Maryland Banking Questions & Answers

Q: My dad is filing for bankruptcy and has his name on my bank account. What does this mean for the money that is mine?

1 Answer | Asked in Banking and Bankruptcy for Maryland on
Answered on Apr 27, 2018
David Gormley's answer
Your father will have to list this account as an asset in his case. The question is how can he protect this asset with exemptions he has to protect assets. If he is filing a Chapter 7 bankruptcy the Trustee can take the nonexempt assets to distribute among the creditors. If he transfers an the account to you before filing he has to report this transfer and he losses his ability to use his exemptions to protect at least some of the account.

Q: Can I buy a house without changing my address to that location?

1 Answer | Asked in Banking and Real Estate Law for Maryland on
Answered on Apr 10, 2018
Cedulie Renee Laumann's answer
Anyone can buy real estate for investment or other purposes and the law imposes no obligation to change residence just because someone buys real estate. However, a lender very well may require that a home be the borrower's principal residence to qualify for more favorable lending terms, so the real question likely is: what kind of financing are you seeking? A borrower should not tell a lender a property will be their principal residence unless it truly will be.

While this is not...

Q: Is a company allowed to completely drain your bank account to where its in the negative

1 Answer | Asked in Banking and Consumer Law for Maryland on
Answered on Jan 5, 2018
Bennett James Wills' answer
Yes. They can garnish her bank account. There are certain protections she could have and may still be able to file such as exceptions. Consult local counsel.

Q: Is a company allowed to completely drain your bank account to where its in the negative

1 Answer | Asked in Banking and Consumer Law for Maryland on
Answered on Dec 29, 2017
Cedulie Renee Laumann's answer
Your mother would benefit from some legal advice. Generally it is difficult to recapture funds once they are taken. A judgment creditor has various enforcement rights and they include the right to seize assets belonging to the person who owes the judgment. These include the right to get a certain portion of someone's paycheck.

Maryland law offers some protection to judgment debtors so that people are not deprived of every last penny. Besides limiting the amount of money that can...

Q: I paid cash for a house and am now renting it out. Is it possible to form an LLC and mortgage the house from myself?

1 Answer | Asked in Banking, Business Formation, Business Law and Real Estate Law for Maryland on
Answered on Sep 28, 2017
Cedulie Renee Laumann's answer
If the question is "can an individual make a loan to a business they own," the answer is "generally, yes." The individual would of course need to report any interest income received. If the question is "can a business make a loan to an individual who owns the business" the answer is "it depends." Maryland law licenses mortgage lenders and usually a business cannot make a mortgage loan to any individual if the lender is not licensed. Additionally, mortgages require payment of transfer...

Q: Can

1 Answer | Asked in Estate Planning, Banking and Probate for Maryland on
Answered on Sep 21, 2017
Kenneth V Zichi's answer
It sounds like the bank is suggesting your sister needs to REOPEN the estate (with the courts) and then handle the check.

There MIGHT be a simpler process depending on the size of the check etc, so I'd recommend consulting with a local attorney (the one who helped with the probate the first time?) to see the simplest way to accomplish what needs to be done.

-- This answer is offered for informational purposes only and does not constitute legal advice or create an...

Q: I have been sentenced but now have new evidence in my case. I wish to file a motion for reconsideration.

1 Answer | Asked in Criminal Law, Banking, Stockbroker Fraud and White Collar Crime for Maryland on
Answered on May 25, 2017
Thomas Joseph Maronick Jr's answer
How long since sentencing? If within 10 days of your trial date you can ask for a new trial. If within 30 days of disposition you can appeal, if within 90 days you can ask for a modification of sentence. Depending on what court you are in, likely will need to file a coram nobis for a new trial opportunity if past the time limits mentioned.

Q: If i get a fake (non-working) credit card online , and when i go to buy something, it works...what will happen? imnot18

2 Answers | Asked in Banking, Criminal Law, Identity Theft and Gaming for Maryland on
Answered on Feb 4, 2017
Bennett James Wills' answer
If you are intentionally using a credit card that you know does not work or is not actually your account and you use it to try and purchase something - then you are potentially committing theft. You risk being charged with a crime.

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