Income?

My husband and I are considering filing Ch. 13 Bankruptcy. We both work full-time and also receive an Adoption Subsidy check per month for our two sons we just adopted. Do you have to include the Adoption Subsidy amount in our income even though it\'s not \"taxable income\" by the IRS standards?

I am not an attorney but my answer would be no. Since this is a benefit paid to you like social security, to support your adopted children, I would think it untouchable by Chapter 13 standards.

Bankruptcy if not a US resident

I have been working in the US for the past 6 years and have been
denied permanent residency status because terms of my employment
has changed. I was forced to leave the US. I am now facing no, or
little income and debt of 50,000 US and debt of 100,000 in Canada.
I am planning to declare bankruptcy in Canada. What are my US
options and ramifications.
thank you

I am not an attorney but I feel.

Likely your unsecured debt will complile till it goes to collections and they ultimately find out you have left, and right it off because you are not responding. Your secured debt will be repossessed and disposed of. You will have incinerated your US credit rating. You could file for us Bankruptcy but why? unless you are intending to return and work in US and need credit again.
But, as far as I know entry to the US in later visits will not be effected from a Homeland security stand point.

How much should I pay for interest on a considation loan?

Tough one but nonetheless part of the world of rolling debt on debt. In an consolidation your debt doesnot go away and in fact is now being taken on by one creditor rather than the original bunch you are paying out. So. the interest rate charged by the consolidator is now subject to an evalutation system of debt vs assets and a rate is determined. However, by simply going in and needing a consolidation in the first place raises, "Red Flags" anyway to most lenders. A rate will be assessed likely 5 to 6 points higher than prime, perhaps even more if the risk is higher. It is not uncommon to see interest rates on consolidation loans upwards of 12 to 15%. These rates can be hidden nicely by "service and adminstration charges"

What about Pay day advance places?

Unless you absolutely need them, they are the highest interest bearing loan facilities going next to Gino the shark. The element of taking advantage of the disenfranchised and desparate are unclearly displayed but just under the signature in the fine print. Be very carefull.

Do I loose my credit rating if I do a Consolidation?

As a general rule, your credit rating is effected before you do your consolidation. Usually long before you take any action to help your circumstances the damage has already been done. Thought. Get a copy of your credit rating and have a first hand look at it to be sure what is there is true and accurate.