Can I cancel my bankruptcy? And if so, what consequenses are there? I no longer owe most of the debts that were originally included in my petition.

ANSWER

Lucky guy or gal. Were your debts to the creditors listed in the bankrutpcy paid out? If so, I believe you can apply for an expungement were the record of the bankruptcy cleaned up and your credit rating adjusted.

My question is the opposite. We are one who is one the loosing end. We ordered furniture from a company in North Carolina. They are filing for bankruptcy. (We were notified in January 2007.) They owe us $6508.00 in furniture and/or money back from damaged and defective furniture. This furniture was ordered over a year ago (Nov. 2005). We have been haggling back and forth with the company since March of 2006 until January 2007 when we were informed of the bankruptcy filing. Is there any hope for us? Do we have a chance of getting our funds back? What about us innocent customers who were led to believe that items were going to be delivered and/or replaced? Any suggestions?

ANSWER.

Small claims court may give you a ruling in your favour up to $5k. only the hard part is collecting. A court judgement is just that a judgement not an absolutel rit. The Bankruptcy Laws tend to supercede your rights as claiment. One suggestion would be to make sure that the company in question did absolutely go Chapter 11 or did they just say they were going to?

I am about to file for divorce. mu husband has no credit, so we put everything in my name, i have a $385,000 mortgage, $42,000 car, and other bills all in my name.A mistake on my part! I make $27,000 a year,there is no way I can pay these payments. I have always had great credit. What chapter will I have to file and what can I expect…WIll this be a 10 year ordeal to get my credit reestablished?

ANSWER

I am not a lawyer but my common sence says that you should consider investigating Chapter 7 and cleaning out yourself entirely. Just an opinion. It will take likely less than 4 years to reestablish your credit.

Does applying bankruptcy affect an individual to apply for citizen of USA?
He is a Permanent Resident of USA.

ANSWER. Not too likely as Homeland Security is more concerned with your background criminally than you background financially.

in a divorce can one spouse ffile to convert a chapter 13 to a chapter 7? and can the other stay in the chapter 13 ? If yes to both will the spouse in the chaper 13 be liable for all the debt under the 13b

ANSWER I suggest you book an appointment with your divorce attorney and ask him. He is the most intimate with your affairs and he may know an associate he can ask. Likely cheaper and faster than going through a new attorney.

I have been in Bankruptcy (Chapter 13) over 2 years. Can I convert to Chapter 7 now?

ANSWER

I am not an attorney but it seems to me that if you cannot support your payback under the wage earners, there are few other choices you have. Unfortunate circumstances have come your way and if you have lost your job or means of support then you still have your debts. The money you have paid back will be lost but the Chapter 7 is likely your only way out now.

What happens if more money is paid into a CH-13 plan to satisfy claims than is needed due to creditors not filing claims with the court? Who gets this \”overpayment\”?

ANSWER

It would seem to me that if you paid too much per month or over the long term that a change of accounting would be in order. When you did your 13 you thru your attorney agreed on the repayment terms, the attorney should be contacted and consulted.

I\’ve been living with a woman for five years. We are not married and she hasn\’t worked in several years. Back problems are restricting her ability to find work. I have been claiming her as a dependent for a few years on my taxes and I was wondering if I could claim a two person household for bankruptcy purposes? She also has debts that are high, can I add hers to mine also?

ANSWER.

I am not an attorney but it would seem that if you have been filing tax together, living common law together than the bankruptcy will be together too.

I have 2 questions: can we file outside the state of Iowa if we choose?

Can we file on our 3 home equity loans we owe a great deal of money to along with our enormous credit card debt?

Karen
Butlerenterprisesllc@msn.com

ANSWER.

I am sorry for the late responce, our system went unfriendly for a while. I am not an attorney but consider this. If your home is in Iowa than you will likely have to file there. If Iowa is where you do not live at this time but where the home is located than an attorney can set forth the necessary cross paper work to begin to settle your debt. By filing a Chapter 7 you will qualify for relief of your home equity and credit card debts.

If your home has no equity to satisfy your loan repayments then I would say let it be forclosed on and let the banks hassle it out.

I filed for Chapter 13 Bankruptcy in January of 2005. Unfortunately since then the planned payments taken out of my payroll checks have been taken out of my check AFTER the big three taxes (Federal Income Tax, Social Security Tax and Medicare Tax) have been assessed. In my point of view, this is unfair since I am essentially being taxed on my debt.

I did some research and found some interesting information in the U.S. Master Tax Code which suggest that I should NOT have been taxed on these automatic debt payments:
Section 61 (a) 12 & Section 108 (a) (1) (A) and (B).

I spoke with an IRS Agent via the IRS\’ Customer Service line and she suggested I request a private letter ruling directly from the IRS since she could not find specific information regarding income tax assessed on Chapter 13 planned payments to a bankruptcy Trustee.

Any suggestions? Should I ask for a private letter ruling? Have I paid too much in taxes? I would really appreciate some advice.

ANSWER.

I am not an attorney but your case sounds like you and your understanding of the system are above average. I think that a Private Letter Ruling will address your issues and will allow you your day in court to defend your beliefs and clarify your position. The Judge will actually appreciate your taking the time and initiative to attend and will likely rule if anything in your favour because of said.