My house - supposedly worth around $900,000, will not sell. I have tried for 5 years and am still trying. We stopped paying the mortgage in 2019. i believe they will start the foreclosure soon. We also have $46,000 credit card debt that my husband stopped paying August 2019 in Ct so they have until... Read more »
A friend filed for bankruptcy in 2015 because a debtor collector firm filed a lawsuit to foreclose on her home. In which her mortgage had been rescinded in 2005 by her attorney because she had incomplete contract with Ameriquest. So since 2005 by her attorney's advised she stopped making... Read more »
Although the bankruptcy discharge extinguishes the personal liability of a debtor, it does not extinguish an action against the debtor in rem, i.e., the secured creditor’s right to enforce its mortgage lien. As long as the mortgage was valid, the secured claim the lender had against the property...Read more »
When you file for bankruptcy relief, no matter which chapter, you must list ALL of your assets, under penalty of perjury. In other words, you must "include" your home, and all other assets, by identifying it on the sworn Schedules you must file.
I am on an income driven repayment plan working towards PSLF. I have to file chapter 7 bankruptcy due to husbands bad money management. I don't want my loans to pause or go into default or in any way be affected by the bankruptcy. Is that possible? I have to stay on track so I am done paying... Read more »
When you file for bankruptcy relief, you must file Schedules listing all of your debts and assets. And you must sign those Schedules under penalty of perjury. So, no, you cannot leave your student loans, or any other debt (or claim against you even if you don't think you owe it), "out...Read more »
The IRA as a retirement account would be treated as fully exempt in a bankruptcy filing and these funds would remain his. If the Cash Management Account is not part of a retirement account he still may be able to use his federal wild card exemption to exempt some or all depending on the amount of...Read more »
I want to walk away from this problem bcuz i cannot pay the mortgage.can i walk away from this home?the house cant get sold because she died without will .i just want to walk away and not deal with this .what are my options.
All assets have to be listed at full value regardless of your intention to deal with it. Most likely it can be exempted, that is not included in the bankruptcy process, but the answer can only be determined by a thorough review of all assets, liabilities and cash flow. If you have a substantial...Read more »
Basically you have to list the asset and exempt it on Schedule C for a chapter 7. This is a fundamental issue in bankruptcy law. With this amount of money at stake you should consult with a bankruptcy attorney. Other bankruptcy chapters may require different treatment. Good Luck.
Based on your question you should hire an experienced local bankruptcy attorney to file bankruptcy for you to make sure you answer all questions accurately and fully on your schedules and statements. Inaccurate and incomplete schedules may result in the dismissal of your case or lead to other...Read more »
I owned part of my grandmas house and also half of a boat. The trustee bought out the house from my uncle and boat from my brother. Do I have to take my name off everything regarding those like the deed and registration? Would anything ever happen if I didnt? Can I ever reclaim my portion back from... Read more »
12/31/1998 my father purchased an IRA from Tri-National Development Corp by way of Pensco Custodian FBO, for $19,132.66. On 2/23/2006 Pensco transferred a bond to my father for $18,423, after Tri-National filed for bankruptcy. Bankruptcy proceedings are ongoing under US Bankruptcy Court, Southern... Read more »
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...Read more »
Since Nevada is a community property state can they take her money in her savings and checking account when I’m filing separate and we live separate. She is on none of the debt. It’s all mine. We own no property
More complicated is that my unoffical partner has been financing 100% of my inventory. We split profits 50/50. All sales money goes directly to him and then he pays me my cut of profit at end of month. I also have a debt to him of 32K which he takes part of monthly from my profit. My season ticket... Read more »
Any property in your name will be property of the estate. You can protect some or all of your tickets and PSLs with your exemptions, depending on the value, but anything else over and above your exemption(s) could be liquidated.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.