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Everything posted by daisymay

  1. *Daughter filed bankruptcy in AZ (pro se), not me...I am only trying to help her gather answers to questions. *She bought the car in CA and is/was making payments to the lien holder but is giving the car up via the bankruptcy. *She is the registered owner but has not been given title since the loan has not been fully paid. *She moved to AZ and registered her vehicle there, but AZ DMV told her they didn't have "title information in their records since the car came from CA". *CA DMV said it would take 4-6 weeks to send title information, well beyond the 10 days the trustee gave her. Thanks.
  2. And! What happens if the 10 days goes by and I can't get the trustee the copy of the vehicle title document? What should I expect? Will they throw out the bankruptcy claim? And will I be able to refile once the vehicle title document is received?
  3. Daughter in Arizona filed bankruptcy recently. Bankrutpcy trustee said she could not accept information she submitted regarding her vehicle. States she must provide a copy of the title which she does not have since she is not the owner of the vehicle. Daughter purchased the vehicle while living in California. She contacted the credit union lien holder. They told her they do not have the information, she needs to contact DMV. DMV initially told her to contact the lien holder. Later calls to DMV said it would take weeks for them to locate and send her anything regarding the title. The bankruptcy trustee gave her 10 days. Are there any options or suggestions anyone has to offer? She's dealing with logistical issues due to bankrutpcy in AZ versus CA DMV and CA lien holder. Help, Please!
  4. Thanks. Good to know. Bankruptcy still in process. Did not have an issue with bounced checks. Just heard that it would be hard to open an account for a long time as banks would view people filing bankruptcy as poor credit risks and so would not approve a request to open a new bank account.
  5. How long will a person have to wait before they will be able to open a bank account after filing for bankruptcy? Years? Thanks!
  6. Experian credit report reflects 2 trade lines for the same GEMB/Walmart account. One shows up as a potentially negative item. One shows up as an account in good standing. The negative TL should technically drop off by 12/2009 if it were being reported right. The good TL is shown on the CR to continue on record until 9/2013! --------------------------Negative TL------------------Good TL-------- Account Number:.............22070XXXX..........................220709078XXXX Balance Date:.................Jan 13, 2006.........................Sep 19, 2003 Credit Limit/Orig. Amt.:.....$0.......................................$1,848 Remarks:........................Transferred to another............Not reported ....................................lender or claim purchased Date of Status:...............01/2006...............................09/2003 Reported Since:..............06/1999................................09/2003 Last Reported Date:........01/2006................................09/2003 Credit Limit:...................N/A......................................$1,848 High Balance:.................$1,848..................................N/A Also, under the 2 year history, the negative TL reflects "OK" for 1/2006 (with no data reported prior to that in this segment). The good TL reflects "OK" for 9/2003. Anybody know what created this Jekyl and Hyde situation? What to do about it?
  7. This percentage was given to my daughter as a rule of thumb used by other 1099 earners to estimate their taxes, allowing for some business expense. I'm mulling over the thought that it would be better to calculate based on the IRS Tax Table instead and then come up with the monthly figure. But it will probably reduce the amount to put on Schedule J. My daughter is providing prior year returns. The last couple of years she was a wage earner in another state until moving to AZ a year or so ago. She has been working in her current job for about 6-7 months now. Any other insight or advice is appreciated! Thanks.
  8. Do the following figures seem unreasonable for Schedule J for a single person filing bankruptcy in AZ who has monthly income of $2400? 700-----Rent 150-----Electricity 50------Water 60------Cell Phone 285-----Food 30------Pet Food (dog is claimed as an exemption) 86------Clothing/Dry Cleaning 28------Household Supplies 31------Personal Care Products/Services 87------Miscellaneous 60------Out-of-Pocket Med/Dental/Prescriptions 256-----Car Payment 130-----Car Insurance 300-----Gas/Oil 100-----Car Maintenance, tires, DMV, etc. 480-----Taxes (calculated @ 20% of 1099 income $2400 / month) 2833-----Total expenses 2400-----Less: Montly Income (433)-----Deficit
  9. In the case of a person who works as an independent contract (receives a 1099 instead of W2), but has not been paying their own taxes quarterly, instead pays it when they file their tax return... When completing bankruptcy forms, should they factor in a monthly figure (or average figure) for what their taxes should be as part of their income/expenses calculations? What is the appropriate approach to use?
  10. In my scenario above, the information would be accurately portrayed and no abuse being contemplated. Even so, I understand that there should be the subjective sniff test throughout the bankruptcy process. Using the scenario in my initial email above… When preparing Form 22A the person would complete Parts II and III at which point Item 15 tells them to stop, and they are not to complete Parts IV, V, VI or VII. The means test map also says to stop if they are below median income. The map shows the disposable income piece applies to those above median income. And on Form 22A, folks whose income exceeds the median criteria must complete Parts IV, V, VI and VII. Where in the Chapter 7 process do folks whose income is well below the median criteria have to calculate or factor in potential monthly disposable income that is $100 or greater? Would they also use the National/Local Standards for that piece of the process, or would they use their own calculated expenses? At what point, for these folks falling below the mean income test, would they know they must pursue Chapter 13?
  11. Would a person whose annual income falls way below the median income for families in their geographical area automatically qualify for Chapter 7 and have their debts discharged? For example, a single person with yearly income of $30,000 who lives in Arizona where the median income is $43,397. Person has $20,000 in credit card debt and needs a fresh start.
  12. It would be V-E-R-Y tempting, to say the least! Thanks for the comments, everyone!
  13. My daughter lives in Arizona. She is financially strapped and has been in the process of filing for bankruptcy due to her financial situation. A collection agency recently obtained a default judgment against her. The collection agency has been coming to her door, banging on it, even after 9:00 p.m. She’s feeling harassed and threatened by the manner in which this is happening. A process server wouldn’t doing this (and not a collection agency), would they? What are her options until such time as she can get the bankruptcy paperwork filed, which will probably be in the next 2 weeks?
  14. Sending it back "no such person at this residence" wouldn't achieve anything at this point. I have not opened the letter since it isn't addressed to me. However, the way the document was loaded in the envelope clearly shows the "Judgment" box marked above the name/address. There is no question of what it is. I know I don't have a responsibility to forward it, but I do like my ex-daughter-in-law and feel she should know about this.
  15. May I ask what UEFJA is about? Also, about a month ago Sherry moved to Las Vegas so she's no longer living in Colorado, but Nevada. Does UEFJA apply there as well? What does "HMMV" mean relative to my thread? Thanks.
  16. I just received a letter from the county court that appears to be a judgment on my ex-daughter in law (Sherry). I'd like to let her know some options to dispute the judgment when I forward the letter to her. Some Facts: * The letter was addressed to Sherry but was sent to my address. * Sherry has never, ever lived at my address, even when married to my son. * They have been divorced for several years. * No one has come to our door to serve court papers for Sherry. * For the last 18 months, Sherry has lived in Colorado so she obviously was not served court papers. Does she have any recourse to have the judgment removed under these circumstances? Thanks!
  17. Thanks for your suggestion! It confirms what I thought I should do! I just signed loan papers this a.m. and the loan should be funded in a few days. I thought they would cut checks for the creditors but the package wasn't written up that way. So they said they would give us the funding and we will pay off the cards ourselves. I will file away the cards and use them only periodically as you suggested.
  18. My credit score is about 750 (taken me years to get there though). I have 3 open visa cards with utilization of about 50% (about $20,000 owed). I'm thinking about borrowing on my home equity to do some improvements but want to also consolidate these credit card balances to pay them off. I make more than the minimum monthly payments, but it seems these debts just never really decrease. As I think about retiring, I'd like to have these balances gone. The loan would be financed over 5 years so I would be able to see it get paid off. I believe I've learned my lesson about credit card debt, but it's just the getting what I've already charged paid off. I'd like to have a card to fall back on for emergencies, but pay cash for the day-to-day, routine stuff and not use credit cards. If I close these credit lines, or the bank asks me to, how much damage will that do to my credit score? I'm thinking it's probably better to pay them off and leave them open.
  19. Thanks to both of you for taking time to share your thoughts and suggestions! I'm not sure how mom would feel about putting us on the title...right now she sees the house being her only real asset, something that's hers alone. In the past we've asked her if she'd thought about setting up some sort of trust, she didn't seem receptive to the idea of the house being in a trust's name instead of hers individually. The intent behind a reverse mortgage (for her) would be for her to repay the amount over time, and not give it to the bank when she passes. If that happened before she repayed it, we (her kids) would arrange to pay it off instead of giving it to the bank. Thanks again!
  20. Mom is 74 so she'd meet the age requirement. I know very little about reverse mortgages, the pros and cons... I don't know what an LTV loan is...is that a type of mortgage loan or like a regular equity loan? I'm going to check into these suggestions more, but would appreciate more insight into these options! Thanks for your responses!
  21. Mom has several SOL CO's on her CR and some of those were sold to CA's. Plus 1 CA got a default judgment on her 2 years ago but it was paid off 1 year ago. We were able to clear some of her prior delinquencies but the others wouldn't budge and are now SOL (California has a 4 year SOL). She currently has 1 open account that she has never been late on (several years now). Her mid-range score is running in the 620's now. Her home is paid off. It needs repairs badly. We're going to see if she can get a equity loan but a low mortgage may be better yet since there is no existing mortgage. What can we expect lenders to say regarding the CO's and CA accounts on her credit report? Does it make a difference if the SOL has run, or will they require her to pay the CO's anyway? If so, what should we do about the CA's when we already sent them letters to C&D because it was SOL? Would reverse mortgage be viable for her? If so, what can we expect re the CO's? Lots of questions, I know...but your insight would be terrific! Thanks!
  22. Thanks for the responses. I know negative items can remain on the credit report for the 7 to 7.5 year sol period, but thought once I clued them in with the SOL, cease & desist letter that they weren't supposed to continue reporting. The FTC/CA statutes angle is worth a shot! Thanks!
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