posted by admin on May 26
my wifes parents are claiming bankruptcy (business closed) and are leaving their house. we would like to buy a housethey could stay in, near to us (within 5 miles). Some lenders require more (down payment/higher rate) because this is an “investment property” but i have been told that they are family and this could be my second home (lower down/lower rate). my attorney states that we should have a lease, and would pay taxes on a fair market rent, but we dont plan on charging them. Will I have to pay taxes on a non-existent income? can I still get the tax deductions for mortgage interest and city taxes I pay? can they homestead the property? I’m lost. any knowledgeable direction is greatly appreciated. Basically, can I buy a second home for myself and let my in-laws stay for free? Will I have claim this as income producing (even though it’s not)? Are tax advantages better one way or another?
posted by admin on May 26
I filed BK-7 in Michigan in 05/2005, was discharged in 08/2005.I made my mortgage payments on time before, during and after the BK, because I want to keep my house. Attorney error the mortgage (never been reaffirmed). I’m not getting any credit for my mortgage payments on my credit report what so ever!!, to help me boost my credit and rebuild it. I tried so many times to contact Mortgage Company to fix the problem; they don’t want to cooperate no matter what.they showing on my credit report that the dept included or discharged in BK-7, and the account is closed as of 05/2005. I lost hope…Then I was advised to just walk away from the house and leave it for them to sell it, and just buy a new house with a new morgage. I hate to do that after 5 years of paying on the house. But if this is the only choice I have, will that go as a foreclosure on my credit? Or what kind of hits my credit will have as a result of this action?? And can they sue me??
Thank you very much for your help
Mike
posted by admin on May 26
The wife of a former Michigan State Representative has cheated me out of my life savings. In civil court she has been adjudged guilty of fraud and unjust enrichment. However, criminally, the prosecutor turned down the case, saying that I already had a judgment. They won’t pay because they are declaring bankruptcy to avoid payment. Every penny I have is invested in attorneys and I might get nothing in return. They have about $100,000 of mine and arrogantly brag about the new Jag and their $300,000 lake home, which was mine. What are some other ideas to make them pay criminally. They are low life criminals.
Thanks
posted by admin on May 26
I have a few questions. I earn too much to file chapter7, and I don’t have enough disposable income to set up a payment plan with my creditors , (mostly credit cards) , what happens? 2. I am filing , but not my wife. How is jointly owned property handled? 3. I have adult children (not dependants) living at home who own and purchased things like cars, stereos, motorcycles etc. Can the court , or my creditors, physically come to my home to inspect ? Or do they just take my word for it ? I know , everyone is saying get an attorney, but I am going to do this myself. All I have to do is fill out about 40 pages !!??!. I live in Michigan.
posted by admin on May 25
i live in grand rapids, michigan and i need to file bankruptcy asap. i just got out of a criminal court situation ( fully acquitted now ) that prevented me from working the past year and im up to my neck in debt. i can’t afford another attorney now and i need to know how to file and where ? more importantly how much will it cost because i cannot afford a ton right now. i also have to look for work but i don’t want 50% of my pay checks to be garnished either.
posted by admin on May 25
My divorce was finalized in October and I’m currently not working and I’m attending college full-time. I lost my old job about a year and a half ago, and haven’t been able to find one since. I live in Michigan and the job market is awful here. I graduate in about a year and a half. I’m living with my boyfriend now and he provides for my needs.
I have about $5000 in outstanding debts and another $3700 in attorneys fees from my divorce.
Some of the debt is from my ex-husband who was ordered to pay his part and was given 90 days to settle with me. It’s been well over 90 days now, and I cannot locate him and his attorney hasn’t been able to find him either. My attorney said that in order to file a motion against his not paying, she needs to be paid what I already owe her.
I obviously cannot pay this without a job, and my boyfriend doesn’t make enough to pay my bills.
So, I was wondering, would I be better off just filing for bankruptcy or waiting to try to pay these things off after I graduate and hopefully obtain a good job?
If I do file bankruptcy, would the attorney’s fees that I owe from the divorce be able to be dismissed under the bankruptcy?
Any help would be appreciated!
Thank you!
posted by admin on May 25
I don’t want to file bankruptcy, because fraud was involved in my debt. (No harsh comments, please… I messed up bad, I know).
I’m inheriting a used, paid-off car worth $3000. I live in Michigan. I’m also worried about the funds in my bank account. I’m cashing a large check and the bank requires me to deposit it for 5 days before withdrawing.
Thanks for any advice.
posted by admin on May 25
An attorney file a judgement lien on my home from a credit card debt. When I file bankruptcy, will that go away? There is no equity in the home to speak of. We are planning on keeping the home and I am in Michigan.
