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  #1  
Old 08-19-2007, 10:14 PM
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BK amount?

What is the name of your state? ny

How is the amount of bankruptcy determined?
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  #2  
Old 08-20-2007, 09:36 AM
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Your question is unclear. Which amount?
  #3  
Old 08-20-2007, 07:11 PM
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i apologize for the confusion

How does one determine how much money will be claimed for the bankruptcy?

due to circumstances beyond my control i was unable to continue paying on some of my credit cards. when i stopped paying them i had 10,000 in debt, when the debt was charged off, it was for 12,500 and now i pulled my credit report and it says that i owe 20,000, so i am unclear how much i would file for.


These numbers are not accurate, i am only using them for demonstation purposes.

And the reason that i ask is depending on how much i need to file will determine if certain exemptions will help or not.
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  #4  
Old 08-20-2007, 07:36 PM
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You include the entire amount from your credit reports that the creditors and collectors are reporting that you owe. It doesn't matter whether you feel the amounts are accurate or not, that's what they're after, so that's what you put on your schedules. Also make sure you list the original creditor AND every single collection agency that is currently trying to collect.
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  #5  
Old 08-20-2007, 07:39 PM
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ALL debts must be included in the BK... THe 20K may include ALL creditors. You cannot pick and choose which to BK on.

For example, you state that your CC is $12.5K, you must also include the car financing, student loans, house financing, etc. ALL debt.

Exemptions are all based on your state. You will need to consult with a BK attorney. Most provide a free initial consultation.
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  #6  
Old 08-20-2007, 08:08 PM
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Nowhere did the OP ask about picking and choosing between debts. And not everybody has mortgages, car loans and student loans.
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  #7  
Old 08-21-2007, 02:14 AM
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Originally Posted by Ladynred View Post
Nowhere did the OP ask about picking and choosing between debts. And not everybody has mortgages, car loans and student loans.
"for example"
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Alaska landlord, please don't reply further to my thread, you'll just turn it into another pissing match.
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  #8  
Old 08-21-2007, 09:27 AM
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Originally Posted by almost done View Post
And the reason that i ask is depending on how much i need to file will determine if certain exemptions will help or not.
How do you see a relationship between the total of your debts and the usefulness of exemptions?
  #9  
Old 08-21-2007, 06:13 PM
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Originally Posted by Gregeney View Post
How do you see a relationship between the total of your debts and the usefulness of exemptions?
the way i see it, the figures that i gave were examples only, where as the actual numbers are closer to 50-70 k in which the homestead exemption comes into effect. if debt was based on one figure it would be under and if based on another it would be over. i am attempting (in my thought process at this time) to keep my house, one way i would, one way i prolly wont, which leads into 13 so i was just trying to get certain facts straight in order to aide in the decision making.
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  #10  
Old 08-22-2007, 10:00 AM
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Your question referred to credit card debt. Is it the mortgage debt amount that is in question? That is the only amount that would have a relationship with the equity/exemption of your homestead.
  #11  
Old 08-22-2007, 03:34 PM
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I probably just dont have a grasp on how the whole thing works, the monies that i referred to were cc debt, there is a mortgage, which i would try to reaffirm, however there is a fair amount of equity in the house 70k approx. so if the credit card debt was classified as less than 50k i could use the exemption and if its over 50k i would loose the house/? at least that is the way that i understand it.

Which could be wrong altogether, but i dont know. i wont even pretend that i know anything about this topic. or others for that matter
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Old 08-22-2007, 03:43 PM
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The exemption has nothing to do with the credit card debt. Go to uscourts.gov. Look up the actual BK forms. You will list all of your assets. You will then list all of your debts. Then the courts will look to see if you have enough assets (after removing the exemptions) to pay your debts. If you do, then they can require you to sell some assets to pay the debts. If you do not, then you may be eligible for a no asset BK.
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Old 08-22-2007, 04:43 PM
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Then the courts will look to see if you have enough assets (after removing the exemptions) to pay your debts. If you do, then they can require you to sell some assets to pay the debts. If you do not, then you may be eligible for a no asset BK.

OK this makes sense, but who determines which assets will be sold to pay the debt? or do they automatically go after the house because it has the equity?
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  #14  
Old 08-22-2007, 04:49 PM
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From this link: [url]http://www.bankruptcyaction.com/nyexemptions.htm[/url]

NY homestead exemption is $50k for a single and $100k for a married couple filing jointly.

Given that you have ~$70k in equity, an important question is; Are you married?
  #15  
Old 08-22-2007, 05:06 PM
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Quote:
Originally Posted by Gregeney View Post
From this link: [url]http://www.bankruptcyaction.com/nyexemptions.htm[/url]

NY homestead exemption is $50k for a single and $100k for a married couple filing jointly.

Given that you have ~$70k in equity, an important question is; Are you married?


i will check out both of the links that were provided, however in the meantime; yes i am currently married however. i am in the middle of a divorce which is the cause of my debt, at this point my STBX is being very vindictive and would likely not file jointly just to spite me. even if it is in their best interest to do so.


BTW i just wanted to thank all that have responded so far, i appreciate the time and patience that you are spending with me and my issues.
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Last edited by almost done; 08-22-2007 at 05:07 PM. Reason: thanks
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