Chapter 7 Bankruptcy

Anonymous · ‎10-06-2015

So I want to wipe out all my debt my question is

what happens to all the money I have in back accounts what can I do with that?

I own a business under a llc can i transfer ownership to someone else and nothing happens?

My car can i transfer lease ?

Future income made after debt discharged anything taken?

my credit score is about 780 lowest i saw was 757 how much of a hit will i take?

what this means to my future im 25yo?

The overall situation is I have about 100k in loans to pay back student and personal zero credit card

mexley · ‎10-06-2015

From what I have read, 99% of the time you cant discharge student loans. If you transfer any assets without disclosing it to the court then you are commiting fraud and perjury...not a great idea. If you are going to file then you need to be up front and honest about your business and vehicle.

SCORES AS OF 9/30/2015
FICO 8 Scores- Equifax=640 Transunion=614 Experian=620
FICO Auto Scores- Equifax=653 Transunion=673 Experian=590

Filed Ch7 9/24/15
341 Scheduled 11/17/15

Anonymous · ‎10-06-2015

Is there a time frame I should wait after the transfer?

creditgambler2018 · ‎10-06-2015

OK AS far as I know, if the BUSINESS goes bankrupt, IT WILL NOT AFFECT YOUR CREDIT PERSONALLY if the debt that is getting BKed is from the business. That is the beauty of an LLC. Someone tries to go against the business, it will not AFFECT YOU PERSONALLY CREDIT WISE. Please get a free consultation from an attorney that knows what he is doing. I COULD BE WRONG. SEE AN ATTORNEY, DO NOT RELY ON MY ADVICE.

ezdriver · ‎10-10-2015

@Anonymous wrote:
Is there a time frame I should wait after the transfer?

That answer needs to come from a bankruptcy attorney. The first question you should find the answer to is this...

Do I qualify for a ch7 in my current situation/financial status? If not, why not? If you have the financial resources to pay even a portion of your debt without incurring hardship [as defined by the trustee], you may be a candidate for ch13 instead of ch7. Student loans are a tough one as most are not eligible for discharge in a bankruptcy.

If you choose to list some details about your business/income/debt service/etc. then some very knowledgeable folks here will certainly render some feedback/recommendations.