Personal Finance Questions and Answers

Bankruptcy- Chapter 7, 341 creditor debate...?

If at the time of filling (in the lawyer office), we had an asset (boat) that be damaged (6 months ago) and not repaired. Do they consider the effectiveness at the time of filling or what they could capture for it (selling) after it's repaired? My lawyer asked what we could flog the boat for at this time (in his office) and I said, around 7-8k. The value (not damaged) is around $15k but we don't enjoy the money to fix it. With us surrendering our house, owing around $60k in credit card debt, do you regard they will make us put on the market the damaged property, as all right. We have nought in the hill (no savings or checking) and no utility (equity) in our home. The boat will most probable be left "as is" until we can free money but will the trustee consider this a "small" amount of money given the very huge debt we owe & foreclosing on our home?


Answers: It doesn't hurt to bring proof of the damage. If the trustee is skeptical more or less what you are saying nearly the boat, and wants proof and you enjoy it, it will speed up the decision process the trustee make as to whether to pursue the boat or not. If you don't have debt attached to it I don't know why the trustee wouldn't want to get rid of it even valued at 7-8k unless you used your entire wildcard exemption on the boat (I don't know what state you're in, but I've never hear of an 8k vehicle exemption ad the rainy card exemption isn't even that high surrounded by most states that I'mm aware of).

I've had plenty of instances where on earth I had clients next to inoperable vehicles that didn't enjoy issues, but if the boat is still worth that much damaged, be prepared to lose the boat. If you're concerned the trustee is going to sort you repair the boat, the trustee will consider the cost of repairs in his/her conclusion to sell the boat.
You won't vend anything. You have to turn your non-exempt property over to the ruin trustee and he sells it.

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Financial goal for someone starting grad institution this trip up?

What should be some financial goals for me for the subsequent year or two? I'm starting grad school contained by fall and since it's an engineering program, I expect that it will be funded surrounded by part of full by the program. I enjoy some undergraduate loans, but they are not overwhelmingly large against my adjectives engineering starting salary I expect to receive.
I hold had a checking commentary since high arts school and have never bounced and get several credit cards a year ago and pay these contained by full each month and own only salaried 2 payments late by mistake. However, I do commonly have to reset passwords and usernames to online accounts and lose track of deadline and such and also I'm not too sure about investment or other "real-world" finances. Thanks surrounded by advance for your answers!


Answers: I meditate minimizing expenses(below income if possible) and paying all bills on the dot should be your goals. While you want to minimize accumulate additional debt, the undergrad student loans are not a concern at this point. If you come to pass to have extra money, I would put it surrounded by a ROTH IRA because your tax rate should be so low presently.

The big goal is to label your meager income exceed your expenses to the degree possible. Make sure you stay lying on your payments, it would really stink to have difficulty getting a coup¨¦ loan or apartment due to a stupid late pocket money. You should look into getting free online bill pay through your ridge or signing up for something like yodlee that will store adjectives your info in one place.

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