Bankruptcy Questions & Answers

Q: What is the direct impact of a bankruptcy on your crefit report

1 Answer | Asked in Bankruptcy for Nevada on
Answered on Apr 21, 2019
Timothy Denison's answer
Your credit score will be drastically reduced and credit will cost you more than someone with good credit. However, many lenders will be happy to lend you money upon conclusion of your bankruptcy bc they know you can’t file again for eight years. It also provides you with a relatively easy avenue to rebuild your credit.

Q: Can estate property that has not been inherited be taken under Chapter13?

1 Answer | Asked in Bankruptcy for Wisconsin on
Answered on Apr 20, 2019
Timothy Denison's answer
Depends on your ownership interest in the property and the equity in it. You need to speak with a competent bankruptcy lawyer who can assess your complete financial situation before you do anything.

Q: filing for car I have, it dont run. I want to get rid of car, bank gave me release of lien paper. Can I sell it?

3 Answers | Asked in Bankruptcy for Michigan on
Answered on Apr 20, 2019
Kevin M Rogers' answer
Get rid of the car. The title now belongs to the lending company. List the original lender, the seller of the car and the company that all previous liens were consolidated with and BE FREE of this lousy car!

Q: What happens to my home equity in a chapter 13?

2 Answers | Asked in Bankruptcy for Georgia on
Answered on Apr 19, 2019
Timothy Denison's answer
Way too many questions to answer in a text bc there are so many variables to consider, but the short answer is yes, a Chapter 7 or 13 could help you resolve these issues permanently and likely help you keep your home. You need to consult with an experienced bankruptcy attorney who can analyze your complete financial situation and decide which route is best for you.

Q: If I already have a bankruptcy lawyer can I consult with another bankruptcy lawyer?

3 Answers | Asked in Bankruptcy for South Carolina on
Answered on Apr 19, 2019
Timothy Denison's answer
Yes. But make the second lawyer aware of the first lawyer.

Q: Hello my Mom and I had a bank account together she passed away 7 months ago how long do I have for probate

1 Answer | Asked in Bankruptcy for Wisconsin on
Answered on Apr 19, 2019
Timothy Denison's answer
You can likely probate at any time but generally the estate has to remain open for 6 months.

Q: I'm looking for legal advice regarding my LLC, that is not generating any income anymore, and I am about to close it.

4 Answers | Asked in Bankruptcy for New York on
Answered on Apr 18, 2019
Karra Kingston's answer
Hello,

You could file a business chapter 7 bankruptcy but sometimes it doesn’t make sense are you sure your not personally liable for any of your business debt. I would definiteltnspeak with a lawyer

Q: I filed chapter 13 in 2012. it was converted to chapter 7 in 2014. I have financial issues again and am exploring option

2 Answers | Asked in Bankruptcy for Pennsylvania on
Answered on Apr 18, 2019
W. J. Winterstein Jr.'s answer
Interesting question.

Section 727 of the Bankruptcy Code provides--

(a)  The court shall grant the debtor a discharge, unless--

(8)  the debtor has been granted a discharge under this section, under section 1141 of this title, or under section 14, 371, or 476 of the Bankruptcy Act, in a case commenced within 8 years before the date of the filing of the petition;

(9)  the debtor has been granted a discharge under section 1228 or 1328 of this title, or under...

Q: How do I file an amendment to my bankruptcy schedules? I added a creditor that no longer needs to be on there

1 Answer | Asked in Bankruptcy for Indiana on
Answered on Apr 16, 2019
Timothy Denison's answer
You file an amendment pleading in the bankruptcy identifying the creditor and indicating they have been paid snd no longer need to be listed

Q: There'€™s a creditor on my petition that ended up being paid off. Do I need to remove it? If so, how?

1 Answer | Asked in Bankruptcy for Indiana on
Answered on Apr 16, 2019
Timothy Denison's answer
You can file an amendment to your petition correcting it.

Q: What should i do or what is recommended?

3 Answers | Asked in Bankruptcy for Tennessee on
Answered on Apr 16, 2019
Anthony Marvin Avery's answer
You must continue to make payments or the Lender will get relief from the Stay and repossess the collateral. Find out what type of payments your Sister's Plan proposes, and this will determine what you pay each month after the Plan is confirmed. But until the Plan is confirmed, no payments by the Trustee will be made.

Q: Can I have my chapter 13 dismissal because of a missed tax form reinstated

2 Answers | Asked in Bankruptcy for Illinois on
Answered on Apr 16, 2019
Ray Choudhry's answer
"missed tax form reinstated"

What do you mean.

Q: Looking to do bankruptcy again but don't have money for a lawyer

1 Answer | Asked in Bankruptcy for Ohio on
Answered on Apr 15, 2019
Timothy Denison's answer
Contact your local bar association or your legal aid society.

Q: can I be a tag agent if I have filed bankruptcy?

2 Answers | Asked in Bankruptcy, Business Law and Contracts for Oklahoma on
Answered on Apr 15, 2019
Kyle Persaud's answer
I don't see anything that says you can't.

To see the requirements for being a motor license agent, click on these two websites:

https://www.oscn.net/applications/oscn/deliverdocument.asp?id=440203&hits=1365+1364+1363+1352+1351+1350+1296+1295+1294+1117+1116+1115+1113+1112+1111+1065+1064+1063+1030+1029+1028+999+998+997+882+881+880+798+797+796+602+601+600+486+485+484+481+480+479+439+438+437+396+395+394+195+194+193+29+28+27+...

Q: Hello, I have a chapter 13 case and I fell behind in my mortgage payments so I received a motion to lift the stay

2 Answers | Asked in Bankruptcy for Virginia on
Answered on Apr 15, 2019
Kevin M Rogers' answer
You will be fine. THAT’S what Chapter 13 is for. It would be a different matter if the Mortgagee could prove that your house had NO equity. Because it is the equity in your house that the court will find is necessary for your rehabilitation.

Your lawyer will amend your Plan, adding a new, secured creditor - the same Mortgagee except the amount he will be owed is EXACTLY the amount, including interest of the arrears. You will pay this through the Plan, through the Trustee and it will...

Q: Being sued by previous car lender, with issues.

1 Answer | Asked in Bankruptcy, Consumer Law, Collections and Probate for Tennessee on
Answered on Apr 15, 2019
Anthony Marvin Avery's answer
The Creditor probably can Probate Grandmother's Estate for its benefit. But it is very unlikely. You are probably better off filing a Notice of Exempt Property with whatever Court and Docket Number you are being sued under. You should be able to Exempt all property, but be careful with any Bank Accounts.

Q: is social security counted as disposible income in a chapter 13 bankruptcy

5 Answers | Asked in Bankruptcy for Michigan on
Answered on Apr 15, 2019
Trent Harris' answer
For purposes of the Chapter 7 means test, Social Security benefits are not income. But for purposes of Chapter 13 disposable income, yes, Social Security benefits are counted as income from which your allowable expenses are subtracted to arrive at disposable income in Michigan. In some other jurisdictions (other than Michigan), the answer would be different.

As always, you get what you pay for. Be sure to talk to a qualified attorney about your specific situation before choosing to...

Q: i loaned a friend? $5,000 so he could bye a vehicle. he filed for bankruptsy and now says he no longer owes me

3 Answers | Asked in Bankruptcy for Pennsylvania on
Answered on Apr 12, 2019
W. J. Winterstein Jr.'s answer
Unless you took a security interest in the debtor's real or personal property at the time you advanced the money, and "perfected" your lien by filing in the designated places (Registrar of deeds in county where real property is located, or Sec. of State of PA and/or county for UCC-1 filings), then your loan is most probably subject to discharge in the bankruptcy.

There are exceptions to discharge, listed in Section 523 of the bankruptcy code, e.g., if the debtor procured the loan by...

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