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SCOTUS ruled recently that IRAs are exempt assets in bankruptcy. I would say that chapter 13 is the best option. You can then keep your IRA and work out a plan to pay off some portion of your debt over a five year period.

Aren't these questions better answered by your lawyer?

First, I am not a lawyer and I suggest that you consult one. Let me offer you my layman's understanding and any more knowledgeable people can correct me if I'm wrong. I think there is a common misunderstanding about intent--the legal definition is unexpectedly different from what we normally...

differences by state Wrong. Exemptions vary by state. Also, regardless of the fact that the judgment is made in a federal court, state laws are applied in making the judgment. Check out this site for info: http://www.thebankruptcysite.org/bankruptcy-exemptions/

What is your wife's relationship to the checkwriter? A common scam is for someone to offer you money to cash his checks, which eventually turn out to be fraudulent. You are then stuck with paying the bank the money out of your own account. This is why banks check to see that you have enough...

Just relax. People are handcuffed routinely--it doesn't mean that you were violent. Simply tell the judge your story and that you will do whatever it takes to not get anything on your record because you want to be a teacher. If you are found guilty of anything, she might put your offense "on...

Of course you're right. My concern is that people may not realize that bad credit does not entail bad tenancy, as people can have bad credit for many reasons unrelated to their ability to pay rent on time. As a side note, I also think that our culture of credit has encroached too far into what...

What exactly was the verbal guarantee? If it was something to the effect of 'I will double your money', you had better be able to show how it was you planned on doing so, or be able to prove that this "friend" and you were just a couple of stock-market naive suckers. Otherwise, you could be...

The police do not need evidence to arrest someone, they only need reasonable suspicion. The exact terminology varies by state.

I disagree. Credit checks can be an indication of financial responsibility but not always. People from foreign countries and young adults often have no credit, and some people can have bad credit due to misfortune. The best indicator for responsible tenancy is references, both employment and...

Methinks that since you gave your ex-wife permission to park her car there at some point, you are now responsible.

I wonder how many people are affected and whether class-action is a possibility.

Where was the letter from? Unless it was sent by a municipality or federal agency it is most likely a scam. By the way, the recent bill that has been in the news lately only prevents card companies from raising interest rates. It doesn't eliminate any of your debt. Also, I don't think the...

I think that you will either have to pay them or file for bankruptcy. Maybe you could consult with a bankruptcy attorney. About the phone--maybe change the number.

chp 7 I've done some independent research on this for my own purposes. The first thing you should do is check your state's laws regarding exemptions. In other words, you want to know what you are entitled to keep in terms of assets. Also, you have to pass a means test (make less than x and have...

Yes, but it is likely hard to evict if the tenant has been paying on time and not causing any other problems. They are in fact proving that their previous financial difficulties have no bearing on whether they are a liability.

I know that contributions to a roth IRA can be withdrawn without penalty, but I can't seem to find any information about rollovers. For example, if I had a roth with one broker and contributed 8000$ over a two year period, and then rolled that ira into another roth with a different broker and...