I am going to let my house in California foreclose. I have about $28,000.00 in credit card debt. Should I file for bankruptcy? Should I just not pay my credit cards? Or should I continue to pay my credit cards? is there a certain dollar amount of income you are allowed to make to be able to file for bankruptcy?
Yes, there is an income requirement that is specific to your state, marital status, and the number of wage earners in your family.
Anyone can file a chapter 13 bankruptcy where you repay some of the money to your unsecured creditors (i.e. charge cards) and all the money including back payments to your secured creditors if you wish to keep the property securing the loan(s) - like home and cars.
Chapter 7 erases most debt, and you can still keep the home if the mortgage company is willing to renegotiate the loan with you. Same with cars that are financed. Chapter 7 does not eliminate student loan debt or income tax debt.
What you need to do is to visit a bankruptcy attorney. The first consultation is free, and they can advise you on which chapter you are qualified for and what your options are. You need an attorney to file bankruptcy; don't even think about trying to do it by yourself no matter what anyone tells you unless you have filed before and you know the entire process.
Here is a free site that can help you decide if you meet the means test in California:
http://www.new-bankruptcy-law-info.com/m…
Since your home is being foreclosed on your credit is already destroyed. So that shouldn't be an issue in this case. if your only remaining debt is your credit card you should first call the company and attempt to work out a settlement to reduce the amount you owe them. You can threaten bankruptcy to try to get them to work with you. if you find they will not talk with you because you are up to date on your payments, then you can stop making payments. I promise this will get their attention. we are finding that individuals who stop making payments are finding ways to settle with the company. however, if you have no savings and no way to eventually settle, then bankruptcy may be the only solution.
How should I handle my credit card debt since I am foreclosing on my house?
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Sure. I live in Texas and have never paid a state income tax.
I oppose both the income tax and capital gains tax, so if the rate on one was 0%, I would support the other one being the same rate
This was a political tax law designed to prevent "millionaires paying no income tax" due to a capital loss. But a capital loss is a real loss; sometimes one can at least control when to realize it but not always, as Jay's friend found out. Of course if you realize a capital gain, you don't get to spread it out over several years, you get to pay all the tax this year.
BREAKING: #fourthers demand to see Han Solo's income tax return. #starwarsday
No job... no income.
No income... no income tax.
I don´t know if Jay is arguing, even theoretically, against a graduated income tax, but it seems unjust for the poor to pay income tax at the same rates, as the rich, as they have very little discretionary income after paying for necessities? It is kind of customary for people who can afford it, to pay the lion´s share, a sort of social contract, a noblesse oblige, if all are receiving services necessary for the integrity of a country, on which the nations's currency is based, so that it ultimatey can be redeemed with some value.
Last week, many of the nearly 900000 people who have been lifted out of paying Income Tax and the 23m basic-rate...
No they do, but you never bothered to check. Ever hear of the Federal Income tax? Typically due on April 15 fo every year? They do include capital gains etc when you file. Maybe you're the one on welfare since you have no idea what is reported when you file your income tax.