portion I own? If I am paying a mortgage on the house and owe 67k on the home, but it's worth 85k would I put the property percent as roughly 15% because I owe the bank still the 67k or would I make it 100%
On Schedule A/B, you should list the full current value of the property, which in your case would be the $85,000 market value. The percentage of ownership you are referring to is not the percentage you own versus the bank's interest, but rather your actual ownership percentage if the property...View More
When filing chapter 7 bankruptcy in Missouri must I include all vehicles that are in my name, regardless if they are not mine nor in my possession? I am asking because I bought a few auction vehicles for relatives, they paid for them. I am worried that if I do they could be taken away from them... View More
Hi there, as to the first question, the answer applies universally (i.e. regardless of jurisdiction). Yes, you need to disclose all assets in your name. This includes vehicles that you're letting others borrow/drive/possess. Additionally, if you intend to file a bankruptcy petition, you...View More
To initiate a bankruptcy case in federal court, your attorney must prepare and file a bankruptcy petition along with various supporting documents, which generally include schedules of your assets, liabilities, income, and expenditures, a statement of your financial affairs, and in the case of...View More
If your business is a sole proprietorship, then yes, when you file for bankruptcy relief, all assets and liabilities of both you and your business are submitted to the bankruptcy court and subject to the claims of creditors.
If your business is in corporate form, and you've been...View More
Forgot to mention- if your business has been operated as a partnership, with you as a general partner, then you will be personally liable for any unpaid partnership debts. That is true even though a partnership is deemed to be a separate legal entity, entitled in its own right to file for...View More
In a word, yes. For both Schedule I and the "means test" reflected in Official form B-122, your annualized income from all sources includes food stamps (note that the means test reaches back six months from the date of filing of the bankruptcy).
Also am I able to deduct from the fair market value of the property with things that are wrong with the home? I have been told we can only have 15k in equity 30k if filing together. We owe 68k on the home but online it says fmv is 155k in 2023 or 116k in 2022. I personally don't think... View More
I am currently looking for a house to rent, would I include that on my chapter 7 bankruptcy since it hasn't been received yet, just approved and am still looking for somewhere to rent. If I do would I include it in Schedule I: Your Income, line 8f? The other governmental assistance line?... View More
A collector tried to have me served for civil court but had an old address in the wrong county. That case has been canceled but they now have my correct address. When I originally hired the attorney there was no equity in my home. Since then the market has changed and there's to much equity... View More
You should confer with an attorney about pursuing a lawsuit against the bankruptcy attorney. If what you state is accurate, and I have no reason to doubt it, his failure to file the bankruptcy case caused you damage. Plus, he took your money.
Unfortunately, his failure to file is not a...View More
2nd year filing taxes with chapter 13, but 1year married. Jointly my tax return will be $3063. My plan states that if I file jointly debtor may retain $1500- is that from the total $3063 or do they take in account some of the refund is my husband's? I have seen it separately and my husband’s... View More
If your purchase contract is in writing, and is a longer term installment contract, you should be able to affirm it as an "executory contract" once you file for bankruptcy relief, and that's even more so if you are...View More
I have been paying for 58 months on a ch. 13 plan. My lawyer just emailed and said I owe $7500 more dollars. I pay $750 a month. They asked if I wanted to pay a lump sum or try to extend my payments for 6 months Nothing has changed since I filed and I made every payment. Is this common?
Leaving them with no access to any funds and never attempted to go through current employer first for garnishment. Nor accepting a payment plan that was suggested but turned away by plaintiff refusing money unless it was what he set forth reasonable.
You need to review your own plan that you submitted to the court and make sure that the payment is in there. Talk with your attorney if you cannot find it. Do this IMMEDIATELY, as the payments are going to other creditors. The trustee has no way of knowing your intent if not in writing. If it is...View More
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