I am still new to all this & have been viewing the posts for awhile to find out information & have gotten so much out of this website.
I have several issues going on but I think my main concern at this point is the documentation you will need if a lot of your debt is business debt.
I was in business for about 10 years & ended up having to sell it to a competitor due to a bunch of problems with my staff & just never could recover from the damage they did. And also because I became disabled around that same time. I made really good money & always paid all my bills on time and always in full each month. The person that purchased my business ended up fling bankruptcy on the loan for the sale of the business that I carried for us so things just kinda started going down hill from there.
I pretty much held everything down for a couple of years but then about a year & a half ago I decided to try & make a run of it again because I had been so successful before & really wanted to try & get off disability. I spent apx 50k to get the business off & going with the economy being in slump & was just never able to get things running. So then I had myself in a mess because I had spent so much money to start & had to rely on my other cc's & line of credit to make those payments so as I'm sure you can already see where this is going I am now in way our my head and am to a point that I have almost ran out of credit to pay the originally bills let alone the new ones I used to make those payments. Some of the debt is personal but I think it's pretty close to being over 51% business debt.
Also, during this time my husband & I have decided to get seperated because of all this with so much strain on our marriage but hopefully I can get all my issues worked out & things can get back to normal someday.
Also, I am still married but my husband will not be filing & does not have any debt in his name. I currently live in Ks & have been here for a few years. I'm going to try & wait as long as I can to file but it's only so long I can keep making these huge payments. My total debt is all unsecured cc's & lines of credit. But probably total close to 150k. The house is now in my name but there isn't much equity or any at all with the housing market. The market is really bad where we are at so there is no chance of selling the home & evening coming close to what I owe so I'm thinking my only option there is foreclouser but hopefully I can keep up the payment for at least awhile on the house.
Our home in Kansas was purchased about 2 years before all this happened and was only in my husbands name if I remember right & we ended up paying off the mortgage. We have two vehicles that are both in his name & other than household things, etc. I have about 30k in IRA Sep CD's that most were originallyly opened 5 to 8 years ago. I only have my disability coming in which is apx 2900.00 per month. When we decided to get separateded my husband choose to take a job in Florida & will be moving there the first of the year. I wanted to stay in our home so I ended up getting a loan to buy it back from him & then he gave me apx. 20,000 in cash from the sale to put down on it & then I kept apx. 30,000 from the sale also from my share but that is pretty much spent paying back these crazy cc's. And then he agreed to pay me 2500.00 per month for 18 months to help me cover the house payment because he didn't want to have to worry about our son not having a house to live in but that will be ending soon and there is no way I can keep up then.
My questions are:
1. What kind of issue will it cause if I end up having to file & now the house is in my name. Will that look like some type of fraudulent transfer to the trustee because it use to be in his name? We did set it up so that I purchased it for a fair price & got most of my half of the equity (see paragraph above) that was in the home but of course that is gone? I never thought anything about it before & it made perfect sense to me at the time but then I wasn't planning on possibly filing bankruptcy either.
2. What type of documentation will be needed to show that I have business debt? I don't think I have any of that anymore because our home had water damage & I wasn't able to save anything in our basementnt which is where all my records were. I might be able to go back & get statements from the bank but I'm not sure of even the bank or account #'s at this point with everything out of control.
3. And is the only difference to filing non consumer debt so that you don't have to pass the means test? I wasn't sure if things were a lot different or if it would be easier to go one way or the other.
4. Will they count in my husbands income if we are seperated? We haven't done the paperwork but I guess we could if we needed to. I think I'm just trying to postpone it hoping things will work themselves out. That is one of the reasons we decided to just seperate is so if things can work out in the future & I can get my whole situation under control there might be a chance we can get back together. What's funny is our marriage was fine before all this started happening.
5. I have read many different things about IRA's & on the state exemptions it says ERISA qualified benifets does anyone know what that means?
I would appreciate any input on my situation & questions if possible. I just don't know what to do at this point & not sure of which direction to start turning. This site has been such a great help to me.
I have several issues going on but I think my main concern at this point is the documentation you will need if a lot of your debt is business debt.
I was in business for about 10 years & ended up having to sell it to a competitor due to a bunch of problems with my staff & just never could recover from the damage they did. And also because I became disabled around that same time. I made really good money & always paid all my bills on time and always in full each month. The person that purchased my business ended up fling bankruptcy on the loan for the sale of the business that I carried for us so things just kinda started going down hill from there.
I pretty much held everything down for a couple of years but then about a year & a half ago I decided to try & make a run of it again because I had been so successful before & really wanted to try & get off disability. I spent apx 50k to get the business off & going with the economy being in slump & was just never able to get things running. So then I had myself in a mess because I had spent so much money to start & had to rely on my other cc's & line of credit to make those payments so as I'm sure you can already see where this is going I am now in way our my head and am to a point that I have almost ran out of credit to pay the originally bills let alone the new ones I used to make those payments. Some of the debt is personal but I think it's pretty close to being over 51% business debt.
Also, during this time my husband & I have decided to get seperated because of all this with so much strain on our marriage but hopefully I can get all my issues worked out & things can get back to normal someday.
Also, I am still married but my husband will not be filing & does not have any debt in his name. I currently live in Ks & have been here for a few years. I'm going to try & wait as long as I can to file but it's only so long I can keep making these huge payments. My total debt is all unsecured cc's & lines of credit. But probably total close to 150k. The house is now in my name but there isn't much equity or any at all with the housing market. The market is really bad where we are at so there is no chance of selling the home & evening coming close to what I owe so I'm thinking my only option there is foreclouser but hopefully I can keep up the payment for at least awhile on the house.
Our home in Kansas was purchased about 2 years before all this happened and was only in my husbands name if I remember right & we ended up paying off the mortgage. We have two vehicles that are both in his name & other than household things, etc. I have about 30k in IRA Sep CD's that most were originallyly opened 5 to 8 years ago. I only have my disability coming in which is apx 2900.00 per month. When we decided to get separateded my husband choose to take a job in Florida & will be moving there the first of the year. I wanted to stay in our home so I ended up getting a loan to buy it back from him & then he gave me apx. 20,000 in cash from the sale to put down on it & then I kept apx. 30,000 from the sale also from my share but that is pretty much spent paying back these crazy cc's. And then he agreed to pay me 2500.00 per month for 18 months to help me cover the house payment because he didn't want to have to worry about our son not having a house to live in but that will be ending soon and there is no way I can keep up then.
My questions are:
1. What kind of issue will it cause if I end up having to file & now the house is in my name. Will that look like some type of fraudulent transfer to the trustee because it use to be in his name? We did set it up so that I purchased it for a fair price & got most of my half of the equity (see paragraph above) that was in the home but of course that is gone? I never thought anything about it before & it made perfect sense to me at the time but then I wasn't planning on possibly filing bankruptcy either.
2. What type of documentation will be needed to show that I have business debt? I don't think I have any of that anymore because our home had water damage & I wasn't able to save anything in our basementnt which is where all my records were. I might be able to go back & get statements from the bank but I'm not sure of even the bank or account #'s at this point with everything out of control.
3. And is the only difference to filing non consumer debt so that you don't have to pass the means test? I wasn't sure if things were a lot different or if it would be easier to go one way or the other.
4. Will they count in my husbands income if we are seperated? We haven't done the paperwork but I guess we could if we needed to. I think I'm just trying to postpone it hoping things will work themselves out. That is one of the reasons we decided to just seperate is so if things can work out in the future & I can get my whole situation under control there might be a chance we can get back together. What's funny is our marriage was fine before all this started happening.
5. I have read many different things about IRA's & on the state exemptions it says ERISA qualified benifets does anyone know what that means?
I would appreciate any input on my situation & questions if possible. I just don't know what to do at this point & not sure of which direction to start turning. This site has been such a great help to me.
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