If person "A" makes an agreement with a friend (Person "B") to purchase his assets in a chapter 7 bankruptcy case for an amount lower than the total debt, can Person "A" then come back and retain ownership of the assets after the bankruptcy case is settled?
When a Chapter 7 bankruptcy case is filed, a bankruptcy estate, consisting of all the property and interests in property of the debtor, is created, and the Ch. 7 Trustee has the sole power to deal with those estates. The exception is the debtor's "exempt property", which is...Read more »
I was let go from my job in 8/2019 due to retaliation. In 11/2019 I filed a complaint with the EEOC but it was dismissed due to it being out of their scope, the company was too small. Long story short the company I worked for had filed Chapter 11 bankruptcy which is still in process. Prior to being... Read more »
A lender's "charge-off" of a loan debt does not affect your legal obligation to repay; the charge-off is an internal accounting/regulatory-driven function that adjusts (reduces) the lender's capital structure and lending authority. I am aware of no legal requirement that you,...Read more »
I do nt want to have to sell my Truck I have 14,000 more to pay and have 14,000 already paid. All other debt appx 12,000 is unsecured and I have been "disabled" and getting SSDI since July 2020. Disability began July 2019. I have a disabled child as well and she gets SSI. Although I... Read more »
My father is moving to a new country next week and I am newly appointed durable power of attorney over his financial accounts.... If I file bankruptcy that shouldn't effect his banks accounts correct? Also I was thinking of opening a new checking account with my father and myself as joint... Read more »
Do not open any bank accounts until after your bankruptcy is discharged. Do not look for problems. You also need to be represented by an experienced Bankruptcy attorney. What you do not know can cause you all sorts of problems. You really need to leave things alone. Even with the Pandemic, if you...Read more »
I don't have a bankruptcy attorney. No one would take my case since I had an appeal pending in the supreme court. I do have an attorney for the supreme court and district court. I just wasn't sure what I should file. If he starts receiving the disbursement from the bankruptcy court... Read more »
I realize that there may be some facts that I don't know, but based upon what you've told me it would seem reasonable to dismiss your Chapter 13. If the "district court" judgment and the QDRO are final, it would appear that your ex-spouse has been paid in full. If, as you say,...Read more »
That seems very straightforward. I am going to assume that you have exhausted your nonbankruptcy remedies. There are some very good non-profit agencies like crown financial ministries, or consumer credit counseling service, that can help you negotiate and adjust debts with your creditors outside...Read more »
I just received an opinion from the supreme court stating my former spouse can get $120,299.28 from my TSP retirement. Before this I already had a confirmed chapter 13 plan to pay my former spouse. The trustee held off paying any creditors until this ruling from the supreme court came through.... Read more »
The first step is to immediately consult an experienced bankruptcy attorney. You are describing a situation that requires legal action. I would contact the Chapter 13 Trustee to place a hold on distributions and you may need to file a motion or modified plan based on the change in the situation....Read more »
We are in Michigan. We have the opportunity to make it right with our mortgage to keep home, especially since we own the mobile home and rent the lot. Would also any remaining funds that haven't been distributed being held by trustee be sent back? Our monthly amount is deducted right from our... Read more »
Husband had a 457b with mandatory contributions. Is leaving that job to another firefighter job that has a 345 pension. We will be getting the money that he contributed into the 457b. Are we able to pay off things? Or end the ch 13 if we chose?
I cannot speak definitively as to what happens in Michigan since I am not licensed in that State. However, I will assume that it is likely similar to the way that we handle these matters in Missouri. You wrote that you "will be getting the money" that your husband contributed to his 457b...Read more »
I paid him in full on July 14th. I gave him all the documents and information that he needed to fill out the petition, but for the last almost 2 months, I can’t get him to return calls or emails. No petition has been completed for me to sign, and I am in desperate need for this to be filed... Read more »
I took an online loan from Advance Financial 24/7 10/2019 for $1250. From October to March 2020 I paid them about $325 a month. In March I enrolled with Encompass Recovery Group, a debt settlement group for payday loans. They settled (late August, early September) with Advance Financial for... Read more »
I filed for chapter 7 in June 2019. Would have been sooner but elderly lawyer took 9 months to file a very simple chapter 7. Two months later, my chapter 7 was discharged & my mother unexpectedly died in a heap of trash & dead animals in her house & left me money. I am still traumatized... Read more »
The "180 day rule" is pretty straightforward. If your inheritance "ripens", i.e., becomes an enforceable right within that 180 days, you are obligated to inform the court/trustee, and turn over the inherited funds, for the benefit of the estate and its creditors. There are no...Read more »
Filed chapter 13 for my house. Another bank gave me a loan to pay what was behind on my house so I ended the bankruptcy without finishing the process or really starting it for that matter. Can I get this removed off my credit report? Filed in NC.
No. The fact that you filed a Chapter 13 and it was dismissed is a public record. This is an accurate credit report and you cannot get that deleted. Fortunately, the fact you filed bankruptcy will have less effect upon your credit score as the years pass by, and your positive credit history will...Read more »
My mother and grandmother live in Seal Beach Leisure World.
If they are both co-owners and residents (joint tenancy) of this property and one passes away (God forbid) with some credit card debt, can the creditor(s) put a lien on the property postmortem... Read more »
It can be place on there While the parties are alive. If the debtor passes first, the creditor must remove the lien or risk blemishing title. If the non debtor dies first, besting title in the living debtor, creditors are free to collect on the debt and the lien is secured.
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