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Old 02-28-2009, 01:37 PM   #15
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Beverly your friend may be a candidate for reorganization bankruptcy, Ch 11 I believe; it stops all collections and allows a person time to reorganize. Non-collateralized debts like those on credit cards may be dumped.

As others have stated the best advice is an attorney.

She will likely need a friend so good luck to both of you.
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Old 02-28-2009, 06:16 PM   #16
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I did not know about a chapter 11 and don't think that has been mentioned to my sister. She only met once with an attorney and got an overview. Also, she was so nervous and didn't have any questions prepared, so a lot remained unanswered. The attorney referred her to another lawyer who did Chapter 13's, but when she talked to the office, he had quit doing them. So, recently, she hasn't done anything except go to the bank about the land. I will tell her she needs to check into Chapter 11.

Thanks.

Beverly
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Old 02-28-2009, 09:00 PM   #17
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Just to address that one comment about spending sprees before filing for bankruptcy, the court will throw the case out if the spending is anything other then essentials.
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Old 03-01-2009, 04:17 AM   #18
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In NC, they only protect basic transportation and reasonable accommodations...anything else (i.e. motorcycles, motorhomes, country club memberships) are luxuries and must go. I have a close friend going through it right now, not pretty but necessary.
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Old 03-01-2009, 04:38 AM   #19
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I might be wrong but I believe chapter 11 bankrupcy is for corporations and small businesses. Chapter 13 is for individuals. Both are essentially for reorganization and you do end up paying your creditors but you have more time to do so.
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Old 03-01-2009, 05:30 AM   #20
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Wikipedia.com - Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most prominently used by corporate entities.

In contrast, Chapter 7 governs the process of a liquidation bankruptcy, while Chapter 13 provides a reorganization process for the majority of private individuals.
* * *
It appears that both Chapters 11 and 13 allow an individual to reorganize. An attorney will know the best to use.
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Old 03-01-2009, 06:21 AM   #21
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My friends had to go with Chapter 7 because they no longer had the stable income to support a Chapter 13 reorganization of debt. Every state has different limitations of what may be protected by the filing. It appears the difference between Chapter 11 and 13 is the amount of secured and unsecured debt held by the business or individual.
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Old 03-01-2009, 04:15 PM   #22
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These replies are very informative. I am glad there are ways to reorganize in order to repay debt. That is what I advocate--do the right thing. My sister did not get in this mess overnight; and as I said, she was living way beyond her means before this recession. She has the opportunity to go live with her son and use her income to repay her debts. I think she should pay her son and wife something and then use the rest of her income to do just that. So, she really does need to sell her house. It is probably worth what she owes on it, so hopefully, even in these down times, it will sell. I am never in favor of trying to get out of paying a just debt. I hope there's enough moral fiber in this country that people will try to pay their debts. If there's not, there is no hope for our country.

Beverly
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Old 03-01-2009, 05:10 PM   #23
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That's what happened to all those needy people who were given new cars by Oprah. They had to pay taxes on them and most couldn't afford license and insurance never name taxes. Most ended up refusing, IIRC.

Also, there are a few outfits on TV advertisong how they can help you reduce your tax obligations. The one that just burns my popo is the one with an old grey haired gal snarking on how they "settled" their tax bill for only about 2 cents on the dollar.

You do understand the rest of us have to make that up, don't you?

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Old 03-01-2009, 06:00 PM   #24
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Take a few deep breaths into the paperbag, hamguy. I always carry a spare if you need one.
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Old 03-02-2009, 05:35 AM   #25
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I think a lot more of us will need paper bags to breath in to before things get better!
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