Quick Answers to Bankruptcy Questions & Understand How Bankruptcy Laws Affect You

Archive for March, 2009

Need help with bankruptcy law?

Monday, March 30th, 2009
bankruptcy law

My uncle filed for bankruptcy Chapter 7 back in 2001. He and my dad were partners in a business wich they just sold last week. My dad just told me that about 20K will be offset because of my uncle’s previous bankruptcy filing. Now is this legal, or is this included in the new change of the bankruptcy law that came in effect in 2005? Any infor will be appreciated.

What happens to the money I have paid my mortgage lender for taxes and insurance now that they are in a BK ?

Monday, March 30th, 2009
bankruptcy law

Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $10,000 over the last 10 months, $2500 of which is taxes and insurance. If the mortgage lender does not pay the $2500 to the insurance company and to the IRS, do we have to come up with the $2500 to pay what the mortgage lender did not ??
Our mortgage lender has filed for bankruptcy. Our payments to the mortgage company include principle, interest, taxes and insurance (PITI). What happens to the money we have paid towards taxes and insurance ?? Since we have paid this money in advance with our payment, is the bankrupt mortgage lender required by law to pay them? If they don’t, due to bankruptcy protection, are we responsible to pay the money that has already been received by the mortgage lender?? In other words, lets say we have made payments totaling $10,000 over the last 10 months, $2500 of which is taxes and insurance. If the mortgage lender does not pay the $2500 to the insurance company and for property taxes, do we have to come up with the $2500 to pay what the mortgage lender did not ??

what is the difference between the old bankrupcy laws and the new ones?

Monday, March 30th, 2009
bankruptcy law

i just want to find out how difficult it is to file for bankruptcy these days. and what the criteria is, as well.

A fighter or a Fixer - ?

Monday, March 30th, 2009
bankruptcy law

Do we need a fighter or fixer in the White House? Clinton says she is ready to fight for America - she has been fighting in Washington for 15 years; most often in support of big business and at the expense of low income families. She supported the bankruptcy law that has devastated thousands of middle class and low income families. She has been fighting to get her health bill passed with no success. That is what is wrong with our political circus; they fight each other and accomplish nothing!! Do we need to send a fighter to the White House or do we need to send someone who is ready to clean up the mess three previous presidents has left behind? Fighters belong in the alleys not in the White House!

Whatever happened to common sense, reason, law and order?

Sunday, March 29th, 2009
bankruptcy law

IMMIGRATION IN THE 20TH AND 21ST CENTURY - THE CURSE OF CIVILIZED NATIONS AND DECENT PEOPLES.

Immigration to America in the 17th to 19th century was by decent, hardworking, well intentioned people, heading to America with honorable intentions to build and contribute to society. They created a workable social system with benefits to the deserving and a society of well-intentioned and decent people. But no such people come any more.

Now they come in droves, packing the major cities, causing an increase in crime, congestion, and taxes as real estate rents soar, parking is unavailable or exorbitantly high. Americans who took their entire lives to pay off their home mortgages, now find that the taxes on their homes are so high, they cant afford to live in them any more and the congestion so bad, they cant even find a place to park in front of their own homes. Many have to pack up and move out of the city, just to make ends meet, and then face the arduous daily hours of driving back and forth just to get to work and back home. That is, those that still have jobs, since as this goes on, jobs disappear, either right here where we get laid off, or the whole company moves out to a cheap labor country. And as the hordes make demands for energy needs, power needed to heat and light homes and buildings is insufficient, and cities black out, the demand for gas soars, heating prices skyrocket, and our own supply of gas becomes insufficient to meet our own needs, and we become victims of the arabs, who use the pumps to revenge our policies they don’t like. Even the price of food is soaring to feed these unwelcome parasites.

They pile over the borders or by plane on visitor visas, preying on the good naturedness of Americans to provide a refuge for the oppressed, they connive the appearance of the downtrodden and persecuted, and then sit down comfortably and stay here, leeching off the health care system which faces bankruptcy in 20 years, the welfare system that us sucker u.s. taxpayers have to pick up the tab for, and which we spent decades to build.

Social parasites from latin america, flock here to live free on us sucker taxpayers, dragging their families and relatives in, once they get green cards and then swamping the health care system with their third world illnesses and birth defects. And the other breed of latinos – criminals of the most evil intensities terrorizing communities in which they rob and kill.

Thieves and common criminals from the countries of eastern Europe and the soviet union, hearing that there is still stuff on store shelves when stores close, that hasn’t been shoplifted or sold, come and steal, with impunity.

Mafia organizations that control Russia and the countries of the former soviet union, setting up foreign crime systems that specialize in grand larceny, weaponry, even nuclear arms materials for sale, stolen from the old soviet system, available for sale to our enemies, raking them million$.

Africans with strange ,deadly diseases walk in, causing epidemics and death to our gay citizens and to innocent people in general and swamping the health care system.

Asians with alien religious philosophies, contrary to Christian monotheism, poisoning the minds of our youth. And they come and take our jobs away here in America, while employers, enticed by cheap labor, move their companies there, leaving us unemployed,.

Terrorists walk in and go about their death tactics with ease and we shudder at what they will do to us next.

All, contributing to crime, violence, social unrest.

Finally, To add insult to these injuries to our nation, our government picks up the tab for hundreds of thousands of third world “students” to come, pack our universities tuition free at the expense of us US taxpayers ,while we Americans fall into debt to pay for our own children to get a college education.

AND WE ARE EXPECTED TO PICK UP THE TAB WORLDWIDE
FOR THEM, WHENEVER S–T HAPPENS ANYWHERE.

What kind of fools are running this country?
What kind of fools are we to let this go on?

And WHATEVER HAPPENED TO LAW AND ORDER?

is an annuity that you get from a wrongful death lawsuit of a parent exempt from bankruptcy?

Saturday, March 28th, 2009
bankruptcy law

this question was just asked of me today. but i didn’t know how to answer. i would think it would be protected since it’s tax free money. i kind of view it like a pension or something like that. but i may be wrong. is the laws different from state to state? TX is the state in question.

when your in a chapter13 is it true that it is law that a mortgage comp. can not send you out statements?

Saturday, March 28th, 2009
bankruptcy law

i was told by my mortgage company which is option one that it is the law for them not to send me out mortgage statements because i am in a chapter 13 bankruptcy.

How have the U.S. bankruptcy laws changed since 2004?

Saturday, March 28th, 2009
bankruptcy law

How have the U.S. bankruptcy laws changed since 2004? How do the changes help creditors? How is the person filing bankruptcy helped in the changes?

My mother-in-law passed away on Tuesday. Now, my father-in-law has mortgaged the house & faces losing it?

Friday, March 27th, 2009
bankruptcy law

Four years ago she was diagnosed with breast cancer. Her doctor prescribed a new experimental drug that was $1000/mth. For the last few years, her medicine and medical bills have eaten it all. Now, he owes $95,000 for a house that was paid for, his bills outweigh his income by $1400/mth. and he’s lost her disability. We’re not sure how to help. He has it on the market, except with the market as bad as it is, and the house being so far out, we know that he more than likely will not sell it. It is on a lot of old farmland and he has lots of tools, equipment, etc. But, we’re not sure how much anything is worth or if it would be best to get an estate person to help. But again, the money is an issue. Plus, we’ve even considered filing bankruptcy, but would this save the house or hurt even more in the long run aquiring a new home. We just don’t know what to do because we are strapped ourselves. Plus,the company he has worked 30 years for was sold last year & he lost his retirement

T/F question: Bankruptcy law & Claims of the U.S?

Friday, March 27th, 2009
bankruptcy law

True or False? : Claims of the United States government against a debtor are always treated as priority SECURED claims under the Bankruptcy Code (of 1978)?

TIA