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Questions Answered by Eric M Wiechert
1 Answer | Asked in Contracts for Illinois on
Q: I will have 2 silent investors for a business, and I need a contract.
Eric M Wiechert
Eric M Wiechert answered on May 26, 2011

First you'll need to figure out how you want to run the business, what sort of activities and industries are involved in the business endeavor, and whether the investment is in cash, labor, or assets. Business licensing and tax issues may influence the contours of the enterprise.

Given the...
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2 Answers | Asked in Bankruptcy for Illinois on
Q: How many years do I have to wait until I can file Bankruptcy again?
Eric M Wiechert
Eric M Wiechert answered on May 26, 2011

Under the 2005 amendments to the bankruptcy code, a person can't obtain a bankruptcy discharge within eight years of their last bankruptcy discharge. A Ch. 13 can be filed, or a Ch 7 case can be converted to a Ch. 13, if the plan payments will conclude outside the eight year window between the... Read more »

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1 Answer | Asked in Tax Law for Wisconsin on
Q: Can duty free cigarettes be imported to wisconsin tax free if kept under a certain amount?
Eric M Wiechert
Eric M Wiechert answered on May 23, 2011

No - subject to a very narrow personal use exception.

You generally can't take tobacco products across state lines for resale without paying federal & state excise taxes. See http://www.ttb.gov/tobacco/tobacco-faqs.shtml#t1 .

There are some exemptions for deminimis personal use...
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1 Answer | Asked in Contracts for Virginia on
Q: How to calculate cost of contract performance incurred for personnel under FAR 52.219-14
Eric M Wiechert
Eric M Wiechert answered on May 6, 2011

It depends on what you are doing under the contract. manufacturing, GC, specialty trade or if the contract is under an unrestricted set-aside. Here is a link to the referenced clause:http://farsite.hill.af.mil/reghtml/regs/far2afmcfars/fardfars/far/52_215.htm#P1432_255794

The above...
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1 Answer | Asked in Tax Law for Massachusetts on
Q: I am trying to negotiate a forbearance on overdue excise tax bill, due to lengthy illness. Legal help?
Eric M Wiechert
Eric M Wiechert answered on May 6, 2011

It can be exceedingly stressful to manage these things yourself but the IRS has some helpful videos and pamphlets about the process that you may want to review before selecting a professional or trying to work this out on your own. Here is a link to the IRS videos that may be on point:... Read more »

1 Answer | Asked in Bankruptcy for Wisconsin on
Q: What does it mean I have been discharged in bankruptcy or I have not been discharged in bankruptcy for the Chase account
Eric M Wiechert
Eric M Wiechert answered on May 6, 2011

See http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Discha...

The above information is not intended as legal advice but is intended solely for discussion purposes.

1 Answer | Asked in Bankruptcy for Wisconsin on
Q: Do i need a lawyer for bankruptcy?
Eric M Wiechert
Eric M Wiechert answered on May 6, 2011

The bankruptcy code is fairly complex and generally most people recommend against filing without a lawyer. Wisconsin has some alternatives that are available in state courts to deal with unsecured creditors through Wis. Stat. Ch. 128. The uscourts has some informative videos about the bankruptcy... Read more »

1 Answer | Asked in Energy, Oil and Gas for Wyoming on
Q: Where do i look for registered owners of mineral rights
Eric M Wiechert
Eric M Wiechert answered on Jan 24, 2011

It isn't always in the same spot depending on the age of last transaction. You may want to check here:

http://slf-web.state.wy.us/

1 Answer | Asked in Energy, Oil and Gas for Kansas on
Q: Can an operator of an oil and gas lease file for partition to exclude one working interest owner (forcing him to sell)
Eric M Wiechert
Eric M Wiechert answered on Jan 24, 2011

Normally an action for partition can only be filed by an owner of an interest in real property. You should consult with an attorney licensed in your jurisdiction to determine whether the lease creates an interest in land for the operator. In order to answer your question your attorney will likely... Read more »

1 Answer | Asked in Bankruptcy for Wisconsin on
Q: No funds for lawyer/bankruptcy. Living only on mo. SSDI. Had to stop paying debt. Law suit filed on me. What can I do?

Exhausted all funds trying to keep up with debt. Could no longer pay. I am disabled and only get small monthly SSDI income. I'm trying for gov't home mod. for my mtgs. Now creditors filing law suits. I have no funds to pay for a bankruptcy lawyer. Need to know if there is anything I can do.

Eric M Wiechert
Eric M Wiechert answered on Jan 24, 2011

There may be a pro bono organization resource that may help you: Check http://probono.abiworld.org/

The above information is for discussion purposes only and should not be construed as legal advice.

Good luck

www.ruskcountylaw.com

1 Answer | Asked in Tax Law for Maryland on
Q: Can sales taxes be applied to appliances that stay with the home if sold?
Eric M Wiechert
Eric M Wiechert answered on Jan 24, 2011

You really should talk with an attorney and review the sales tax statutes, rules, and administrative interpretations pertinent to items that become fixtures to real property.

Normally state sales tax is collected at the retail level. Consequently, once a sale is made to the end consumer by...
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2 Answers | Asked in Tax Law for California on
Q: What is best approach for dealing with undeclared overseas assets?

Have been accepted into IRS amnesty program but penalty is 20% of total assets while my tax liability is very small. Am considering opting out and pleading ignorance of statute, thus negligence. Is this wise?

Eric M Wiechert
Eric M Wiechert answered on Jan 24, 2011

The Hiring Incentives to Restore Employment Act ("HIRE Act") requires additional reporting for U.S. persons and U.S. entities that have an interest in a specified foreign financial asset if the aggregate value of all such assets exceeds $50,000. If you own directly (or indirectly have effective... Read more »

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1 Answer | Asked in Bankruptcy for Wisconsin on
Q: If I get a judgement against me can any of my bank accounts be levied
Eric M Wiechert
Eric M Wiechert answered on Dec 6, 2010

Generally a judgment creditor can issue a garnishment notice to a bank in the county where the lien is filed. If you only have exempt property in the account you can block the garnishment of exempt property but you need to be proactive. If a creditor knowingly garnishes property it knows is... Read more »

2 Answers | Asked in Bankruptcy for Illinois on
Q: Do I need a Bankruptcy Lawyer?

I had a real estate business which was dissolved by the state. I had a business loan of $ 100,000 I filled for bankruptcy as a person and my debt was discharged. I still receive letters from the bank and from attorneys. Should I fill for bankruptcy or should I just apply for a voluntary dissolution... Read more »

Eric M Wiechert
Eric M Wiechert answered on Dec 6, 2010

You probably want to talk to the attorney that help with the bk petition. Likely there is a security agreement in place. If these are unsecured prepetition contingent claims they were discharged by the bk provided that the creditors had notice of the discharge and their claims were scheduled.

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1 Answer | Asked in Tax Law for Tennessee on
Q: I received a settlement for injuries sustained in a accident.Must I pay taxes on it if I paid for the occ/acc policy?
Eric M Wiechert
Eric M Wiechert answered on Dec 6, 2010

For federal income tax purposes - generally compensation for physical injury (noneconomic damages)to a person is not taxable. However, economic damage awards and punitive awards are subject to federal tax. www.wisconsinbankruptcy.mobi

3 Answers | Asked in Family Law and Juvenile Law for Illinois on
Q: What is meant by a minor's attainment of majority?
Eric M Wiechert
Eric M Wiechert answered on Nov 17, 2010

This simply means the date on which a minor can legally be bound under a contract (other than a contract of necessity - like medical services). Generally that is age 18. Please let me know if I can be of further assistance. www.ruskcountylaw.com

(licensed in WI and IL)

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1 Answer | Asked in Contracts for Illinois on
Q: Is there a federal law on time constraints for lienholders to surrender vehicle titles to purchasers?
Eric M Wiechert
Eric M Wiechert answered on Nov 17, 2010

It's a state issue.*

For the Illinois statutory procedure see 625 ILCS 5/3?205 subsection c at http://tinyurl.com/3ae5mjk . Generally, a 'perfected' security interest in an IL vehicle title should be released within three weeks after the lienholder receives payment.

* There is a...
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1 Answer | Asked in Bankruptcy for Iowa on
Q: My landlord has filed a chapter 7 what happens to the deposit i gave on the property
Eric M Wiechert
Eric M Wiechert answered on Oct 29, 2010

Check with an attorney admitted in your state. The National Association of Consumer Bankruptcy Attorneys (NACBA) has a useful lawyer finder. The bankruptcy code applies hierarchies against debtor assets.

Here it sounds like you 'may' have a claim. It's unclear if it is based on contract,...
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2 Answers | Asked in Bankruptcy for Indiana on
Q: What is the bankruptcy exemption code in Indiana for contingent assets toward a class action law suit?

This is contingent as the debtor is the named plaintiff in a class action lawsuit that is pending.

Eric M Wiechert
Eric M Wiechert answered on Oct 29, 2010

Check with an attorney admitted in Indiana. Exemption issues can get fairly complex.

The National Association of Consumer Bankruptcy Attorneys (NACBA) has a useful lawyer finder.

[There is exemption information for Indiana at the link below.

See...
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