Questions Answered by Christopher H. McCormick

Q: If someone has a student loan debt, can they take if from the person's Social Security?

2 Answers | Asked in Bankruptcy, Consumer Law, Social Security and Collections for Connecticut on
Answered on Nov 10, 2018
Christopher H. McCormick's answer
Yes up to 15% of your social security benefit if it is a federal student loan. No if private student loan.

Q: I am a silent partner in an llc. I only own 1.85 percent of the business. Can I file chapter 7

2 Answers | Asked in Bankruptcy for Connecticut on
Answered on Oct 3, 2018
Christopher H. McCormick's answer
Not clear what you are asking in relation to your interest in LLC. If your concern is whether you could exempt your interest in LLC in Chapter 7 personal filing it will depend on market value of your small interest in LLC. You should consult with a local bankruptcy attorney to review all the facts of your situation to determine if Chapter 7 is a good option for you.

Q: Credit Card default fudgement in 2011. Wages garnished 18 months ago. Stat of lim is 3 yrs. Want relief

1 Answer | Asked in Consumer Law and Collections for Connecticut on
Answered on Sep 26, 2018
Christopher H. McCormick's answer
Since they the creditor has a judgment against your reference to a statute of limitations defense is not applicable. Other than paying off debt in full only other way to stop garnishment is to file bankruptcy preferably Chapter 7. If you want to explore your bankruptcy options I recommend you consult with a local bankruptcy attorney.

Q: In CT, If my second mortgage was written off as a bad debt in 2013, can the mortgage company continue charging interest?

1 Answer | Asked in Banking, Contracts and Foreclosure for Connecticut on
Answered on May 10, 2018
Christopher H. McCormick's answer
Unfortunately for you yes. Charge off is a credit reporting action, but does not affect your underlying liability under the note and mortgage you signed with the creditor. A charge off combined with the release of your second mortgage would have provided you the ability to avoid the payoff of the second mortgage. In situations like this it is difficult refinance your mortgage debt since despite the charge off Bank's usually do not discount debts for refinances you can try to negotiate, but you...

Q: What's the process for getting into some kind of mediation for a foreclosure on a rental property?

1 Answer | Asked in Foreclosure for Connecticut on
Answered on Apr 27, 2018
Christopher H. McCormick's answer
The foreclosure mediation program administered by the Connecticut Superior Courts is limited to owner occupied properties. For investment properties owners have to negotiate directly with lenders for loan modifications.

Q: How does one remove a 'life-use' clause from a real estate quit-claim deed?

1 Answer | Asked in Estate Planning, Real Estate Law and Probate for Connecticut on
Answered on Apr 3, 2018
Christopher H. McCormick's answer
Unfortunately the only way to get rid of the life use is to probate your grandmother's estate. An estate tax return reflecting the full value of the property needs to be filed with the probate court and a certificate releasing the estate tax be issued and recorded. This terminates the life use interest in the property.

Q: Are there any kind of special taxes involved when purchasing a foreclosed property?

1 Answer | Asked in Foreclosure for Connecticut on
Answered on Feb 9, 2018
Christopher H. McCormick's answer
If your buying property from bank that foreclosed or entity they assigned property to the seller is responsible for all real estate taxes due up to point of sale. The sales conveyance tax in this state is paid by the seller not the buyers.

Q: For a discharged Chap 7. Do you need court approval for a mortgage loan modification?

2 Answers | Asked in Bankruptcy for Connecticut on
Answered on Dec 7, 2017
Christopher H. McCormick's answer
The automatic stay terminated with the entry of your discharge therefore bankruptcy court approval is not necessary. This is clearly stated in Section 362(c)(2) of the Bankruptcy Code. You can try educating the lender to this fact. The problem is convincing the lender of this fact especially if your dealing directly with the bank's loss mitigation department and not their local CT counsel. Also if the lender is requesting reaffirmation of your mortgage loan as part of modification that is not...

Q: procedger to recover money from foreclosure? 4 children involved? City has money.

1 Answer | Asked in Foreclosure and Real Estate Law for Connecticut on
Answered on Nov 14, 2017
Christopher H. McCormick's answer
It is not an easy process and I recommend you hire an experienced local foreclosure defense attorney to help you recover any funds you are entitled to from the foreclosure sale of your property.

Q: will the banks where my HSA and profit sharing plan are custodied be notified when i file for bankruptcy?

1 Answer | Asked in Bankruptcy for Connecticut on
Answered on Oct 24, 2017
Christopher H. McCormick's answer
At this point you need to consult with a CT bankruptcy attorney most provide for an initial free consultation.

Q: Will my employer be notified if I have a Profit Sharing Plan and file for ch. 7 bankruptcy? And is PSP plan exempt?

1 Answer | Asked in Bankruptcy for Connecticut on
Answered on Oct 24, 2017
Christopher H. McCormick's answer
If this profit sharing plan is a retirement plan exempt from current taxation as such than it is likely exempt and your employer would not be notified of your bankruptcy. You should consult with a CT bankruptcy attorney to determine if Chapter 7 is the best option for you and review all of the facts of your specific situation.

Q: filing chapter 7 in CT with HSA account- will that be exempt from trustee estate and will employer be notified about it?

1 Answer | Asked in Bankruptcy for Connecticut on
Answered on Oct 24, 2017
Christopher H. McCormick's answer
Employer will not be notified of your bankruptcy filing. Only exceptions would be if they are a creditor of yours or you need to have a wage execution stopped. Under federal exemptions you will have to use wild card exemption which may be limited if you own your home and need homestead exemption. Under state exemptions wild card exemption is limited to only $1,000.00. Best to consult directly with a CT bankruptcy attorney to review the specific facts of your situation to determine if filing...

Q: What is the statute of limitations on a judgment lien on property in the stare of CT?

1 Answer | Asked in Real Estate Law for Connecticut on
Answered on Oct 10, 2017
Christopher H. McCormick's answer
Judgment liens on real estate in Connecticut are good for twenty years. In your situation if the judgment lien was recorded three years after title was transferred than the lien is outside the chain of title and does not need to be released since it secures no interest in the real estate. Only exception is if an attachment was recorded prior to transfer of title which this judgment lien relates back to. If there was no attachment than judgment lien would not have shown up on title search since...

Q: My mothers house is in foreclosure. The docket now says return of sale with proceeds/motion for supplemental judgement?

1 Answer | Asked in Constitutional Law and Foreclosure for Connecticut on
Answered on Oct 6, 2017
Christopher H. McCormick's answer
This pleading means your mother's home has already gone to foreclosure auction and the sale has been approved and completed. She may be entitled to proceeds from this sale since funds were returned to the court. It will depend on all the liens on the property. If she is still in possession she will be approached soon to vacate and may be served with an execution of ejectment. Your mom should consult with an attorney to find out more about her case and to protect her interests.

Q: If the sellers attorney forgot to include the reimursent request for the oil in the oil tank at the closing, do I pay?

1 Answer | Asked in Real Estate Law for Connecticut on
Answered on Aug 29, 2017
Christopher H. McCormick's answer
If seller provided satisfactory proof including the basis for the $450 meaning the oil company bill relied upon for price per gallon and the tank gauge shows that the oil is there yes you should pay. The omission at closing does not remove the obligation to pay. If you do not pay the seller has the right to take you to small claims court and could get a judgment against you. In addition to being able to get a bank execution and place a lien on your property the damage to your credit is not...

Q: I signed a student loan for my daughter and now she does not want to pay what is my recourse. What type of lawyer do I n

2 Answers | Asked in Education Law, Collections and Consumer Law for Connecticut on
Answered on Jun 21, 2017
Christopher H. McCormick's answer
it depends on the type of student loan what type of relief may be available to you. Most bankruptcy attorneys are able to give you helpful advice how to approach this problem.

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