Purchasing someone else's receivables is not a good deal unless you're getting a huge break in the price. You are taking a huge risk of never being paid on any of them at the worst. I believe though, if the person you buy them from files bankruptcy they belong to you because you paid for them...
Depending on your financial situation with other debts, you might want to consider filing chapter 7 to get rid of this and all other unsecured debts that might be a problem in the future. If you have a way of paying it back to contact the attorney to negotiate a settlement before they sue you...
I would try to cut a deal with them but it depends on your financial situation. If you have a lot of unsecured debts and are not making enough money you should consider filing chapter 7. Many people have unsecured debts of 30 or $40,000 nowadays with no hope of ever paying them off. Credit cards...
Actually association dues are a personal debt. You are responsible to pay those not the bank. HOA's will put liens on property to guarantee the payment of these dues but they are similar to like a department store credit card for an analogy that has a contract that the property can be used as...
I don't believe it's illegal to damage a person's credit over an unpaid medical bill. I believe like all creditors they have a right to report it. Many times even though a charge seems excessive because the insurance company did not cover it it's best just to pay it and be done with it. It's not...
If you included it in your chapter 7 bankruptcy and it's not titled and they do not respond to you it seems to me they might not want to take the time to come get it and take it back. If something is of value to them most lenders are very aggressive in getting their property back. If you used a...
You are correct that most lenders don't want property back. If you want to keep your motorhome and negotiate something with the lender and keep your payments current there is no reason why you can't keep it. There is one thing to remember that if you see in the future that you might not be able...
Creditors can be very nasty. This is because they know they have no recourse on you if you file bankruptcy. Most people try to do the right thing and pay everyone off putting themselves further in the hole. Chapter 7 was created to give people a second chance and a fresh start. File chapter 7...
You should convert to Chapter 7. There is no way you'll be able to afford those payments be an unemployed. If you want to keep your car you will have to be current on your payments as they will repossess it. Filing chapter 7 will eliminate all unsecured debts and you will have no payments on...
When qualifying for the means test, a rule of thumb as $1000 more month than what listed on the IRS median income table. The reason for this is your living expenses. People have cell phones, telephone, cable, pets, rent etc. what the basis for the means test is your ability to pay the creditors...
Listing Property in a Chapter 7 bankruptcy
When disclosing your property in a Chapter 7 bankruptcy you must list the following things since I am sure you own them. Things such as; houshold goods (which is basically every item that is physically located within your home/residence/abode/cave)...
IRAs are exempt from a bankruptcy in most cases. In fact, it's a good place to keep money to protect it. If you're living off your IRA be proactive in filing and get rid of your unsecured debts. Many times people try to keep throwing good money on top of the bad and not accept the inevitable...
If the owner files Chapter 7 bankruptcy and the laminates any liability that he might have with the company. He can just close it if there are no assets or property to be liquidated. At that point I think there would be no recourse for you to chase him.
If you are not incorporated the debt has to be secured by somebody. Maybe the debt hasn't shown up on your credit yet. Usually when you go to a bank, if you are a sole proprietor, the bank will ask you for your Social Security number. This makes you personally responsible for that debt. I would...