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Bankruptcy Legal Answers

Bankruptcy Legal Answers

How to negociate with bank after C13?

Answered 4 days ago by attorney Michael D. Siegel   |   1 Answer   |  Legal Mostics: Bankruptcy Lawyer
The old comments cannot be removed until they drop off.  You post is unclear.  I am not sure what you want to do.
The old comments cannot be removed until they drop off.  You post is unclear.  I am not sure what you want to do.
Once you definitely determine to file bankruptcy, you should not pay debts that will be discharged.
Once you definitely determine to file bankruptcy, you should not pay debts that will be discharged.

Chapter 13

Answered 11 days ago by attorney Michael D. Siegel   |   1 Answer   |  Legal Mostics: Bankruptcy Lawyer
Who said you make too much for Chapter 7?  In my opinion whoever said that has no idea how to calculate a means test.  If you have this much debt and problems, you likely qualify for Chapter 7.
Who said you make too much for Chapter 7?  In my opinion whoever said that has no idea how to calculate a means test.  If you have this... Read More
Mortgages do not get "dismissed".  If your bankruptcy was successful than your personal liability is discharged.  However unless a 506 Motion was filed and granted and you completed a chapter 13 plan, then the second mortgage (never first) could be determined to not attach to equity and therefore be considered "unsecured".  This is very technical information adn it sounds as though you need to sit with an experienced attorney.  Please feel free to contact my firm and I will be happy to go over this with you further.... Read More
Mortgages do not get "dismissed".  If your bankruptcy was successful than your personal liability is discharged.  However unless a 506... Read More

I need advice for my parents

Answered a month ago by attorney Michael D. Siegel   |   1 Answer   |  Legal Mostics: Bankruptcy Lawyer
Bankruptcy is an option.  If they cannot manage their affairs, guardianship is an option.  If they have no money and no assets, doing nothing is an option.
Bankruptcy is an option.  If they cannot manage their affairs, guardianship is an option.  If they have no money and no assets, doing... Read More
You can convert your case to Chapter 7 at any time assuming it wasn't previously converted.  However, it may not be in your best interest to  do so if you have non-exempt assets or other transfer issues which a Ch. 7 Trustee might be interested in. But you may be able to modify (i.e. lower) your plan payment based on new circumstances, or even seek a "hardship discharge" in Ch. 13, but those depend on a lot of different factors. If you are not presently represented by an attorney, you have almost no chance of succeeding in a Ch. 13 case anyway.  You need to hire an experienced bankruptcy to review your case and advise you on your best options.  ... Read More
You can convert your case to Chapter 7 at any time assuming it wasn't previously converted.  However, it may not be in your best interest... Read More

bankrupsy

Answered a month ago by attorney Bankruptcy Attorney Mark J. Markus   |   1 Answer   |  Legal Mostics: Bankruptcy Lawyer
A lawyer is highly Happy Clients if you wish to file for bankruptcy. See my article at https://www.bklaw.com/bankruptcy-blog/2011/08/need-attorney-file-bankruptcy/ for my description of the issues with this.  
A lawyer is highly Happy Clients if you wish to file for bankruptcy. See my article at... Read More
Under the bankruptcy rules, the tax returns for the last 4 years has to be filed. Even if he owes, please keep in mind the debt will not be discharged based on your facts provided.    Nonetheless contact a local bankruptcy attorney for specific information based on your sons facts ... Read More
Under the bankruptcy rules, the tax returns for the last 4 years has to be filed. Even if he owes, please keep in mind the debt will not be... Read More
Transferring the property to a Trust would be a fraudulent transfer which can be recovered by creditors or a bankruptcy trustee for up to 8 years from the date of transfer. You can sell the property and buy a new home, but assuming California's exemption laws apply in your case (depends on where you have lived the past 2 years), the maximum homestead you would have is $175,000 if you are over 65 or disabled.  Otherwise it would be $75,000.  Either way it's  way less than $900,000 so there's no way you would be able to protect that much in a Chapter 7 case.  Your only other bankruptcy option would be to do a 100% repayment plan in a Chapter 11 case, assuming you end up owing $765,000 from the deficiency.... Read More
Transferring the property to a Trust would be a fraudulent transfer which can be recovered by creditors or a bankruptcy trustee for up to 8 years... Read More
I believe so, yes.  They can get a "sister state judgment" entered in California and seek to collect.
I believe so, yes.  They can get a "sister state judgment" entered in California and seek to collect.




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