Las Vegas developer lists over 0 million in debt in bankruptcy filing
Las Vegas developer Bill Plise revealed in Bankruptcy Court on Monday he's in debt to the tune of a staggering $ 506.5 million, while his assets are valued at just $ 4738. Plise filed for personal Chapter 7 bankruptcy protection on April 23.
Read more on Chicago Tribune
Was it Smart for 'Octomom' to Declare Bankruptcy?
The bankruptcy might give Suleman a fresh start, but the filing means that her creditors — which include a Christian school and her own father — are out of luck. Suleman filed for Chapter 7 bankruptcy, in which a debtor's assets are liquidated and …
Read more on TIME
GDP Growth: The Civic Duty of Every US Consumer
CNN Money reports: This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy. The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $ 1500, …
Read more on Wall Street Pit
The Fresh Start Program Can Help Canadian Consumers Deep in Debt
The Fresh Start Program offers consumers a way to reduce their debts legally and without bankruptcy and give them a Fresh Start on their future. "We created this Canadian debt solutions program to help consumers stop annoying debt collection calls, …
Read more on MarketWatch (press release)
Bankruptcy Judges Confront Impending Shortage
The nonpartisan Congressional Budget Office has estimated that the Senate bill could cost about $ 5 million over five years, depending upon the number of vacancies to be filled. Bankruptcy professionals say it's not just judges who'd be hurt by a …
Read more on Wall Street Journal (blog)
Question by : ,000 in credit card debt, an hour, long story HELP!?
Okay, long story short (I hope!) I mortgaged two rental properties until October of last year (2008) BOTH tenants moved out, SAME DAY (seriously) without me knowing. I had trouble paying bills after that and HAD to pay the remaining prop taxes in order to give these properties back to bank in the form of “in deed of lieu’s” in April 2009.
I used my credit cards for medical bills, prop taxes on rental homes, etc…. because I make $ 11.00 an hour and have NO medical insurance. It worked for awhile as I was doing just fine……Until the tenants moved out. After that, the $ 700 in credit card bills started coming in, the mortgage on my home is only $ 515, but when you make only $ 11 an hour that is a lot. I have a car payment of $ 300 which I need to pay because my job requires 12,000 a year for travel. I do get mileage checks, but there is NO TAXES taken out of those checks, so they should NOT be taken into consideration for income as I do not have to claim that income on my yearly taxes.
I cannot afford my credit card bills and am already behind. I called ALL of them and some worked with me, other’s not so much. I will be embarrassed to have my wages garnished as I do work for a federally funded program and even though it only pays $ 11 an hour, I have been there 15 years and know everyone pretty much.
What can I do? What can I expect? I already did the “credit counseling” thing….they said I already did my job in contacting all my creditors in making a deal. they could do no more than what i did, but some are still not budging.
I would like to pay the minimum due on the cards I can afford and not pay on the ones I can’t. Should I stop paying all of them?
AND BEFORE SOMEONE SAYS i SHOULDN’T HAVE GOT MYSELF IN THIS SITUATION IN THE FIRST PLACE…….I called ALL my creditors to TRY to work out a plan, so I did my part. I agree I owe on these cards! I cannot file Bankruptcy because my father purchased a cabin CASH for 8 grand in 2000. He decided to put it in MY name because eventually it will be mine. SO, when I knew I was getting into trouble, I transferred the cabin BACK to him April of 2009. I have to wait 2 years for that to clear.
I need help. Please let me know what i am to expect…..
Best answer:
Answer by abcdefg
I’m 30,000 in credit card debt, and I’m unemployed (so is my wife) — no savings.
My wife ran up my cards over 4 years, buying starbucks, clothes, lunch at applebees, etc.
I didn’t use my cards and she’d always say, “oh i charged a little but I paid most of it off”.
And I believed her………ha, I’m dumb.
Anyways, you’re going to just have to pay it off……….maybe work two jobs if you have to.
Maybe you’ll get lucky and meet a generous millionaire or you’ll end up making more money.
Either way, it’s your debt and you have to pay it or you’ll be totally screwed for like 10 years.
Give your answer to this question below!
Question by mommy23girlys: How can I get the rest of my debt erased off my credit after bankruptcy?
My bankruptcy has been discharged for two years now. Mostly all the debt on my credit has been deleted, but there are about 6 items left. On the report, it says in the comment section “included in Chapter 7 bankruptcy”. How can I get the remaining ones removed?
Yes, the items remaining were all included in the bankruptcy. They say “included in bankruptcy” and it has been discharged. All the the other accounts were deleted off my credit. But there are 6 still on there. I thought I could just have them removed also since they were with the bankruptcy.
Best answer:
Answer by wartz
It sounds like your credit report contains factually true statements. You don’t state if the creditor is still trying to collect or not.
Add your own answer in the comments!
Question by jefkas532003: Can i declare bankruptcy after signing with a debt relief company like “credit solutions”?
Signed with the Credit Solutions a few months ago, and credit card company is still going to take me to court. I can’t afford the payments even with the credit solutions help. What should I do? Can I declare chapter 13?
Best answer:
Answer by james b
Yes, but I wouldn’t advise it. That ‘credit solution” company is just some third party business you enlisted.
Know better? Leave your own answer in the comments!
When debts are overwhelming, filing for bankruptcy may be your only option. A lot of people like Chapter 7 Bankruptcy. Chapter 7 is a ‘liquidation’ of all the non-exempt assets that would ultimately be an effective way for you to pay off all your existing debts. The process is fully supervised, and the court will appoint a trustee to liquidates the non-exempt assets of the debtor and appropriate the sales money to various creditors. Bankruptcy chapter 7 exemptions means that there are assets that the creditors cannot touch when the bankruptcy is filed. Although chapter 7 is the least favorite method of bankruptcy, with with the exemptions in place, you can bring their personal damage to the minimum and will be able to keep some of their belongings.
In this exemption the debtor selects property that he/she is eligible to keep from a list containing state exemptions or exemptions provided in the Federal Bankruptcy Code. The debtor’s property will be separated as exempt or non-exempt when a property exemption report is filed by the trustee. State exemption laws can vary from one state to another although some basic laws may be the same.
Debts that are classified as secured debts will be paid first. As for debts that are unsecured, it can be possible that the creditors of unsecured debts may not get the full payment. The trustee is authorized to decide who gets the payment first, based on the law. Note that to enjoy the benefits of bankruptcy chapter 7 exemptions, the defaulter must file the case in the state where he/she resides for a period of 730 days before filing for this type of bankruptcy. Alternatively, the debtor may also file the case in a state where he/she has previously lived for more than 180 days, up to 2 years.
There are some Federal exemptions and they can include retirement benefits, death disability benefits, survivor’s benefits and miscellaneous. You should find out more about the Federal exemptions because not all the states are the same.
Bankruptcy is probably the worst scenario, your credit score will drop a lot because of it. You will lose all your personal belongings and you need to start your business all over again from nothing. It must only be considered when there is no other option.
If, unfortunately, you have no other options, then get to find out more about bankruptcy chapter 7 exemptions as you can reduce your personal loss and use the law to help you get back your life as soon as possible.
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