Help Debts

Posts Tagged ‘assets’

Neither of us were good with moeny, so the debts far outweigh the assets. All bills are in my name. I’ve been left with the few assets, the two kids (thank god for that!), but it’s hard to make a clean start when you’re snowed under. My new partner rightly feels pissed off that she’s paying my exes bills. Is there anything i can legally do?

I have a large amount of debt that I am unable to pay. I want to file bankruptcy. Let me start by saying I am ashamed to be in this situation so, please do not bash me, just please provide sound advice.

There are two debtors that I would like to continue paying on. One of them holds the pink slip to my car (my credit union) and the other is a credit line that is owned by my grandfather but he put my name on it to use.

Can I file and not include these debts?

Please help, thanks!
Added DETAILS:

1. No assets, other than the car, which only ,000 owed.
2. In California.
3. How do I reaffirm the debts I’d like to keep?

Thanks!

Assuming both parents have died and debts exceed assets, are adult children responsible for the remaining debts?

My parents live in Virginia (USA).

Thanks for your help and please provide any relevant source for information.
Thanks. I didn’t think the debts became the children’s responsibility. My dad passed away 2 months ago and left my mom with little in the way of assets and lots in the way of debt. She will eventually file bankuptcy, but I am trying to decide whether to use some her life insurance proceeds to buy life insurance on herself. It doesn’t sound like it makes a difference as I would only be benefitting the debtors. (I’ve already asked legal counsel in Virginia about life insurance proceeds. Oddly enough, group term life insurance proceeds are protected against bankruptcy but proceeds obtained under an individual policy are not protected.)

I am in my mid-twenties, and I am attending an expensive university in Southern California to get my Master’s degree in Clinical Psychology.

By the way, please excuse me if I use financial terms incorrectly…I’m really unfamiliar with financial terminology.

I am originally from Canada and am a home-owner in Calgary, Alberta – my parents sold their large house when I was 20 and bought another house for themselves and build a smaller house under my name. I am technically a property owner. They did this so that I could get a substantial loan for university.

My property assessment in 2008 was 6,000 (Canadian funds).

I received a loan of 0,000 (Canadian funds) in October of 2008.

I recently spend a large amount of money (,500 US) to put a family member through alcohol treatment. I realize that is really expensive, but I tell you, it was worth it to see this person sober. However, that was basically 1/3 of my loan.

My schooling is costing around ,000 US for the 2 year Master’s Degree. With rent, utilities, living expenses, plus everything I needed to buy when I moved down here from Canada (furniture, etc), I am running out of money really quickly. I’m working on getting an ,000 (Canadian funds) line-of-credit from a Canadian bank with my parents’ help.

After the economy improves, I would like to sell my house in Calgary (say, within the next 5-7 years) so that I can begin my life debt-free. My parents want me to keep the house so that I can have some sort of collateral/assets (?) in the future. I am arguing that the house is not really "worth" anything because I have loans that are 0,000 + interest. I really don’t want to spend the rest of my life paying off student loans if I don’t have to.

Any advice??

Thank you so much in advance.

~K
The first poster is right, it’s not a student loan. I was mistaken when I said that at the end.

Also, I am renting the property in Calgary for 00 (Canadian), which is around 00 US.

I don’t really anticipate moving back to Calgary. I love Canada and miss it a lot, but I can’t take the winters…lol. It does get warm in Canada, but not as warm as So-Cal!
Also, because I’m here on a student visa, I can’t legally work in the States until I’m finished school, except for working on campus (and I can only work 19.5 hours/week.). I checked and there aren’t any jobs available right now.

To be a Marriage and Family Therapist in California, I need 3000 hours of clinical work experience (which I will most likely be doing for free), so even though I could potentially work on campus, I would like to focus my time on getting my 3000 hours.

What amount of debt qualifies for consolidation ? Also as stated, what if you have no home or assets?

My dad passed away in Nov. He had named beneficiaries on his life insurance at work. He has way more debt than assets, he will have a negative estate. Creditors are threatening that we should use the life insurance to pay the balances…are these just tactics they use? Should we be concerned that the money can somehow be taken? We live in Wisconsin. Thanks!

Say there is a situation in which someone is very likely to die at some point soon and knows it. Say they have a fair amount of assets and also a fair amount of debts (which do not have collateral attached to them). I know that if they die as is then their assets would be used to pay off their debts and what remains would go to their heirs. I’m wondering, could the person give away their assets to their heirs before death such that when the person dies, the lenders would end up getting almost nothing? That way I figure the heirs could get more while the lenders lose out. I’m wondering if this is possible or if there’s something that would prevent one from being able to do this.

I want to invest in Ibonds and goverment securities. I wanted to know what would happen say in 30 years when I retire if the US ever defualted on its debts. How would I be compensated if this ever happened or if civil unrest or war ever broke out in the US? If a goverment (any goverment) were to default on its debts then what would happen? I am scared too with the huge deficits the US is carrying right now that will be passed onto our children and that scares me more than terrorism. What would happen in to the goverment and my assets in this case if the US ever defaulted?

If a person dies intestate (without a will), his estate may be subject
to administration; i.e., a court may intervene to pay any debts and distribute any remaining assets between his next of kin. However, if he dies without any debts, administration may not be required. What is the law in the State of California?

My husband (AKA jerk) of 20 yrs is turning this into a huge fight. I don’t want to fight. I am dealing with a pain disorder & am under medical care and I am seriously unable to work. He wants to kick me out with 00 worth of CC debt (ours, but in my name) and claim he’s in debt for 0K. He has assets, like a small 4 seater plane, construction equipment, work vehicles and tons of small things like computers, office equipment, etc. He has a great job but is threatening to quit to "prove" he couldn’t afford to help me financially.

I’ve asked him ONLY for financial help with food & medicine. I’m applying for disability but it takes a couple years and a lawyer, so I can’t rely on that. I’m stuck. I’m seeking legal advice tomorrow (if I can find one to offer free advice since Wyatt Earp refuses to give me more then 0 for groceries.) I have until July 1, he’s selling the house we’re living in now (for 0,000 and they need in by July 1st, however he’s "claiming" that all the money is going to pay off his business debt and that it will still leave him in the hole for 0K.) I don’t want to fight, I don’t want anything really. Is that stupid or what? I know and I will fight if I have too, though.

What I DO need is advice. He claims that he is not financially responsible for me if we’re legally separated. Is that true?
I have made copies of financial records that I found but it only basically proves that he is indeed in debt. Thankfully, my name isn’t on any of it except the 00 CC’s.

He told me that I am responsible for his debt as well (even though its 100% work related and my name is NOT on any of it.) But is that true?
Can he fight me in court and make me responsible for HIS debt?

Can I get him to pay off the 00?
Is he legally responsible to at least provide me something to cover regular expenses and medicines? If so, how will it happen since he’s trying to prove he’s in so much debt and can’t afford to?

I’m willing to go through bankruptcy if I have too, but would rather NOT since I have great credit and it’s just 00 and I KNOW he could pay for it, but he won’t.

He’s not physically abusive but he is mentally, emotionally and verbally abusive, he’s also not mentally stable but I can’t get him any help with that (that’s a whole other story) and I know none of this is easily proven.

We have no children. We’re in Alaska, I have family that I CAN go to in California if I have too, but don’t want to. If I did go there though, would that change things with legalities in a separation or divorce?

So any help or advice or suggestions are needed. I know I said I’m seeking a lawyer tomorrow, but I’m so anxious about it right now since we just came to the conclusion we’ll be separated and that he’s going to be a jerk about it.

Thank you for any help!