 I have extra cash, should I make extra payments on my 1st or 2nd mortgage? |
Additional Details
Great answers, everyone. Here are some specifics:
1st is for $138k and about 25 years left.
2nd is for $9k and about 9years left.
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Malcolm L | If i declare myself bankrupt what are the items the bailiffs take from your home example fridge, kids toys? |
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daza1973uk
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Bailiffs can take anything which belongs to you that is not essential for day to day life (such as fridges, cookers etc). They can take TVs Videos, Hi-Fis and the like. Depending on how much debt you have, you can also have your home taken and forced into sheltered accommodation if you have a loan secured on your property. |
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north o
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In Canada ... they can't take your fridge, stove, kids toys etc.
What they take is based on what will bring you and your family hardship. If you have 2 vehicles, they'll lkely take one. If you have snow blowers, ATV's, boats (adult toys), they'll likely take those. They may demand that you sell your 8,000 sq. ft home and downsize to a more reasonable (standard) house.
I think this criteria varies depending on where you live. Make sure you know your rights and do the research. |
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Mr Hex Vision
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I'm not sure, but it has to belong to you. You could read up about seeing if you can get a family member to buy the stuff off you for some little amoult. Make sure that it is done legally and you have a recipt of the transaction. |
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jamand
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They can't take anything that is needed for a 'quality of life'.
Can't take your cooker, fridge, beds or anything like that.
Anything else - computers, stereos, TV's etc are fair game - lose them before they call |
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wonderingstar
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you cant just declare yourself bankrupt a court does that.
otherwise everyone would do it.
& the bailiffs of all debts would be notified by the court. |
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john c
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it is different every where they cant take your tools or your car if value is under 5000. and furniture you need to go on the web site for bankrupt in your state or prov its different every where |
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davetumalty
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Hi there. There are 4 groups of items which can not be taken by bailifts.
Anything on HP, lease or rental
Anything required to ensure a reasonable quality of life this includes Cooker, Fridge, bed, bedding and cloths
Childrens items, Anything in your childs bedroom or anything that obviously belongs to a childs
Essential tools of the trade. Any items that is required for you to carrout your business/employment if your a joiner they can not take your tools Vans and cars are not automatically classed as essential tools of the trade you would have to argue this in court.
Bailifts are not legally allowed to entre your property unless its through an open window or door. When they knock on just dont let them in. If they try barging past you or use deception to entre your property this is classed as Burglary and will result in the bailift loosing his license.
DO NOT sign anything from the bailift You can use reasonable force to remove a bailift from your property. |
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K V
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Look, I am not an attorney and it is obvious from the people who have already responded to your question that they have no legal background either.
I have filed bankruptcy before and so I will only tell you based on my personal experiences. Unless you have expensive art or other household property, they will not care. They do not enter your home. You have to declare what you own and you are typically allowed a set value of personal property. They are looking to see if you have anything of value that could be sold. You have to think about this rationally. How much would they really get if they sold your tv or dvd player? It has to be of a significant value.
They also cannot take your home if it is your only and primary place of residence. Each state is different, but in most cases unless you have more than 15% equity in your home- they can't ask you to sell it or take the equity out.
I don't know what kind of debt you are in, but you can either file a Chapter 7 which will wipe all your debt away (except taxes and student loans) or Chapter 13, which is a repayment plan through the court. A Chapter 13 requires you to provide to the court an accurate documented list of your debtors, a list of your monthly expenses (including normal living expenses like utilities, food, etc). You will also have to provide proof of your income for at least the last 3 years (more in some cases) to show a history of what your income potential is, and then will use this to assess what you can pay back. The payback term is usually 3 to 5 years. I don't believe you are allowed more than 5 years. The court has the ability to reduce the amount you owe to those debtors so that the debt can be pd within 5 years and no interest accrues during that period (in most cases).
Bottom line, you really should hire an attorney. They will protect your rights. I believe nearly all attorneys will provide free initial consultation and a minimal downpayment to hire them to represent you and then they will include their attorney fees in with what you pay the court. If you decide to file Chapter 13, then you make a payment to the court. Just understand if you do this- and then in the middle of that 3 to 5 years and you break your agreement, the judge can cancel your bankruptcy and then the creditors will come after you with all they have. You will not likely be able to refile for banktrupcy again for those debtors or at least for a significant period of time.
Do yourself a favor and get an attorney. It is a very scary experience for someone who has never done this- but the attorney can make it much easier to get through. Information is power.
Best of luck to you. |
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pollywallydoodle
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You will not lose anything of necessity and unless you have a 40" plasma or a vangogh lying around. Household items have very little value at auction and will cost the OR more to sell than they would get back so very unlikely you will lose anything . The only thing you may have to sell may be your car if valued at more than about £2500, but if they deem your car necessary then they will give you that allowance back to purchase a cheaper one. Other things that may go would be premium bonds, things like that.
Dont panic not as bad as you think.
Good luck hope you soon become debt free and when you do dont go there again. Live on what you have, it can be done cos I do it now. |
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steffi
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They also can't take perishable goods like food. Everything they take has to be something that, if necessary, can be returned in the same state as they took it (eg no pedigree or farm animals) |
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Honey, i'm home!!
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Bailiffs wouldn't take anything essential like cookers, they wouldn,t take your children's toys but TVs, computer consoles and DVD players would all go. |
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heleni
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Your creditors may send the bailiffs at any time - they could call round tomorrow if your debt has been passed to them. Being declared bankrupt will not be the factor that prompts them to visit.
I don't have first hand experience of bailiffs, but having watched various TV programmes about them, I know that they can take pretty much any property belonging to you. If it is in your home it's up to you to prove that it isn't yours. They can search childrens rooms, but normally use discretion about what to take. You can't put your plasma tv, playstation and dvd player in the kids room and expect it not to get taken!
Bailiffs must leave you the bare minimum for living and carrying out your work. So they need to leave cooker, fridge, bed etc. They can take pedigree pets, and things like alcohol, sofas, spare beds, wardrobes. Legally, they can take almost everything, but may not bother if it's of very low value. Cars are generally taken unless you can prove that you need it for your work - if you could realistically walk or take the bus it will go.
Your lifestyle will have to change quite a lot after declaring yourself bankrupt. A lot of it will be similar changes to those you would have to make to pay off your debt - so seek proper advice from your local CAB to see if there is any other solution to recover your financial situation. Bankruptcy is not the easy solution that it used to be, and even if only for the moral example it will set your children, paying what you owe, if possible, is the best route to take.
If the bailiffs do visit, be careful what you sign. Their forms often have small print which, if signed, gives them the right to enter your home even if you are not there. |
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Mike M
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In the UK they cannot touch stuff that belongs to children, but they can take any thing that belongs to you.
go to CAB for advice.. |
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*♥* donna *♥*
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I hope this will help. Good luck. |
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