Bankruptcy Help Desk

I recently filed a chapter 7 bankruptcy and it has been discharged. My first and second mortgage was included in the bankruptcy. I now want to keep my home. If I started to make payments on the first mortgage again and not the second, would I still be obligated for the default amount on the second mortgage? Does the second go away since it was included in the bankruptcy? Can the lender still foreclose on the home?

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I have a business in danger of going out of business but I'd like to know if California SBOE can continue collections even if my business files for bankruptcy.

If an unincorporated business (sole proprietorship or partnership) goes out of business, the owners are still responsible for the collected taxes. It does not matter if they or the business file bankruptcy, the debt survives.

If a corporation goes out of business, the Board of Equalization can, and will, make an assessment against the responsible people in the corporation and collect from then.

This may be a question asked many time. But I would like to know exactly what should I do when, on the first day of the job, the company asked me to apply for an Amex corporate card? I filled for bankruptcy two years ago and still have a poor credit rating. The job is purely technical (software) and requires credit card only for traveling& expense. What should I do? Should I refuse? Blindly apply to get rejected later? What are the implications on my job? The issue of credit had never been discussed during the interviews. I would like to hear from anyone with similar experience and how it ended up for you.

If the company is requiring you to use their corporate account, isn't it just a matter of them adding you as an authorized user to the account? Or are they insisting you apply for a new account?

I've had to do a lot of business travel. Some of the VPs had company Amex cards — all one corporate account billed to and paid directly by the company. Most of us peons had to use our own credit cards or cash, submit reimbursement request, and pay our own cards.

This may be a question asked many time. But I would like to know exactly what should I do when, on the first day of the job, the company asked me to apply for an Amex corporate card? I filled for bankruptcy two years ago and still have a poor credit rating. The job is purely technical (software) and requires credit card only for traveling& expense. What should I do? Should I refuse? Blindly apply to get rejected later? What are the implications on my job? The issue of credit had never been discussed during the interviews. I would like to hear from anyone with similar experience and how it ended up for you.

Your personal credit has nothing to do with your company corporate card. DO NOT REFUSE to get a company corporate card. For most large corporations management employees who travel for work related reasons are required to put all expenses on the company card. Check your expense and reimbursement policy at your company - you may find that an employee who uses their personal credit card to pay for a company expense may be REFUSED reimbursement. LIkewise, an employee who uses the corporate card to purchase personal items/services can be immediately dismissed.

As a management employee you will most likely be responsible to submit your expenses each month via an AP system that will be sent for approval by your immediate supervisor. This is how payments are process automatically.

It is a corporate card so legally you cannot be held liable for charges on the card if you do not pay; however, you can be fired for misuse of the card and you would not want to have a bad reputation that goes along with that.

I filed Chapter 7 bankruptcy and included my mortgage in the bankruptcy. The bankruptcy was discharged and I moved out of my property. Then I find out that the mortgage company has placed "Foreclosure Proceedings Started" on my credit report. These proceedings started after the debt had been discharged and I had moved out. Is this correct or is there a way to force the mortgage company to remove this from my credit report? Lenders are treating this like a foreclosure now instead of a bankruptcy.

If you mortgage was included in your bankruptcy and the debt was discharged your credit report should read "Included in bankruptcy" and show a $0 balance.

You can either dispute this account with the credit bureaus or have your lawyer fire off a strongly worded letter to your ex mortgage company.

i have been doing some Research and discovered that there are just to many consolidation company's that are scams .i need help and don't want to get caught up even more. i do not understand why as a taxpayer that we are able to bail out the banking Industries but thay wont give out personal loans.

I would recommend just cutting up your credit cards and not using them. Debt CONsolidation loans are just simply that…Cons. what you need to do is to quit living and spending off your credit cards and pay with cash. Personal Finance is like 20% knowledge and 80% habits. change your habits and you can change you financial standing. Check out Dave Ramsey's website for more info. Also check out his archived shows on hulu.com to observe the advice he gives!

what do they know that the others are of stupid to figure out?

They were able to avoid the heavy debt loads that Chrysler and GM carried. In addition they made cars that were more popular (and thus more profitable) than the other two companies.

However - I would not buy stock in Ford Motor Company because I do not think that they will be able to compete aginst tow companies that are essentially operating under government subsidies.

Another issue I see Ford facing is thier ability to get loans. Obama's ignoring the law and stealing from the bondholders in order to give a sweetheart deal to the UAW will scare off anybody Ford approaches for a loan.

i've been researching this as we are getting ready to file. we currently own a home that is mortgaged to the hilt and we are trying to decide if we are going to include the mortgage in the bankruptcy (as the burden is really greater than the asset), give up our house and rent for a few years. we would like to plan on trying to buy another house 5 years after or so. what difference would discharging our current mortgage make later on when applying for another mortgage? or, do lenders simply look at the fact that you have a bankruptcy at all and the fact that you discharged your previous mortgage specifically doesn't make a difference?

If it is only your mortgage that is unmanageable, then a short sale if the bank will allow it will get you out of your situation. Renting for 5 years is a good plan. At that point you may not quite be back to a good credit score, but you should at least have a decent credit score.

is there any company in st louis area thats really helpful with that and cheap…or reasonable?

You should strat with going to credit counseling. If bankruptcy is the only option, you will have to go anyway. You should confirm that the organization has non-profit status and may want to check with the better business bureau if they seem to charge excessive fees.

I have a corporate bond that has gradually declined to JUNK status. The issuing company is now offering to buy it back at about 50% of it's value. The company has not filed for bankruptcy. The bond comes due in 2013. What are the risks associated with holding onto this bond?

The risk is that they default on the bond. They typically present a tender offer because they are trying to shore up their balance sheet to avoid violating the bond covenants and being forced into bankruptcy. I would review the covenants and their financial statements to see how bad the situation is and then make a decision. The risk you take is a pure default on the bond.