56k in debt.....want to go bancrupt but have equity in house?

Question

house is all paid for but how do i make sure the house is safe and my name is not on it.

I'm asking this 4 a friend

Answer 1

How the hell does someone get 56K in debt???

Answer 2

Talk to an attorney, but my advice is to cash out some equity in the home to pay off the debt. BK laws have changed dramatically and it is getting harder to file a chapter 7 to dissolve your debts, most courts are forcing a chapter 13 where you will have to repay the debts and come up with a payment plan. I would advise against a BK since it will kill your credit for 10 years and will cause lenders to hit your friend with higher interest rates when they try to buy a car, etc. If you have a job and can take the money out of the house with payments as low as $450 a month, you would have to be nuts to file a BK.

Answer 3

With new bankruptcy laws, you have to re-pay debt regardless. The judge will freeze all your account, won't allow you to open new account and will stop interest from growing on your debt. You will set-up a payment plan in order to payoff all debt.

Typically all primary residences are excluded from bankruptcy proceedings. All other assets must be sold (homes & 401k's not included). Check with an attorney, but this is my understanding.

Answer 4

56k is not alot to file bankruptcy over and ruin your credit for 7 years.

if you have a house that is paid for then refinance the house take the cash pay your debt then pay off your mortgage your credit will shine your creditors will be happy and you will have kept your commitments so you will feel good

win win win

Answer 5

You requested this on the united kingdom section, and function used £ signs and indicators to show the distant places money in touch for this reason overlook appropriate to the U. S. replies ta;king approximately actual belongings or Sub best as we've an exceedingly diverse device, no the place close to as harsh as our US friends. uk regulation is that the Solicitor appearing on behalf of the own loan company will pay off the marvelous own loan besides as any extra fees incurred. the extra fees may well be fairly intense, I might desire to element out as they could have long gone for the time of the courtroom technique jointly with baliffs. there will be different marvelous costs for the valuables Agent appearing on behalf of the construction Society to be repaid, and the charges of pass of possession in touch interior the transaction so which you will possibly desire to pay for the charges of the repossession, the sale, marvelous stability, and any costs incurred in marvelous fees for non value jointly with letters asking you to pay the own loan. Any last money would be repaid on your pal yet I might desire to element out its a consumers industry and countless all human beings is making the main of the distress of others. while an furnish is made on the abode it ought to be completed under a public be conscious generally interior the valuables pages so your pal gets to be certain how lots has been presented. generally they are asserting you have 7 days to return up with a extra helpful furnish. He can ask the Solicitor for a breakdown of his costs and the extra fees, after final touch.

Answer 6

Take control of the mess. Follow Dave Ramsey's baby steps program. Bankruptcy is a bad idea, been there done that. You can work you out with a little control.

Answer 7

Tell your "friend" that it would be best if you...er they stop using credit and start paying using the debt snowball. Make sure you have an emergency fund of $1000 in place and the essentials like food, clothing, transportation, shelter and utilities taken care of. Then start paying it down.

Answer 8

get a good money consultant

try pinks&co in london, the man there is superb and not some made for tv phoney, he knows more ways round the book than anyone i know

Answer 9

oh u go to the store and ask for snickers then say 4544 then u get 100k