Q. I plans to file for Chapter 7 bankruptcy. I have my home, which is currently worth $110,000, upon which I owes $100,000. And I am planing to reaffirm the debt on my home. I also owns Lexus worth $30000. But owes no money on the Lexus. What will I get?
Can some one show calculations regarding these figures under Chapter 7 bankruptcy? how will exempts be calculated (homestead)?
Can some one show calculations regarding these figures under Chapter 7 bankruptcy? how will exempts be calculated (homestead)?
Answer
Dude, the trustee is gonna get the Lexus. You can't have 30k worth of equity in a luxury car and file bankruptcy and expect to keep it.
Dude, the trustee is gonna get the Lexus. You can't have 30k worth of equity in a luxury car and file bankruptcy and expect to keep it.
Not buying anything in 2010...Wanna join me?
lulu
I just turned 30 years old. I'm an independent female professional who loves to shop! I live with my Fiance who is very frugal and hardly spends any money on himself at all! He'll wear the same pants until they have holes and rips all over them! I love this about him and want to be more like that! I make good $$ and am very thankful! I love to help others and have donated a lot or money and time to people in need. Lately, i was helping out with the unemployment office where I live. I helped women with their resumes, donated full outfits for them to wear to interviews, and so on. I felt good about it but also felt terrible because I have so much! I never think twice before buying something that I want. So, i've decided that for 2010, I will NOT purchase clothes, shoes, accessories, makeup, beauty products, purses, etc. Nothing materialistic. I will only buy necessities like food and Hygiene items. I know it will be hard but my fiance will be monitoring my finances...I know I can do it! Anyone out there want to join me?
Answer
I think you are lucky to marry the right guy. In this materialistic world, It is hard not to pay attention to TV commercial. I live a simple life a long time ago. Material things does not have effect on me.
Even though I could be able to drive a luxury car paying cash for it, I decided buy a small compact car. I did not really care of people thinking what car i drive. I am a little older than you but not much, but my 401k is around 100k, my roth IRA is about 21000.00. Cash in the bank about 30000.00. I was not show off but by living under your means, invest wisely. I could careless people think of what I am wearing. I am living frugally but not cheapskate but spend wisely. When I see you describe your fiance, I live like that 10 years ago. Because of that, in this recession, I do not miss anything. Actually, it makes my life a lot easier. I have no debt except my mortgage.
You will be supprise that people are amazed that sometimes you pay for thing with cash with large amount.
When I eat out, I am able to leave a good tips because before we have a good job, we are coming from humble beginning.
So come back to 2010,2011 and beyond. Nothing has changed me much. Still the same old me, same cellphone for 5 years, same cloth, same style of cloth. so material things are just out side, what inside is the most count
I think you are lucky to marry the right guy. In this materialistic world, It is hard not to pay attention to TV commercial. I live a simple life a long time ago. Material things does not have effect on me.
Even though I could be able to drive a luxury car paying cash for it, I decided buy a small compact car. I did not really care of people thinking what car i drive. I am a little older than you but not much, but my 401k is around 100k, my roth IRA is about 21000.00. Cash in the bank about 30000.00. I was not show off but by living under your means, invest wisely. I could careless people think of what I am wearing. I am living frugally but not cheapskate but spend wisely. When I see you describe your fiance, I live like that 10 years ago. Because of that, in this recession, I do not miss anything. Actually, it makes my life a lot easier. I have no debt except my mortgage.
You will be supprise that people are amazed that sometimes you pay for thing with cash with large amount.
When I eat out, I am able to leave a good tips because before we have a good job, we are coming from humble beginning.
So come back to 2010,2011 and beyond. Nothing has changed me much. Still the same old me, same cellphone for 5 years, same cloth, same style of cloth. so material things are just out side, what inside is the most count
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