudent loans, child support, taxes, and other debts can not go away with a bankruptcy.\n\nMortgages and car loans, or any type of secured loan can be included, but you still have to pay those loans or have the property repo'd.  But the interest rates and payments may be a little more favoriable.  \n\nOther loans will be handled in a bankruptcy, including the judgements.\n\nBut.....(yeah, there are always "buts")\n\nThey do not get erased unless you file for a Chapter 7.  The new bankruptcy laws passed last year make it more difficult for people who currently have an income to file Chapter 7's.  You will be forced into a Chapter 13, which means you have to pay back a portion of the debt.  The amount depends on your current income, and the state you live in.\n\nPlease take the time to read the link below.  It has info on the new bankruptcy laws.\n\nIn my opinion, unless you owe a whole lot of money, it's not worth filing bankruptcy.  You need to find a way to negotiate with the creditor.
711165
I doubt that the bankruptcy trustee would excuse you from attending the Meeting of Creditors that is required under the Bankruptcy Code.  Besides, what is the urgency to file bankruptcy while you are still incarcerate?  You can file after you get out.
776909
I don't understand the first answer given. I am a bankruptcy paralegal, and ALL credit card debts, including civil judgments, must be included in your petition and schedules. Maybe it is different in different parts of the country, but where I am from you are required to list all debts, lawsuits, judgments, etc. I have put a stop to many lawsuits and judgments in my day through the bankruptcy code. My best advice is to contact a bankruptcy attorney and set up a free consultation. Good luck.
229683
You would be an idiot to be a co-borrower unless you get some benefit from the deal.  A bankruptcy will affect your credit score, and may even remove you from consideration depending on the rules of the loan.
269204
The date you file Chapter 7 Bankruptcy is the date any legal debt claims(except IRS) must stop. Any claims against you must be passed by the Bankruptcy judge for approval.\n\nThis is easy, if this judgment was obtained during the time between your filing date and your discharge date, and the debt was listed in your bankruptcy, you can write the court where the judgment was located and the credit bureaus and demand the removal from your credit report.\n\nIf the judgment creditor refuses to stop attempting to collect a discharged debt you can threaten legal action. You should have some information in your discharge papers to explain this.\n\nGood Luck