Announcement

Collapse
No announcement yet.

User Profile

Collapse

Profile Sidebar

Collapse
Profile Picture
bcohen
Registered User
Last Activity: 05-27-2017, 04:24 PM
Joined: 06-12-2010
  • Filter
  • Time
  • Show
  • Source
Clear All
new posts

  • bcohen
    replied to Car Loan Reaffirmation and Wells Fargo
    You can always ask, but they may say no. They may actually be a lot more willing to negotiate if you are willing to keep both cars, because if vehicle "A" is really only worth $2500-3000 according to KBB, that means it probably won't fetch more than $1000 at a repo auction. It would likely...
    See more | Go to post

    Leave a comment:


  • Before I filed, my credit reports were full of charge-offs and collections, and a judgment from Discover Card, which brought my scores to the low-500 range. Just the mere act of filing increased my credit scores, and the discharge (which forced a lot of the negative accounts to stop reporting) brought...
    See more | Go to post

    Leave a comment:


  • As was already discussed in your other thread, attorneys commonly advise clients to purchase a car before filing, especially if their current car is on its last leg, or the payments are way too high to reasonably afford. Now that you have purchased another car, stop paying on the Camaro, as well as...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to Credit card too high to file chapter 7
    Given that you have had this credit card for a long time, and accumulated the debt over a period of years, it is highly unlikely that the creditor would file an objection unless you have run up a significant balance within the past few months. It doesn't even matter if you exaggerated your income on...
    See more | Go to post

    Leave a comment:


  • No one is being judgmental. "Insolvency" is a legal term. For tax purposes, it means that your total debts exceed your total assets. (It is also possible to be "insolvent" in the sense of not having enough monthly cash flow to meet one's monthly debt obligations, although this...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to wireless service and chapter 7
    If you are current with your cellphone bill, then there is no "debt" and the cellphone provider is not a "creditor". You are simply paying for service used each month, which makes it a living expense.

    Therefore, you would not include the cellphone provider in your schedule...
    See more | Go to post

    Leave a comment:


  • Wait a minute. Do you seriously think you can take out a $20,000 loan, use the proceeds to fix your car and pay other bills, then file for bankruptcy a few months later, and discharge the new loan? By your own admission, you are insolvent, and taking on any new debt (as opposed to refinancing existing...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to can't get an apartment!
    Once you have discharged personal responsibility for the mortgage loan through Chapter 7 bankruptcy, the lender cannot report any further negative information to the credit bureaus. This means that if you default on the loan and the bank has to foreclose, they cannot report late payments, foreclosure,...
    See more | Go to post

    Leave a comment:


  • As interest rates rise, house prices must necessarily come down, because at any income level, the amount which a borrower can finance decreases. I also concur that housing prices are at the top of the curve, and will probably drop off in the not-too-distant future.
    See more | Go to post

    Leave a comment:


  • With a 2% APR mortgage, your monthly cost to live in the house must be much, much less than what you'd pay in rent to live somewhere else. Therefore, even taking into account the necessary repairs, you come out ahead by keeping the house. Remember that as time progresses, monthly rents will increase...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to can't get an apartment!
    I don't know where you live, but it must be a VERY competitive housing market if bankruptcy is an automatic disqualification to renting an apartment. Here in southern Arizona, as long as you meet the income requirements and have acceptable rental history, a bankruptcy would not be a problem. I had...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to Info about Chp 7
    It may be better for you to file for bankruptcy together with your husband, while you are still married, thus discharging all of your debts. That way, you won't have to worry about apportioning debt in your divorce.
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to CC Debt Validation
    In order to be effective, the validation letter must be sent within 30 days of initial contact by a particular collection agency or junk debt buyer. If sent after that, they can legally continue to contact you while they (try to) obtain the necessary documents.
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to Bankruptcy, divorce, my home
    Judges in any state have "broad discretion", hence why you need a good attorney. The last thing you want to do is be forced to sell your house, only to receive little or no equity, and then have to pay even more per month just to rent an apartment!
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to Bankruptcy, divorce, my home
    Even if you were living in a "community property" state, it sounds like you owned this house for 3 years prior to the marriage taking place, so "community property" would not attach. The house is your sole and separate property, as your wife's name wasn't even on the deed or mortgage....
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to CC Debt Validation
    Of course, you send the letter Certified Mail Return Receipt Requested. If you send it with a regular stamp, who's to say it ever arrived? Certainly, it's best for the collection agency/junk debt buyer if such letter never arrived, and with no proof of delivery, as far as they're concerned, it never...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to Foreclosure and Codebtor
    1) Whether or not the foreclosure has completed, whether or not the house was sold for less than the amount owed is not important in the context of Chapter 7 bankruptcy. You simply include the mortgage, and either list the amount as "unknown" or give the original amount. If there are (non-exempt)...
    See more | Go to post

    Leave a comment:


  • bcohen
    replied to CC Debt Validation
    Yes, you should demand validation of any (alleged) debt, and yes you should do so in order to challenge any collection agency/junk debt buyer who is contacting you, but no, you should not use this obviously downloaded-off-the-internet form letter. Before I filed for Chapter 7 bankruptcy, my debts had...
    See more | Go to post

    Leave a comment:

No activity results to display
Show More
Working...
X