Question: My husband and I are unsure if a Chapter 13 Wage Earner Plan is the way for us to go. Due to loss of job and medical reasons, we are in over our head. We are able to make house, truck and living expenses but unable to make any credit card payments. We are not behind on any of our secured notes, but fear if we pay the credit card bills, we will shortly be behind. I have read about debt counseling, but we do not have a lot of $ to go on the other bills. In Chapter 13, will be lose our home, car and RV? Or can we continue to pay these? I have read information on the internet about consumer proposals in Canada, but I want information about a Chapter 13 plan in the U.S. Thanks.
Answer: Yes, it is possible to keep your home, car and RV in a Chapter 13 Wage Earner Plan. Each situation is different, so you should contact a Chapter 13 expert for more information.
Question: Is it legal to get credit while you pay off your bankruptcy?
Answer: You should not obtain credit until your bankruptcy is completed.
Question: My fiance is considering filing bankruptcy for her personal debts after we are married. We have no joint accounts or debts. I am concerned that this will ruin my excellent credit rating. Can her filing for personal bankruptcy after marraige affect my credit score and can any creditors come after assets that are in my name only?
Answer: Your credit report only contains information about you; it does not contain information about anyone else, including your wife. Therefore her filing for Chapter 7 bankruptcy, or a Chapter 13 Wage Earner Plan, will not impact on your credit rating.
However, if in the future you both decide to finance a house together, your wife’s bankruptcy will hurt her credit score, which reduces her effectiveness as a co-signer for you.
For more information, please contact a bankruptcy attorney .
Question: Hey, wondering if anyone out there knows this……after I file for bankruptcy and it gets discharged, when will I HAVE to move out of my house that was included in the filing and discharge? Does the bank send you an eviction notice? How long do they give you to be out? Thanks
Answer: If you are surrendering your house as part of your bankruptcy, the bank will normally give you a commercial reasonable time to vacate the house. Our advice is to assume you will be required to leave quickly, and to find a place to rent as soon as possible.
I am currently trying to help someone figure out a way to either eliminate his debt or get on low monthly payment for all of them. He is about $15000 in debt now. I’ve tried to talk to some of the creditors but they refused to work with us. There are 3 bills that haven’t been paid on for about the past year do to the fact he had no extra money and ended up with lots of medical bills. I’ve looked into debt consolidation but it was very expensive and most of the ones I have actually talked to tried making it sound better then it really was. He has one judgement against him already and one of the credit cards turned him over to an attorney and they filed against him so we don’t have much time to figure something out.
We have tried to get a secured loan using our truck (we don’t want to lose our truck) but we haven’t heard back. His credit is really bad so we dont have much hope with that and since I’m not working I can’t co sign. We have been trying to get all the smaller bills paid off so that we could get these other bills taken care of but when I spoke with the creditors or the people they turned the accounts over to the min. payment they would accept was $500 – $1000 and there’s no way he can do that. Please give me some suggestions.
Answer: You have a number of options.
You have already tried the obvious solutions, including getting a debt consolidation loan. Another option may be credit counseling, where a non-profit credit counselor negotiates a settlement with your creditors. They can often negotiate for low or zero interest.
The final option may be personal bankruptcy. This is a drastic step, but if you have more debt than you can handle, this option may be your only choice, particularly if one of the creditors has commenced legal action. Fill out our bankruptcy evaluation form and a bankruptcy attorney will contact you to review your situation and help you determine if Chapter 7 bankruptcy is the correct option for you.
Question: can i file bankruptcy in Canada on American bills?
Answer: Legally, filing personal bankruptcy in Canada discharges all of your debts, both in Canada and in the United States. However, American courts and creditors do not typically recognize legal proceedings in other countries.
In practice, this means that your American creditors would not be able to pursue you in Canada, but if you were to return to the United States they could attempt to collect from you. In that case, it may be necessary to file for bankruptcy in America.
Question: If a person gets married after filing for bankruptcy, does this affect the new spouse’s assets or credit rating?
Answer: No, a Chapter 7 personal bankruptcy only appears on the person who filed’s credit report. Your bankruptcy does not impact on your spouse’s assets or credit score.
The only significant impact will be if you and your spouse attempt to jointly borrow money, perhaps to buy a house, the person who went bankrupt will not be a great co-signer.
Due to loss of employments in the US (4 states in the last 8 years)due to circumstances beyond his control, a Canadian citizen came back to Canada to accept an employment after 8 years of being a permanent resident of the US. His unfortunate situation needless to say cause him to be insolvent on both sides of the border. He had left leaving behind almost $35,000.00US in credit card and line of credit debts and another$70,000Cdn.w/c he is unable to repay with his insufficient employment income. His last placeof residence is Georgia. Pls. advise.
I am not a Bankrutpcy attorney but I suggest you have a real good look at Chapter 7 in states if you want to get back in shape there and a Consumer proposal in Canada. either way you will likely have to put an legal end to your debts in both places and start over.
I love what you\’e doing!
Don\’t ever change and best of luck.
I have an attorney and filing chapter 13. Our home is in forclosure and quite a few debts. Will it take care of our honme save it. Still concerned. Thans Connie & victor
Thanks for the question, I am not an attorney but feel that’
Likely chance your home will be ok since your Attorney is filing for your 13 there will be a stay of proceedings meaning that no one can pursue any actions against you from the day of filing on.. The 13 is a wage earners repayment plan, your secured creditors will have to be delt with first but they, if you can show them reason too, will not wish to continue with the foreclosure. The biggest thing in my mind is that you work extremely closely with your attorney. If they are a good reputable firm they will see the need to put the ducks in the right row and make the appropriate calls and documents out on your behalf quickly.