Something I just learned that surprised me - if the means test puts you over median income looking back at the past 6 months but your financial situation has drastically changed, you can actually challenge that. My lawyer is doing that now and says he’s had it work plenty of times. To update this - had my 341 and it did indeed work out for a 7.
You said that in order to qualify for filing of chapter 7 that you are typically not allowed to have any disposable income but there are actually a number of states that will allow you to have up to 12,000 dollars set aside known as a "wildcard" exemption....
I was told if you use the federal exemptions you have a wildcard option, but if you use your state's exemptions, you don't have the wildcard option. The filer has to decide which exemption schedule would benefit them the most. For some people, their best bet is their state exemptions, for others, it may be the federal exemptions. But, the filer must select one or the other. They cannot use state and some federal. It's one or the other.
What would be a reason why a person would fail when they file a chapter 7 bankruptcy or is that 3% failure due to a person making too much money and having too many assets or is there some other reason?
At the time of the video the answer was pending, but did the law pass in congress that would allow student loans to be dismissed by chapter 7 bankruptcy?
Queef Micester i think it has passed now because i recieved a chapter 7 notice with my schools name on it and im looking into it now , but only if its not federally funded (which is what a bankruptcy attorney told me over the phone) it has to be like a trade school or something like that.
"Excellent Presentation" - "I WISH that you had a practice in Reno, Nevada ! - "Is there an attorney in Reno, NV, that might have been a "Fellow Student" in your law school class, that you would consider recommending?
I owe around 10,000 in credit card debt, 12,000 in a car And my insurance is 300 dollars I feel I dont have money for myself Always only on Bill's Is it wise to file chapter 7 or no?
I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
I thought that the chapter 13 trustee monitors the case and the trustee charges a portion of your repayment for this. So why does your law firm charge this and monitors too?
I called this guy, this very guy in the video, for assistance and he was such a jerk! He was not willing to answer a question unless I retained him right away. We were on the phone for less than a minute and that came out of his mouth!!
Terassa Thompson What did you expect. Youre taking time from his day and he values his time highly. Its naive of you to expect a professional to help you for free.
I wasn't EXPECTING HELP, I was asking him his FEES. As a consumer, I can ask that question, right? I already had the info. I needed, I was calling to ask his FEES. We were on the phone for less than 2 minutes - that doesn't sound like I'm taking up his time. Most of the conversation being obstructed by poor cell service (on my end); therefore, I was asking for clarification of HIS question - when he decided to rant that he wasn't "going to sit there and answer my questions for free" to which I replied, "Sir, I'm asking you to clarify your question you asked me then I wanted to know your fees"... Chavy I know not to waste folks' time on the phone, because I hate when it's done to me but I at least answer the questions posed by POTENTIAL CLIENTS
If a company announces open offer to purchase the shares at premium rate but it is implementation pending 5 years ,unfortunately. Company goes to bankruptcy now what is the situation of equity holders pls save me
Does a chapter 7 cover traffic offenses such as driving on suspended, no insurance, and registration fines keeping from getting my driver license back like 13 does would be nice to get a fresh start now that I am older and more responsible and need it
Great video! Thanks for explaining the differences here for us on the video. I just have a couple question though: How will your credit be affected 1-2 years after filing Bankruptcy? Will we be able to buy a car, house or open a credit card in a year or two?
After, say chapter 7, almost everything you disposed of the credit you are having issues with, will be off your credit. With in a few months, you might start getting credit card offers and such. Why...credit score has already jumped up. Now, they will see the bankruptcy and they can determine to give or decline credit. For a house...you will need to wait at least 2 years before even trying with this market. BUT, during those 2 years, you cannot miss one payment with rent, cell phone, water bill and such. You would definitely get declined or denied. File the 7, do your best financially, do not miss or be late on 1 payment, wait the 2 years and try for a house. I've known a lot of people that filed years ago and own a house and a nice car. Just do everything in your power not to dig the same hole.
75% of this guy's 13s may fail but that's probably because he doesn't know what he's talking about. "Median income" for instance is not the 6 month income on the means test, it's the State's median income which the Debtor is either above or below. 75% of my 13s succeed. This guy just doesn't know what he's doing.
Who pays for all of this discharged debt? What happens to a person's assets after declaring bankruptcy? Why would I elect to file chapter 13 and make payments when I could do chapter 7 nd make none?
Because you may have to relinquish property in a 7. It's like a liquidation of sorts. In a 13 you can most likely keep your property and not have it seized by the trustee.
I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
Many comments here by people who have no idea what they're talking about. If you're interested in bankruptcy, do yourself a favor and get a consultation (many are free) with an experienced bankruptcy lawyer in your geographic area.
what would happen if the usa filed bankruptcy? what if people cannot pay "their fair share" of this debt? will they be rounded up or forced to work without pay to pay off this fraudenlent debt then?
+rose smith most businesses operate with debt eventually the owners of who lent the money make more after the money is made back but the other risk is not being able to survive anymore so they have to file for bankruptcy the US will never be able to not survive so there is no what will happen it would affect everyone and everything on earth if there were no exception and the internet could get cut off for us we are under the government not alongside or over so whatever goes down horribly bad can affect us easy like if they started to nuke and the radiation hits us but we won't know because of no internet/TV because the government went bankrupt and couldn't operate certain essential things
+rose smith most businesses operate with debt eventually the owners of who lent the money make more after the money is made back but the other risk is not being able to survive anymore so they have to file for bankruptcy the US will never be able to not survive so there is no what will happen it would affect everyone and everything on earth if there were no exception and the internet could get cut off for us we are under the government not alongside or over so whatever goes down horribly bad can affect us easy like if they started to nuke and the radiation hits us but we won't know because of no internet/TV because the government went bankrupt and couldn't operate certain essential things
yes, I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
i filed Chapter 13 three times becuz i failed to provide information, I attempted to file a Chapter 7 but the judge denied my petition. Do you know why that would happen?
![Bankruptcy - [Keeping your House and Car]](http://i.ytimg.com/vi/QspST8Kw4FQ/mqdefault.jpg)
![Bankruptcy - [Keeping your House and Car]](/img/tr.png)
He missed one very significant element re Chapt 13. In Chapt 13 you get to keep all your assets.
Something I just learned that surprised me - if the means test puts you over median income looking back at the past 6 months but your financial situation has drastically changed, you can actually challenge that. My lawyer is doing that now and says he’s had it work plenty of times.
To update this - had my 341 and it did indeed work out for a 7.
Did you get discharged and was it hard? Me and my wife are thinking about filing but not sure about it.
Don't pay the companies that you owe debt to. Pay some lawyers instead.
Thank you for clearing up the differences. Very educational!
Heather Dickerson what about car payments? Do you still have to pay in Ch 7. Thanks!
Lori Lori you can do affirmation agreement and keep the car if there isn’t much equity.
Thanks Roger, very well done video and the Chapter 7 and Chapter 13 Bankruptcy information was spot on. Thanks again!
Excellent video. Easy to understand and straight to the point.
You said that in order to qualify for filing of chapter 7 that you are typically not allowed to have any disposable income but there are actually a number of states that will allow you to have up to 12,000 dollars set aside known as a "wildcard" exemption....
I was told if you use the federal exemptions you have a wildcard option, but if you use your state's exemptions, you don't have the wildcard option. The filer has to decide which exemption schedule would benefit them the most. For some people, their best bet is their state exemptions, for others, it may be the federal exemptions. But, the filer must select one or the other. They cannot use state and some federal. It's one or the other.
What would be a reason why a person would fail when they file a chapter 7 bankruptcy or is that 3% failure due to a person making too much money and having too many assets or is there some other reason?
At the time of the video the answer was pending, but did the law pass in congress that would allow student loans to be dismissed by chapter 7 bankruptcy?
Has it passed by now?
Queef Micester i think it has passed now because i recieved a chapter 7 notice with my schools name on it and im looking into it now , but only if its not federally funded (which is what a bankruptcy attorney told me over the phone) it has to be like a trade school or something like that.
"Excellent Presentation" - "I WISH that you had a practice in Reno, Nevada ! - "Is there an attorney in Reno, NV, that might have been a "Fellow Student" in your law school class, that you would consider recommending?
I owe around 10,000 in credit card debt,
12,000 in a car
And my insurance is 300 dollars
I feel I dont have money for myself
Always only on Bill's
Is it wise to file chapter 7 or no?
I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
Finally a no bullshit video on bankruptcy 👍👍👍👍👍👍👍👍👍👍👍👍👍
Can you file bankruptcy on past due taxes to the IRS? And what are the rules regarding this?
thank you very much for the info . my question is if i file a chapter 7 can my car loan be wipe out?
I thought that the chapter 13 trustee monitors the case and the trustee charges a portion of your repayment for this. So why does your law firm charge this and monitors too?
I called this guy, this very guy in the video, for assistance and he was such a jerk! He was not willing to answer a question unless I retained him right away. We were on the phone for less than a minute and that came out of his mouth!!
Terassa Thompson What did you expect. Youre taking time from his day and he values his time highly. Its naive of you to expect a professional to help you for free.
I wasn't EXPECTING HELP, I was asking him his FEES. As a consumer, I can ask that question, right? I already had the info. I needed, I was calling to ask his FEES. We were on the phone for less than 2 minutes - that doesn't sound like I'm taking up his time. Most of the conversation being obstructed by poor cell service (on my end); therefore, I was asking for clarification of HIS question - when he decided to rant that he wasn't "going to sit there and answer my questions for free" to which I replied, "Sir, I'm asking you to clarify your question you asked me then I wanted to know your fees"... Chavy I know not to waste folks' time on the phone, because I hate when it's done to me but I at least answer the questions posed by POTENTIAL CLIENTS
Terassa Thompson what did you end up doing and how are you today?
thanks. i almost called him but i hate attorneys like this
Most attorneys give a free consultation to help debtors determine what services if any the attorney may be able to provide and how much.
Really appreciate this information. THX
If a company announces open offer to purchase the shares at premium rate but it is implementation pending 5 years ,unfortunately. Company goes to bankruptcy now what is the situation of equity holders pls save me
Lol
Wow, attorney fees is only $1,100? I filed Chapter 7 in Los Angeles County and attorney fees are around $3,500. Thanks for the info about Chapter 7.
what if i want to change my file to chapter 7? but signed chapter 13 already...can i do that ?
can back taxes be included in a chapter 7 bankruptcy?
Does a chapter 7 cover traffic offenses such as driving on suspended, no insurance, and registration fines keeping from getting my driver license back like 13 does would be nice to get a fresh start now that I am older and more responsible and need it
Thank you so much for your very helpful information
wiil i be alb to get my light bck on
Great video! Thanks for explaining the differences here for us on the video. I just have a couple question though: How will your credit be affected 1-2 years after filing Bankruptcy? Will we be able to buy a car, house or open a credit card in a year or two?
After, say chapter 7, almost everything you disposed of the credit you are having issues with, will be off your credit. With in a few months, you might start getting credit card offers and such. Why...credit score has already jumped up. Now, they will see the bankruptcy and they can determine to give or decline credit. For a house...you will need to wait at least 2 years before even trying with this market. BUT, during those 2 years, you cannot miss one payment with rent, cell phone, water bill and such. You would definitely get declined or denied.
File the 7, do your best financially, do not miss or be late on 1 payment, wait the 2 years and try for a house.
I've known a lot of people that filed years ago and own a house and a nice car. Just do everything in your power not to dig the same hole.
Great presentation,
Thank you.
The luckiest number vs the unluckiest number!!
Thanks brother 🐐🐐
do i get to save my house with chapter 7
Great video and very informative thank you for explaining the difference
Can you add a car payment that is $11K to your Chapter 7 case
Great information!! Thank You
What about Owing 25k from personal loan
How about a judgment like a landlord just
If we get a judgment on your credit Charlotte want to get it can I get
75% of this guy's 13s may fail but that's probably because he doesn't know what he's talking about. "Median income" for instance is not the 6 month income on the means test, it's the State's median income which the Debtor is either above or below. 75% of my 13s succeed. This guy just doesn't know what he's doing.
thank you for this video!
Thank you so much for your helpful information.
Ok, and what is Texas State' mediam income?
Most informative. Thanks.
Thank U for your advice it was very helpful...
Who pays for all of this discharged debt? What happens to a person's assets after declaring bankruptcy? Why would I elect to file chapter 13 and make payments when I could do chapter 7 nd make none?
Because you may have to relinquish property in a 7. It's like a liquidation of sorts. In a 13 you can most likely keep your property and not have it seized by the trustee.
Thanks!!!
will you still lose your property such a house or car?
with chapter 7 ?
trouble car getting repoed apartment in foreclosure . No $$ for lawyer. Can I file bankrtupcy online . File taxes online.
Short answer is NO.
thank you
What about chapters 1- 6??? 8-12???? This has always baffled me. Why just 7 & 13?
I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
hi. I have a question? Does a chapter 7 cover an apartment if you can't pay for it?
Lmfao !
Eviction!
Many comments here by people who have no idea what they're talking about. If you're interested in bankruptcy, do yourself a favor and get a consultation (many are free) with an experienced bankruptcy lawyer in your geographic area.
what would happen if the usa filed bankruptcy? what if people cannot pay "their fair share" of this debt? will they be rounded up or forced to work without pay to pay off this fraudenlent debt then?
+rose smith most businesses operate with debt
eventually the owners of who lent the money make more after the money is made back but the other risk is not being able to survive anymore so they have to file for bankruptcy
the US will never be able to not survive so there is no what will happen
it would affect everyone and everything on earth if there were no exception and the internet could get cut off for us
we are under the government not alongside or over so whatever goes down horribly bad can affect us easy like if they started to nuke and the radiation hits us but we won't know because of no internet/TV because the government went bankrupt and couldn't operate certain essential things
+rose smith most businesses operate with debt
eventually the owners of who lent the money make more after the money is made back but the other risk is not being able to survive anymore so they have to file for bankruptcy
the US will never be able to not survive so there is no what will happen
it would affect everyone and everything on earth if there were no exception and the internet could get cut off for us
we are under the government not alongside or over so whatever goes down horribly bad can affect us easy like if they started to nuke and the radiation hits us but we won't know because of no internet/TV because the government went bankrupt and couldn't operate certain essential things
Will you lose your car if you file chapter 7?? I owe 18k on it
yes, I did use the services of a hacker from MASTER HACK GROUP to get rid of bankruptcies, charge off and hard inquiries off my credit report and my score was also boosted to 790+ within few days. You can get to him via [Alpha@mastershack.net] if you're in need of any credit help or advice.
I need to do chapter 7 ...
Very helpful .....
Excellent tutorial
Ann Dee's
Ann Dee 4
i filed Chapter 13 three times becuz i failed to provide information, I attempted to file a Chapter 7 but the judge denied my petition. Do you know why that would happen?
May I ask why the judge denied your petition?
If you’re considering any bankruptcy and you need to liquidate your property reach out to us at true home buyers 901. We’d be glad to assist
Keep helping the crooks
Chris Adams you’re here too, moron. How about you worry about yourself and leave other people alone ?
Ps. Yes I get the irony.
good luck number vs. bad luck number
Lol.
Is this gay bankruptcy?