Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Married Couple from NY in a jam... ideas?

  • Filter
  • Time
  • Show
Clear All
new posts

  • Married Couple from NY in a jam... ideas?

    Please HELP We have a rental property which is titled to both of us but only debtor 2 is on the mortgage and it is underwater but cash flows approximately 400/month. We also have our home we live in which is titled to just debtor 2 and the mortgage is only in debtor 2s name. Debtor 2 borrowed money out of his retirement account fund a real estate investment flip. The property was titled to debtor 2 only and the mortgage was in debtor 2 name only. Things didn’t work out so well we already had a sizable investment from family members but had to borrow more to keep it afloat till it sold. After all was said and done we made money on paper but not in reality because we had to put all of our living costs on credit for a year. The house was finally sold and all the proceeds went into a joint account. We are unable to pay our monthly obligations. The proceeds from the sale went into a joint checking account but we paid back all of our family members leaving us with a small amount of cash and a lot of debt. We are unable to pay and running out of money is inevitable. We recently stopped paying debtors 1 credit card payments… the minimum payments add up to $2500.

    Is it possible to debtor 1 file for chapter 7 on own and just get the credit card debt discharged or will they come after money in the joint checking?

    Can debtor 2 use the remaining funds to pay back his retirement account?

    Will they claw back all the payments to family?

    Any recommendations on the best course of action?



  • #2
    First, welcome to BKForum!

    You have some serious property issues that are going to require someone that does this for a living. I see issues, alone, with paying back family insiders and then stopping payments to other unsecured creditors. This payback of the insider debt is referred to as a preferential payment(s).

    I can't tell you that it's okay to pay certain things and file bankruptcy for just one debtor. The co-debtor stay is not going to protect the other debtor if there is any co-debt. A checking account owned by other party is likely marital property and would be difficult to protect outside normal exemptions.

    The course of action is to sit down with several attorneys and address this in your free consultation. You have property and insiders and debt scattered (titled) between two different debtors.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thanks Justbroke.

      None of the cred it cards are past 30 days late. Should I keep paying them while I figure this out?

      There actually is no Co debt... all secured debt went on debtors 2 credit and all unsecured debt went on debtor 1.

      the only thing that is titled to debtor 1 and 2... is the cash flowing under water rental property but the mortgage was only in debtor 2s name.

      I will surely meet with attys just trying to get my ducks in a row.



      • #4
        It's just complex for me and sitting here in Florida I don't want to steer you in the wrong direction. The insider transfers alone is what tells me that your ducks are probably not going to be aligned for another year. It doesn't hurt to do some bankruptcy planning and/or execute some asset protection strategies. It just needs the help of a professional.

        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        Unconfigured Ad Widget