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Questions Answered by Aaron Michael Lloyd

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 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 school? Or... Read more »

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 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 cocaine.... Read more »

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 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 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. Utilities..and... Read more »

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...
Read more »

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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 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 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 answered on Dec 10, 2018

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

7 Answers | Asked in Bankruptcy for California on

Q: How low an income do you have to have to file for Chapter 7?

Aaron Michael Lloyd answered on Dec 10, 2018

Generally, it depends on your household size. However, the Means Test has many factors that may qualify a high income earner for a chapter 7 bankruptcy filing. Although the Means Test may appear to be a fill in the blank form, there is much law behind it. A thorough analysis of your financial... Read more »

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