top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Before the bankruptcy question

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Before the bankruptcy question

    Would it be smart for us to let our 2 houses that are for sale-sell before we file? And keep any extra cash for starting over after the BK
    Also, should we sell out vehicle that we own and keep the cash to start over after the BK?


    We are looking to file in 6 months. Thanks
    Tags: None
    #2
    You need to check your state exemptions. All states have some limit to the amount of cash that can be exempted.
    Have you spoken with a lawyer yet?

    Comment

      #3
      Originally posted by keepmine View Post
      You need to check your state exemptions. All states have some limit to the amount of cash that can be exempted.
      Have you spoken with a lawyer yet?
      No we have not. We won'tg be speaking with one for 6 months. We are going to try and find another way other than bk but if we have to file we will. I am just trying to see if I should even try to sell the house or if they will take hat money from us also when we file
      Another question I have is my mom is a cosigner on one of my student loans. will the bk affect her?
      Last edited by texas1882; 09-05-2008, 11:42 AM.

      Comment

        #4
        Originally posted by texas1882 View Post
        No we have not. We won'tg be speaking with one for 6 months. We are going to try and find another way other than bk but if we have to file we will. I am just trying to see if I should even try to sell the house or if they will take hat money from us also when we file
        Another question I have is my mom is a cosigner on one of my student loans. will the bk affect her?


        I'd strongly urge you to speak with a lawyer or 2. Most bk lawyers give free or low cost initial consultations.
        The big thing is, Tx. is very debtor friendly and have likely the most generous bk exemptions in the country. It's very likely a lawyer can help you do some preplanning and take cash which may not be exempt and shift it into assets like IRA's or various insurance products like annuities that are exempt.
        The bk will affect your mother if you default on the student loan. That's a good example of what I'm talking about. Student loans are a priority debt-they'll very likely survive bk. It may be a good idea to just payoff debts you can't likely discharge like, student loans or back taxes.

        Comment

          #5
          Ok thanks! We are going back and forth between filing...not sure what to do. The student loan that my mother co-signed is a private student loan but it is only 6500 so I may try to pay that off. So If things are paid off it will not affect anyone that co-signed for me?

          Comment

            #6
            Well, as long as your mother is paying back the loan on a timely basis there will be no affect on her credit report.
            I'm just saying if you have cash you won't be able to exempt, use it to payoff debts that won't be discharged anyway.

            Comment

            Previous template Next

            bottom Ad Widget

            Collapse
            Working...
            X