John, I forgot what state you are in but. Hypothetically, if a person was claiming bankruptcy and owing say 30K between medical, car, and other; had pension, SS of say 2Kmonth and cash on hand of 8K, could they file or would it be thrown out. Bad business deals and gambling was the cause of financial disaster. Thanks for any and all advice given. Won't hold you to it. No home or property except personal. Car is already repo'd. Not me but same blood line. Dave
- Thread starter barnE
- Start date
I can't answer that for sure .. the bankruptcy laws have changed in Pa since I was forced to file dependent on a bad marriage. I owned nothing at the time, but past bills accumulated to about the same between the both of us, and Ex left me holding the bag.
Saw a lawyer at the time and he said NOT to make any payments his money came first $1700.00 and he filed for me. At the same time he stopped all creditors from harassing me. that was 25 years ago.
Ten years later amongst a miserable divorce, I had rebuilt my credit rating.
Now... before filing you have to try to resolve and satisfy the creditors through a counseling system . If that fails, or isn't feasible to do then you can file bankruptcy.
Saw a lawyer at the time and he said NOT to make any payments his money came first $1700.00 and he filed for me. At the same time he stopped all creditors from harassing me. that was 25 years ago.
Ten years later amongst a miserable divorce, I had rebuilt my credit rating.
Now... before filing you have to try to resolve and satisfy the creditors through a counseling system . If that fails, or isn't feasible to do then you can file bankruptcy.
I'm not John T, but I did do bankruptcy work for many years. I quit in 2005, when they changed the laws to make it much more of a hassle to file.
Your guys situation would pass muster, I think. They look at your income to see if you can afford to make some payments on debt over and above normal living expenses (Chapter 13), but most folks on SS and pension have low enough incomes that they can file a straight Chapter 7 and get a discharge of all debt. You can claim "exemptions" in bankruptcy. The pension itself is exempt. A modest automobile is exempt (but if you owe on it, you have to continue making payments, of course). There is a Federal exemption scheme, and most states have one as well. You can exempt anything you want up to about $17,000 value under the Fed exemption, so the $8,000 can be sheltered there.
Ain't life grand?
Your guys situation would pass muster, I think. They look at your income to see if you can afford to make some payments on debt over and above normal living expenses (Chapter 13), but most folks on SS and pension have low enough incomes that they can file a straight Chapter 7 and get a discharge of all debt. You can claim "exemptions" in bankruptcy. The pension itself is exempt. A modest automobile is exempt (but if you owe on it, you have to continue making payments, of course). There is a Federal exemption scheme, and most states have one as well. You can exempt anything you want up to about $17,000 value under the Fed exemption, so the $8,000 can be sheltered there.
Ain't life grand?
MarkB_MI
Well-known Member
- Location
- Motown USA
Depending on the age of this relative, it might be simpler to just stiff the creditors.
Traditional Farmer
Well-known Member
- Location
- Virginia
They can probably keep everything as the laws these days protects deadbeats.
Barne,,,,, I do NOT practice whatsoever in the specialized field of Bankruptcy so will respectfully defer to my fellow attorneys Mike and Dean.......That area of the law is just too complicated and specialized for general practice attorneys (esp an old semi retired fart like myself lol) let alone lay persons to answer many questions absent research.
Best wishes n God Bless
John T DONT DO BANKRUPTCY
Best wishes n God Bless
John T DONT DO BANKRUPTCY
Anonymous-0
Well-known Member
Was that you I seen on Lizard Lick Repo Towing.
Anonymous-0
Well-known Member
I thought the wise had everything in the wife's name.
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