So my new mortgage is $640k . If my son formed a llc. My question is if he by chances get sued for a lease hold or food poisoning .. God forgive. Can landlord come after our house? How can I protect most of my interest of the house.
Responses to your question by my colleagues have provided a good summary of the issues. The key is keep you and your son's assets and debts separate from one another. Be very careful and specific about this. You may want to talk with an attorney in your area for more details.
This is if both the defendant and attached business are named in the settlement. There would be a stipulation for entry of judgment attached to the settlement. The concern is the defendant defaulting and possibly filing bankruptcy prior to making payments.
It depends on several factors including: type of bankruptcy filed, whether the individual or corporation filed bankruptcy; whether the settlement provided for some security on assets of the defendants;type of claim such as breach of contract or fraud, etc. I urge you to talk with an experienced...Read more »
I cosigned a car loan for a friend. He defaulted the car loan and the bank handed the loan to a collection agency. I had to declare bankruptcy which destroyed my once stellar credit score. As a result I'm strained financially and am still recovering my credit score. I am unable to get any... Read more »
Unfortunately, doing a favor for a friend does not always benefit you - particularly where financial issues are concerned. Had you ended up paying for the loan, you may have had a claim against the co-signer friend for indemnification for having to pay the loan. Being unable to do that, a...Read more »
Bank of America is suing me for not paying business card debt of $7000. I offered them half, they didnt agree. I cant pay more since Covid has affected business and I need to pay my employees. $7000 is the pay of one employee in my office for 2 months. Bank of America is restricting my ability to... Read more »
If Bank of America actually filed a lawsuit which was served on you, you have a specific period of time during which you need to file an answer. If you do nothing, the Bank will get a judgment against you. Contacting creditors to attempt settlement or reasonable payments can be done - a creditor...Read more »
my 64 year old sister took out several student loans about 15 years ago. At that time, she was diagnosed with advanced stage ovarian cancer. She survived the cancer, but the treatments wiped her out financially and can no longer work. She has no income, no savings, and can't get a job due to... Read more »
I agree with my colleagues - I urge you to seek estate planning advice and consult with a bankruptcy attorney as well. Perhaps the probate attorney you are consulting with can also assist. There is much to consider.
Our combined debt is about $40K and we cannot afford to pay such a high price for a lawyer right now. We want to be able to buy a home in the near future, and are considering settling each debt individually or filing BK if that would be more affordable.
I suggest you contact other bankruptcy attorneys for an estimate. Some of us offer a half hour no charge phone consultation to briefly discuss the options your are considering and fees involved. Without knowing more details, the quoted amount does seem very high.
Answers already provided have accurately responded to your inquiry. You will need the case number and name of the Debtor that filed the case. Assets are listed on Schedules A and B. If you require additional information, contact a bankruptcy attorney - many of us offer a no charge phone consult.
Mom and dad are both late in their late 70's and I know dad has $25 - $35 thousand in credit card debt and his business has at least that much. I can make the house payment but if one dies I can't pay his bills. How would bankruptcy work in California.
I agree with my colleagues. There are many issues raised in your question(s) that would best be answered by talking directly to an experienced bankruptcy attorney and perhaps a probate attorney. Some of us offer a half hour no charge consultation that might be able to provide some initial general...Read more »
Paid partial 2000.00 for filing 13 now not working and lawyer saids can pay later but I owe 7000.00 and must pay upfront to file 2400 for chapter 7 too . Do the courts look at I'm still going to be indebt and cut cost of amount I have to pay ? and car will have to pay lawyer to help me not... Read more »
The Court does not often review fees paid to a bankruptcy attorney, unless a fee application is filed with the Court (required under some circumstances). You can also consult with another bankruptcy attorney about what needs to be done in your case and an estimate of cost if you are uncomfortable...Read more »
Dismissing soon to file 7 lawyer is doing asked lawyer for itemized fees , never told me adding on 3000 plus already owe 5000 in trustee portal . I know that, If retainer said in chapter 13 I owe is this considered secured debt since they put I'd take loan on home to pay remainder if I... Read more »
Your entry is very confusing. Sit down and talk with your attorney about the fees - you should have received a Retainer Agreement explaining what services are being provided for what cost - and whether it is a flat fee or whether additional fees may be incurred. If you filed a chapter 13, a...Read more »
As already indicated by my colleagues - you must not ignore the lawsuit. Immediately contact a bankruptcy attorney in your area to analyze whether bankruptcy might be a good option for you to handle this lawsuit and any other debt that you have. If you do nothing, a judgment will be entered...Read more »
Depending upon your complete financial situation, bankruptcy may be an option for you. I agree with my colleagues - seek advice from an experienced bankruptcy attorney - some of us offer a no charge half hour consultation.
My colleagues have provided good suggestions regarding how to proceed. Be sure to contact the credit card company immediately to report the fraudulent purchases/unauthorized purchases. Otherwise the charges made on the card will be your responsibility. Depending upon your overall situation,...Read more »
Last month I collected all the paperwork to file with a lawyer, but now my husband just told me he wants a divorce & for me to leave. We rent this house, but owner sides with him. The lawyer I was going to hire changed his mind today because I now have to move to northern california with... Read more »
I urge you to contact another bankruptcy attorney as soon as possible to discuss more specifics regarding your situation. Some of us on this site offer a half hour no charge consult which might be beneficial for you to get a full general understanding of your options - even before you relocate.
My income is below the median, but because my rent is quite low, I have about $500.00 left over each month after I pay my monthly expenses. Will the availability of the $500 each month prevent me from filing a Chapter 7?
As stated by my colleagues, there is a lot of information to analyze and review in order to provide a specific answer. Going over your monthly expense budget to ensure you have all your required monthly expenses might be the first step. Having that much in "disposable income" may raise...Read more »
I launched a new business the day shelter in place in California occurred. I'd been building the business for over a year & living on savings that's gone. I was a teacher for 20 years and had to quit due to cancer. I don't qualify for government help though I've tried. I... Read more »
I am so sorry to read about what you are going through. Bankruptcy may well be your best option. A difficult decision but in the long run, will relieve stress and worry. I urge you to seek assistance from an experienced bankruptcy attorney. There is much to evaluate and consider before filing...Read more »
It was discharged December 2020 however I pulled his petition and he lied regarding his income. He failed to list his live-in girlfriend and her income towards household bills and he also claims our son lives with him when he signed over his rights for visitation a year ago. Has seen our son 8... Read more »
You have received good responses. You need to focus on what your goal is and what choices you have right now and how those choices may impact you. Talking with your divorce attorney should be the first step in determining whether the bankruptcy impacts your divorce in anyway as to community debt...Read more »
Applications including two co-applicants who have applied for my rental property have filed for BK chap-7. Two of the applicant's BK is in Discharge status (2018) but the third one's BK (Oct 2020) is in filed status. Should I rent my property for them? What are the pros and cons? Would my... Read more »
You have received good responses from my colleagues. There may be more factors that should be discussed before proceeding - I urge you to consult directly with a bankruptcy attorney who can cover all the specific issues with you before proceeding. There may be some things that need to be...Read more »
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