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Re: [tips_and_tricks] Have you considered bankruptcy? It is quick easy cheap...

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  • tmrwmr
    Why would you consider bankruptcy? Sell your house, pay off all of your debts and live debt free. Tom ... From: Nilbux@aol.com To:
    Message 1 of 8 , Dec 30, 2003
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      Why would you consider bankruptcy?  Sell your house, pay off all of your debts and live debt free.
       
      Tom
      ----- Original Message -----
      Sent: Monday, December 29, 2003 8:43 PM
      Subject: Re: [tips_and_tricks] Have you considered bankruptcy? It is quick easy cheap...

      If I own a house worth 250,000 and owe 13,000 on it plus
      30,000 on credit cards, is bankruptcy a simple matter?


      Yahoo! Groups Links

    • Trooper753@aol.com
      you dont have to add the hosue in the bankruptcy. but if your behind on the credit card debt, you may want to consider the bankruptcy option as the cc
      Message 2 of 8 , Dec 30, 2003
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        you dont have to add the hosue in the bankruptcy.  but if your behind on the credit card debt, you may want to consider the bankruptcy option as the cc compnaies can get a summary judgment and lien the house.  they can then bott ya out.  some states - seems like AZ is one, will let you add your home into the bankruptcy and no matter home much or little equity is in the home you will not lsoe the home.  i just read that recently on one of the groups.  now there are options to get rid of the credit card company.........
         
        ~char
        I fight what you fear!

      • Utlage
        It depends upon what state you are in and how much they allow you to exempt for a home. If you fit, then you can file a chapter 7 and be done with it in 4 to
        Message 3 of 8 , Dec 31, 2003
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          It depends upon what state you are in and how much they allow you to exempt for a home.  If you fit, then you can file a chapter 7 and be done with it in 4 to 6 months, fairly easy, cost 240 clams.
          K
           
          ----- Original Message -----
          Sent: Monday, December 29, 2003 8:43 PM
          Subject: Re: [tips_and_tricks] Have you considered bankruptcy? It is quick easy cheap...

          If I own a house worth 250,000 and owe 13,000 on it plus
          30,000 on credit cards, is bankruptcy a simple matter?

        • Nilbux@aol.com
          In a message dated 1/1/2004 11:34:22 PM US Eastern Standard Time, ... Your advice may be good in some states but this state has tennants by the entireties laws
          Message 4 of 8 , Jan 1, 2004
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            In a message dated 1/1/2004 11:34:22 PM US Eastern Standard Time, Trooper753@... writes:

            but if your behind on the credit card debt, you may want to consider the bankruptcy option as the cc compnaies can get a summary judgment and lien the house.  they can then bott ya out.  some states - seems like AZ is one,


               Your advice may be good in some states but this state has tennants by the entireties laws which is for married people and the IRS can seize nothing that
            is vested this way without a claim against the spouse.  This would apply to
            state as well and I know it kept the IRS at bay.  If you want to question this,
            I am a real estate broker.  I am not behind on credit cards and can keep current
            but if I can end them without to miuch hassle, I'm listening.
          • Trooper753@aol.com
            you can do a chapter 11 on your strawman fiction, be your own trustee and do it free. gotta know the tricks! ~char I fight what you fear!
            Message 5 of 8 , Jan 1, 2004
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              you can do a chapter 11 on your strawman fiction, be your own trustee and do it free.  gotta know the tricks!
               
              ~char
              I fight what you fear!

            • Nilbux@aol.com
              In a message dated 1/1/2004 11:32:23 PM US Eastern Standard Time, ... Wife would never agree.
              Message 6 of 8 , Jan 1, 2004
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                In a message dated 1/1/2004 11:32:23 PM US Eastern Standard Time, Redeemed@... writes:

                Why would you consider bankruptcy?  Sell your house, pay off all of your debts and live debt free.



                   Wife would never agree. 
              • Steve
                Why in the WORLD would you even be thinking bankruptcy???? You have $235,000 equity in your house man! You could get a loan on your house (a 2nd mortgage)
                Message 7 of 8 , Jan 2, 2004
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                  Why in the WORLD would you even be thinking bankruptcy????  You have $235,000 equity in your house man!   You could get a loan on your house (a 2nd mortgage) for $30,000 to pay off the credit cards at lower interest AND it would be tax deductible!  If you were smart and wise enough to build up that much equity, why in the world would you be considering bankruptcy.  I'll write you something else offline.

                  Steve

                  Nilbux@... wrote:
                  If I own a house worth 250,000 and owe 13,000 on it plus
                  30,000 on credit cards, is bankruptcy a simple matter?


                  Yahoo! Groups Links

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