we filed for chapter 13 bankruptcy 1 yr ago and my wife recently inherited some money. how can she protect it?
139600
transfer it out of her name - such as into a relative's name (and, more importantly, social security number). then have this relative slowly trickle the money down to her when she needs it.  "relative" being anybody not in the immediate family that filed for bankrupcy.  it could be a close personal friend, it doesn't have to be a relative by blood or marriage.
468916
Since you have significant assets you should have a will or a trust that includes the properties.  You should also have term life insurance for both you and your wife.  It would probably be a good idea for you to have enough insurance on your wife to allow you to pay off the loans on the properties.  This will give you the option of owning the properties free & clear if she passes.  It might not be the best use of the money, but you will not worry about having a situation where you will be burdened with the debt if she passes away.\n\nYou should also clean up your credit, so that in the future you will be able to put your assets and loans in both names.
432667
Once you get the judgment that will show up as negative on credit for 7-10 yrs.  You can also record a lien, filing the lien form (a form you that you can purchase from a legal document store) with the property parcel no. etc in the recorders office.  Just know that up too $100k of her portion of the equity is protected by the homestead act & will get you nothing.  More than likely down the road when she does want to buy a home on her own she will be forced to contact you & pay you off.  Another option you have is once the judgement it done, you can try selling the debt to a collection agency that will harass her for payment.
242869
In a chapter 7, a trustee is appointed to take over your property.  Any property of value may be sold or turned to cash for the benefit of your creditors.  You may be able to keep some personal property and possibly real estate depending on the laws of the state where you live and applicable federal laws.\n\nThere are also 3 types of debt:  (1) secured debt; (2) unsecured priority debt; and (3) nonpriority unsecured debt.  Bankruptcy cannot get rid of secured debt, so the debtor must either pay the debt or give up the property used to secure the loan.  Unsecured priority debt consists of debts that are given priority over other types of debts.  If there is anything left after all the secured and priority unsecured creditors have been paid, then the general unsecured creditors might see a distribution.
150305
Depending upon the state you live in...in the event of her death (sorry), you will probably inherit under community property laws. In the case of divorce, you just might be out a whole bunch of money. There is, however, some credibility towards you owning at least a piece of the equity based on the amount you pay. If she owned the house prior to marriage, it, generally speaking, is hers unless you end up on the deed. Get a lawyers opinion (sorry again).
573971
You are entitled to 10% annual interest. Here is link on calculating that interest. After 10 years, that would be considerable. I assume you have a lien on his property. You should get the amount that was on the lien plus the allowable interest. One thing to watch out for: if this person loses his house in a bankruptcy, your lien is subsidiary to the mortgage on the property. To protect your interest, you need to monitor this situation. Also make sure real estate taxes are being paid.
855279
The laws differ from state to state, your attorney could give you more details.  I know in my state, you're not allowed to keep recreational vehicles or sporting goods or personal computers.  The court can order those sold and the money from them applied to your debts.\n\nYou are allowed to keep a certain amount of exemptions in the form of household goods and personal items (clothing, etc.) and usually one car.  If you owe money on the car or if there are any credit cards or such you want to keep, you can reaffirm the debt.  They're still listed in the bankruptcy, but stated that you're keeping them and going to continue making the payments on them.  You can usually keep your house, unless you own some huge house that's beyond your means.  \n\nThe new bankruptcy laws have made it so anyone filing bankruptcy on credit card debt who are capable of paying up to $200 a month or so are required to file chapter 13 and go on a payment schedule.  You can no longer just wipe out credit card debts with a chapter 7 bankruptcy.
509464
You have to petition the bankruptcy court.  Check to see if an attorney represent customers like you that also had gift certificates.  This will be in the court documents.  This is worth your time if it was a lot of money, otherwise it is a waste and a lesson learned.
494398
First? Did you tell me everything? If your paying but still have arrears issues to resolve your okay.Have no fear go to DMV and find out.No ones going to arrest you for all the arrears but you need to start applying extra moneys to that in good faith ASAP.I had 38,000. in arrears for a long time until I cleaned them all up. The only thing that happened to me was the IRS would take my tax returns every year which was a good thing to catch up my arrears with that extra payment yearly. It made it shorter to handle in the end. So get over being mad at her and all file your taxes and pay a bit extra every month too..if the family court  calls you in... you made an effrot to pay her the arrears when you could.. in good faith.Which is better than most cases.
1033851
Chapter 13 is no picnic either. They will garnish your wages and leave you pratically nothing to live on. Do you have a relative or friend that can buy the house from you for awhile until you can get back on your feet? Or perhaps even selling it outright would be better than losing it. How much equity do you have in the home? Mortgage lenders will refinance up to 65% of the home's value to bail you out of foreclosure. If that isn't enough, perhaps you have access to a retirement fund (401k, IRA, etc) and you can bring some out of pocket.
28154
I am not sure how the state laws of NY or NJ address the protection of IRA assets, but the new bankruptcy law enacted last year does provide ceratin protections on a national basis. the following excerpt is from "http://www.retirement-retirement.com/story-486.php"\n\n[Especially important to participants in employer-based retirement plans is that the bankruptcy act says that all assets rolled over from these plans into an IRA, and all subsequent earnings made inside the account attributable to the rollover, are protected from creditors, regardless of the amount of the rollover. That should remove much of the reluctance among investors to move most retirement plan assets into IRAs if they decide that's the best financial strategy. \nWhile IRAs have unlimited protection for certain rollover amounts, such is not the case for original (non-rollover) contributions by the owner to traditional and Roth IRAs. The bankruptcy act put a price tag on the "reasonably necessary" amount that might be protected in these IRAs ­ $1 million. That is, if the aggregated value of your original contributions and their earnings to traditional and Roth IRAs exceeds $1 million, the amount above $1 million (excluding any protected rollover amounts) could be vulnerable to creditors. That $1 million amount is indexed annually to inflation. \nMost investors building an IRA from scratch won't exceed the $1 million limit, since annual contribution limits to traditional and Roth IRAs have been relatively low for the past two decades. And the bankruptcy act allows bankruptcy courts to permit the IRA owner to keep more than $1 million if it is in the "interest of justice" (though the act did not spell out what constitutes an interest in justice). \n]
298906
It depends if the trust is revocable or not revocable.  It also depends on whether you transferred the house to your children's trust when you were insolvent.  It also depends if you transferred the house to your children's trust to hinder, delay or defraud your creditors.  Transfers like this might be avoidable as fraudulent transfers by a trustee in bankruptcy.  And depending on the law in your state, there could be a "look-back" period of up to 6 years or under certain circumstances, 10 years.\n\nHowever, if you were solvent after making this transfer and made it with no intent to hinder, delay or defraud, such a transfer may withstand attack by a trustee in bankruptcy.  Much depends on the facts of each particular case.
791217
I have personal experience in this, I wet through a horrible divorce in Jan 1996 and had to file Chp 7 which erased $65K then I remarried a great gal with some bill problems of her own which we tried to juggle for several years but we became overwhelmed we put everything in her name and she filed Chp 7 in 2002, the judge asked why I wasn't listed on bankruptcy and my wife answered that I had gone through Chp 7 in 1996 before we were married and you can only go through it once every 7 years.  So she had her debts discharged and included some medical bills of mine that her insurance covered without question. Now we are financially stable have bought a house. its been 10 years since i filed so it doesn't show on credit report, everything is okay. it would have been okay if it weren't for vindictive ex-wife but that's another story. don't stress, you'll be okay.
84877
First, this is a question for legal counsel in the jurisdiction.  Bankruptcy law is a mix of local and national laws.  That said, the money isn't yours once you go into bankruptcy, it is the trustee's money now.  Everything due to you isn't yours anymore.  Whether you can gain access to the funds depends totally on the particulars of your case.  Think of it as no different than if you had $2000 in a checking account.
880305
if they wont work out a forebearance agreement,then contact a bankruptcy lawyer, call HUD now!!!! you nedd to prepare to move in case.....good luck
792228
With the new BK laws, you can't even file until you've completed a financial education class......call your local trustee (Chap 7 or 13) and ask for an approved list of classes......you complete the course and you will be a) better educated financially speaking and b) be able to determine what course of action is best.\n\nAlso, you should ask the Trustee what the median income in your state is for fiing a Chap 7 - you may find (very likely) that you DON'T qualify and could be forced into a 5 year Chap13 plan.\n\nAt the same time, grab your bills, pen and paper, and a strong cup of coffee.....sit down and start calling your creditors, ask for reductions in interest, zero interest for a couple of months, reduced minimum payments, .....just be polite....stay away from debt consolidation!!!!
947495
My Mom gave me the best advice a long time ago: "Never enter into a long term relationship with someone if your happiness is based on the other person becoming something they are not now. "  Since money is one of the most common reasons for marital discord and even divorce, you need to sit her down and talk to her about what is going to happen once you are married.  Will you have a joint checking account, or will you have separate accounts?  Will she keep working, and if she does, will her money be her own, or how much will each of you contribute to the household? Who will be responsible for paying the bills so that you don't end up getting your electricity turned off, or losing your home?  Can you put her on a budget?  Will she accept you taking over all the finances to prevent overdrafts, which are expensive and can trash your credit rating as well as hers?  What will happen if she continues to do this after you are married?  You are right, she needs to learn to manage her money better, and you should stop bailing her out and make her face the consequences.  You are teaching her to take advantage of you, and if you don't put a stop to it, you will be paying all the bills while she spends all the money she can on unnecessary things.  I'll bet she could have paid you back, she has just chosen to spend her money on other things first.  Sooner or later, you are going to resent her perfect nails and the new outfit she sports while still owing you money.  You need to make her pay you back, even if it is only $20 every 2 weeks, or whatever she can afford.  Work this out now before you get married, or you probably won't be married for long.  My suggestion: put her on a cash budget.  Take away her checks and credit cards, so she can't spend money she doesn't have.  Once she learns to manage her money that way, gradually reintroduce checks and credit cards, as long as she stays within her budget.  It won't be pleasant, but better to solve this now, even if it means breaking up, than to find out after you are married that she can't be reformed.  Good Luck!!