Finance Q&A

How much does it cost to convert the case to chapter 7?

Edwards Finance > Loans

Q. How hard is a transition to chapter 7 from 13 in California? How much does it cost to convert the case to chapter 7?

A. That would definitely throw us into Chapter 7 catagory with maybe $100 left after all expenses. Before you think that filing later on will be better, you might want to read the article that Brett found and posted above under the subject heading "What's Wrong With BARF (Bankruptcy Reform)" It sure looks like the bankruptcy picture is going to get much worse fairly soon. Some of what you wrote was hard to follow. But it sounds like you can't afford to keep your debts current now on 2 incomes, but you will be moving to a higher rent place and then quitting your job. In the meantime, you want to be able to pay off some smaller credit cards, and you are wondering if you will be able to stall the $23,000 potential lawsuit. All of this might make some sense if the new bankruptcy law wasn't looming on the horizon, but it is. So, while this may sound strange to ask, what is the real incentive for you to continue working for another 8 to 12 months and THEN quit your job? It just seems that any money you earn in the next 8-12 months is going to go toward paying dischargeable debts and generally treading water. You won't be able to save money because any money you save will probably be taken by the trustee when you file, right? If you expect to file anyway, wouldn't it make sense to just leave your job sooner for personal reasons, let your creditors go forward with any lawsuits they want to file, move into your new place if that's your plan, and then file a Chapter 7 sometime soon before the new law is passed or goes into effect?

 


Ask Edwards a Finance Question

 

Other Questions:

Personal income tax rates for various brackets in BC?

Personal income tax rates for various brackets in BC? Where can I find a table of current rates for all brackets, online?- this link :http://www.ey.com/GLOBAL/gcr.nsf/Canada/Tax_Welcome_Calculators_taxcalc -http://www.deloitte.ca/en/pubs/tax/Qui...

Bankruptcy Foreclosure

I anticipate having to foreclose on property worth between $50K and $75K. The mortgagee has said that if I foreclose he may just have to file for bankruptcy to protect his interests. He owes me $41500 and he owes overdue real estate taxes of $7...

FHA loan mystery.

Something doesn't make sense about FHA loans. The FHA guarantees the loan, so the lender shouldn't care much what the borrower's credit score is. But that implies people with extremely bad credit should be able to get FHA loans easily. But i...

A probleme about Home Equity Loan After Bankruptcy?To bankrupt or not to bankrupt?

Feeling guilty about bankruptcy is foolish. Citibank, Providian, etc. don't feel bad at all about charging consumers 20%+ interest, so why should we care about screwing them. If you have excessive debt, you have two choices: 1. Continue t...

Does the Fed. Income tax rate keep changing ?.

I have recently joined a new job (with a better salary :-)). However, I noticed in my first paycheck that the Fed. income tax is about 20% rather than 18% in my previous paychecks. In both jobs I fall in 28% bracket. Does the Fed. Income tax...

 

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects

Personal Budget
Mortgage
General Engineering
Debt Management
Credit Check
Electrical Engineering
Debt Recovery
Payday Loan