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

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  • 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 1 of 8 , Dec 31, 2003
      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 2 of 8 , Jan 1, 2004
        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 3 of 8 , Jan 1, 2004
          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 4 of 8 , Jan 1, 2004
            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 5 of 8 , Jan 2, 2004
              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?


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