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Questions Answered by Aaron Michael Lloyd
4 Answers | Asked in Bankruptcy and Estate Planning for California on
Q: What happens to assets & property in a revocable trust upon the trustor's death if in the process of bankruptcy?

My mother just passed away. She has a revocable trust, of which I am trustee/executor, state of AZ. She was in the process of filing bankruptcy but did not officially file with the court yet. What are my responsibilities as trustee? Do the beneficiaries have a right to the proceeds from the sale of... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on May 27, 2020

I am truly sorry for your loss. Contact your mother's trust attorney asap as there are likely deadlines for notice requirements and other procedural deadlines. Since it sounds as though the trust was created in Arizona you should consult with an Arizona trust attorney. Each state has its own... Read more »

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3 Answers | Asked in Bankruptcy for California on
Q: What are reasonable attorney fees for a BK 13 case that was not confirmed. How can I see what the court would consider

What would the court consider excessive? The case was not confirmed they recommended dismissal now they want to take the whole 15 grand the trustee is holding

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Apr 24, 2020

It really depends on the complexity of the case and the law firm involved. Each lawyer has a different hourly rate, which can also factor into the fee and whether it is reasonable. Did you ask your lawyer for a breakout of their fees? I suggest you ask your lawyer about this and at what rate they... Read more »

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3 Answers | Asked in Bankruptcy for California on
Q: I have a discharged bk chp 13 I wanted off my crdit report I dispued it with the agnecies what to do next?
Aaron Michael Lloyd
Aaron Michael Lloyd answered on Apr 16, 2020

A bankruptcy filing is allowed to be reported for up to 10 years. Once that time passes you may dispute it and have a lawyer help you with that.

Disputes are usually reserved for inaccuracies on a credit report. If you have something other than this you want to dispute that you think it...
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3 Answers | Asked in Bankruptcy for California on
Q: I had my meeting with trustees 30 days ago. I put some money from my savings which was protected and bought stocks

Will this affect my bankruptcy. It was 800 dollars worth

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Apr 10, 2020

You should be ok with doing that (I am assuming you are in chapter 7 bankruptcy and that you used the appropriate bankruptcy exemptions and that you had available room under the exemptions to protect the funds). However, until the bankruptcy trustee files his or her report of non-distribution those... Read more »

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3 Answers | Asked in Bankruptcy for California on
Q: Does it do me any good to get a promotion or a better-paying job while in Ch. 13?

My Ch. 13 was filed and approved in the summer of 2017, so I am halfway through it. If I get a raise or a better-paying job now, does whatever additional income I get just go to paying a higher amount each month to the plan? Will I have to file a new budget and get a new approval from the court?... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Apr 7, 2020

Hello,

Generally, a debtor does have to report and update their bankruptcy papers if they start receiving more income. This increased income may or may not increase your plan payments. It may depend on the type of chapter 13 case you are in and if your expenses changed.

Depending...
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2 Answers | Asked in Bankruptcy for California on
Q: I need help filing Chapter 7. I have counseling completed and most of the filing paperwork filled out. I can't afford

I am on very low income and unable to pay an attorney. I had health issues. Counseling completed. Most filing forms completed. Getting a Credit report soon.

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Mar 26, 2020

You may be able to contact your local county bar association. Often times they have services available for low income individuals. Check their website as their hours may be affected by Covid-19.

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4 Answers | Asked in Bankruptcy for California on
Q: If someone already filed for bankruptcy, waiting for hearing in morning, can another lawyer deal with removing I-lien.

I understand all of what is needed for information on bankruptcy and the need for it with filing for involuntary lien removal. All I need is to find out what the average cost is to have it removed during the process of waiting for dismissal.

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Mar 2, 2020

Hello,

You may be able to hire a lawyer to remove it for you inside of bankruptcy. The cost is usually determined on a case by case basis which can range from $700 to $3,000. Alternatively, you can sometimes negotiate with the lien-holder to releasee the lien for a reasonable sum certain...
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3 Answers | Asked in Bankruptcy for California on
Q: Lost income from job. I have about 70, oo00.00 debt this includes 50, 000 owing to IRS. 1 car, 25,000.00 I'd like to

3500.00 credit cards

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Jan 4, 2020

Hello,

Some of your IRS debt may be dischargeable in bankruptcy. Other debts such as credit cards, personal loans, and medical bills are typically dischargeable. You can also keep your car in bankruptcy. If you lost income and are having trouble making payments then bankruptcy may be a...
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3 Answers | Asked in Bankruptcy for California on
Q: What documents do I need to supply the trustee for a chapter 7 in San Diego?
Aaron Michael Lloyd
Aaron Michael Lloyd answered on Nov 22, 2019

It depends on your case but usually most recently filed tax returns, 60 days paystubs, retirement account statement, life insurance policy, vehicle payoff statement if financing, vehicle lease if leasing, and at least 1 month bank statements. However, this is not an inclusive list and each case is... Read more »

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6 Answers | Asked in Bankruptcy for California on
Q: Can you advise me with a senior bankruptcy issue?

I have outstanding, very high credit card debts it is unlikely I can ever satisfy. Is bankruptcy the answer?

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Nov 15, 2019

Hello,

Bankruptcy could be a good choice. You also want to look at your annual income and property you own. If you do not own a house and make little income then a Chapter 7 Bankruptcy may be a good move for you. Chapter 7 Bankruptcy erases most of your debt in about 3-4 months. It is...
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6 Answers | Asked in Bankruptcy for California on
Q: I have some bad financial problems, I think. I am considering bankruptcy.

I have managed to get about 6 credit accounts back to a good, current status, but have about 7 getting worse everyday. Including two loans. They probably total about $25000 at the moment, and I am making about $700 a week and am not sure I can save everything. My credit has gone down to 500 and... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Aug 27, 2019

If you are drowning in debt and you have 7 credit accounts getting worse everyday then I would suggest looking into your bankruptcy options. Bankruptcy wipes out most debt and a lot of times bankruptcy allows the person to keep everything they own. Life after bankruptcy is possible and many people... Read more »

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2 Answers | Asked in Bankruptcy for California on
Q: I am currently in school, with a student loan that I have deferred payment on until after I graduate in 2020.

In the meantime, I am now going through a divorce, which has pushed me deep into debt and I am now considering bankcruptcy. I would however like to keep my student loans so that I can finish school. Will the student loan company drop me if I was already approved and I'm in the middle of... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Aug 23, 2019

I have not had a school drop someone because they filed bankruptcy, at least with my prior clients. Bankruptcy would wipe out your unsecured debts, however, as you may know most tax debt and student loans are not and you would still pay those back. You may be able to do a chapter 7 bankruptcy and... Read more »

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4 Answers | Asked in Bankruptcy for California on
Q: Can my filing Chapter 7 by myself have creditors come after my husband after its done?

I live in California. I rent a room somewhere else while my husband stays in the house we rented. Do to his behavior I decided to leave. We are not legally separated, but don’t currently live in the same county together. My income by myself would get me chapter 7 to remove crushing credit card... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Aug 23, 2019

Let me answer below:

1. There is no specific time period that I am aware of for you to be living separate and apart from your husband to claim on the bankruptcy papers that you are actually living separate.

2. The trustee could re-open the case if he or she suspects there is any...
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4 Answers | Asked in Bankruptcy, Gov & Administrative Law, Sexual Harassment and Identity Theft for California on
Q: I have a card debt with $35,000 used with me and my boyfriend. he didn't have a social so I let him use and pay me back

But apparently, he did not. He just keep talking he will pay me back, he will work hard, but nothing paid back. I let him use my credit card for daily life, but he used for sports betting without my consent. He kept promised me he won't do it again but it is still happening and he even do... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Aug 23, 2019

I suggest you look into your bankruptcy options. Bankruptcy wipes out most debt including credit card debt and other high interest unsecured debt. Bankruptcy awards the debtor a fresh start and a second chance to rebuild credit and financial wealth. Bankruptcy provides great relief for those honest... Read more »

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3 Answers | Asked in Bankruptcy for California on
Q: Do I need to file for bankruptcy? I can not afford to pay my monthly payments to SOME of my creditors for NOW.

My total debt is 30K to multiple creditors, 3 personal loans. I can not afford to pay my monthly payments to ALL of them for NOW. I am WILLING to pay but I can not promise when. Do I need to file for bankruptcy? Please advise. Thank you.

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Jun 26, 2019

Maybe. What is your annual income? Are you married? Do you own a house or rent? We would want to know the answers to these questions and some others to better tell you if bankruptcy is the right choice. There is a chapter 7 bankruptcy option available for some qualified individuals who can... Read more »

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4 Answers | Asked in Bankruptcy, Banking and Collections for California on
Q: Chap 7. Wife not filing. Joint Citi checking w $5600 on line of credit. It's current. Can Citi offset if stays current?

Since it is a joint debt, can we exclude it from the BK and continue making payments on it?

We want to keep her strong credit completely clean.

Is there any reason to close the joint account?

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Jun 26, 2019

Maybe if it was a credit union. Many credit unions have voluntary security interests written in their credit card agreements that attach the credit account to one of their deposit accounts such as a checking or savings account. This tends to be more of a credit union thing and not so much with bank... Read more »

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3 Answers | Asked in Bankruptcy for California on
Q: What information do you require on a free consultation on bankruptcy? I need assistance asap.

I just became a cancer survivor still following up at the cancer center. I was on FMLA july 10 2018 thru Jan 2019.. return to work on Feb 2019 and just started a second job this month of May 2019. I'm struggling financially. I have my car and is behind on payments car insurance.... Read more »

Aaron Michael Lloyd
Aaron Michael Lloyd answered on May 19, 2019

Hello,

Generally, you would want to gather your most recently filed tax return, 6 months of paystubs if applicable, and complete a credit counseling course that usually takes about 1 hour. If you would like to discuss more and how the process works I suggest scheduling a consultation with a...
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2 Answers | Asked in Bankruptcy, Banking and Probate for California on
Q: im ready to dig up my money
Aaron Michael Lloyd
Aaron Michael Lloyd answered on Jan 10, 2019

If you are interested in scheduling a bankruptcy consultation please contact one of us and we can get you in for a free consultation.

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4 Answers | Asked in Bankruptcy for California on
Q: What is the waiting period to file Chapter 7 that was converted from a Chapter 13?

I filed for Chapter 13 on 1/2012 that was converted to a Chapter 7. I received a discharge 5/2013.

Aaron Michael Lloyd
Aaron Michael Lloyd answered on Dec 26, 2018

8 years from the file date of the chapter 13 bankruptcy case since that one was converted to a chapter 7 bankruptcy case and so its not really a new case but a converted case. I hope that was helpful.

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1 Answer | Asked in Bankruptcy and Foreclosure for California on
Q: Any help for chapter 13
Aaron Michael Lloyd
Aaron Michael Lloyd answered on Dec 10, 2018

Contact a local bankruptcy attorney that is licensed to practice law in your state.

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