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I was told to do an SR-88 but how can I lower the payment? It's also accruing interest which to me is ridiculous! I need suggestions. TIA
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answered on Feb 1, 2024
To address a suspended license due to a lien, you'll typically need to satisfy the underlying debt or resolve the issue causing the suspension. Initiating an SR-88 form, also known as a Petition for Reinstatement of Driver's License, is a common step in this process. This form allows you... View More 
My business have a loan with a bank. Bank files an UCC lien with all business assets.
Also, If I signed a personal guaranty, can the bank goes after my personal bank account and personal assets (Trucks, appliances,,,) ?
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answered on Jan 26, 2024
Yes, a bank can repossess or enforce a claim against property secured by a UCC statement without a court judgment in many cases. Here are some key points:
- The UCC (Uniform Commercial Code) allows secured creditors, like banks, to take possession of collateral securing a loan if the... View More
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answered on Jan 23, 2024
When filing for bankruptcy, it's important to disclose all assets and income sources, including SNAP benefits. This is because the bankruptcy trustee has the responsibility to review your financial situation comprehensively to ensure fair treatment of your creditors and compliance with... View More
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answered on Jan 22, 2024
I can think of no reason for not disclosing SNAP benefits. Disclosure is required, under penalty of perjury. If you receive SNAP benefits, your income is probably low enough that the inclusion of the benefits, as part of that income, is not going to affect your ability to file chapter 7. Under no... View More
Confirmation has been denied. What does this even mean? Hearing is like 2 months away to motion to dismiss. Im not really understanding the reason or what is going on
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answered on Jan 23, 2024
In a Chapter 13 bankruptcy case, receiving a motion to dismiss or alternatively reduce attorney fees due to failure to obtain confirmation can be concerning. Confirmation refers to the court approving your repayment plan. If confirmation is denied, it means the court has not approved your plan as... View More
For Trucking Company, Load was hauled before Bankruptcy is filed, but broker take 30 to 45 days to pay. In the meantime, Company is shut down and Bankruptcy chap 7 is filed. 30 days later, fund from hauled load is deposited in the account.
Is the fund free from bankruptcy ? Or, do I have... View More
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answered on Jan 23, 2024
In a Chapter 7 bankruptcy, it is essential to disclose all assets and income, including receivables that are due to you. The fact that the load was hauled before the bankruptcy was filed but the payment was received afterwards is a crucial detail. This income is considered part of the bankruptcy... View More
For Trucking Company, Load was hauled before Bankruptcy is filed, but broker take 30 to 45 days to pay. In the meantime, Company is shut down and Bankruptcy chap 7 is filed. 30 days later, fund from hauled load is deposited in the account.
Is the fund free from bankruptcy ? Or, do I have... View More
answered on Jan 20, 2024
This is a pretty simple question.
The bankrupt should have identified the receivable in its sworn bankruptcy schedules, which are painstakingly thorough.
If it did, then the Bankruptcy Trustee should be aware, and the payment should be tendered to that Trustee.
If for some... View More
I am filing a motion to redeem my vehicle. I have come up with a value. Before I file the motion should I call the lender and inform them what I’m doing and the value I came up with or just file and send lender my filing motion with values as part of the notice requirement?
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answered on Jan 11, 2024
Before filing a motion to redeem your vehicle under Chapter 7 bankruptcy, it's generally advisable to communicate with the lender to inform them of your intention and the value you've assigned to the vehicle. Open communication can sometimes lead to smoother negotiations and may increase... View More
I am filing a motion to redeem my vehicle. I have come up with a value. Before I file the motion should I call the lender and inform them what I’m doing and the value I came up with or just file and send lender my filing motion with values as part of the notice requirement?
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answered on Jan 12, 2024
When you're preparing to file a motion to redeem a vehicle in a Chapter 7 bankruptcy case, it's often beneficial to first communicate with your lender about your intention and the value you've determined for the vehicle. This step can open the door for negotiation and might lead to... View More
If I file a motion to redeem do I need to submit an amended statement of intent form changing to Redeem or will the motion suffice?
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answered on Jan 12, 2024
If you initially chose to reaffirm your auto loan in your Chapter 7 bankruptcy case and now wish to redeem the vehicle instead, it's typically necessary to file an amended Statement of Intentions to reflect this change. The Statement of Intentions communicates to the court and your creditors... View More
I have three appraisals from Kelly Blue Book, NADA and CarMax. Will court use the values from these entities or do I need to use a certified auto appraiser?
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answered on Jan 11, 2024
It depends on your trustee, but I've never had one challenge Kelly Blue Book, so don't waste your money on a more formal appraisal unless your car is in really bad shape, making it worth (in your opinion), less than the lowest blue book value. Also, so long as your equity in the car is... View More
I have three appraisals from Kelly Blue Book, NADA and CarMax. Will court use the values from these entities or do I need to use a certified auto appraiser?
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answered on Jan 12, 2024
In a Chapter 7 bankruptcy case, when redeeming an auto, appraisals from sources like Kelly Blue Book, NADA, and CarMax are often considered credible and can be used to determine the vehicle's value. These sources are widely recognized and provide a good indication of the current market value... View More
Form 108 and redeem the vehicle. I owe more than the car is worth. I have three appraisals from Kelly Blue Book, NADA and CarMax ranging from $1200 to $1440. My check engine light is on and believe I need a new catalytic converter which would further reduce the value. Question. Will these... View More
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answered on Jan 12, 2024
When filing a motion to redeem an auto in bankruptcy, using appraisals from sources like Kelly Blue Book, NADA, and CarMax can be a practical approach to establish the vehicle's current market value. These appraisals are commonly recognized and often accepted in bankruptcy proceedings, but... View More
Form 108 and redeem the vehicle. I owe more than the car is worth. I have three appraisals from Kelly Blue Book, NADA and CarMax ranging from $1200 to $1440. My check engine light is on and believe I need a new catalytic converter which would further reduce the value. Question. Will these... View More
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answered on Jan 10, 2024
If you are underwater on your car loan, as you indicate, my recommendation is that you not reaffirm your loan. Just keep making payments. If you must reaffirm it, you can negotiate with the lender on the amount due and the interest rate, but there is nothing that requires the lender to make you a... View More
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answered on Jan 6, 2024
In a situation where you suspect fraudulent activity involving the use of a forged signature to take over your company, it's critical to act swiftly and decisively.
First, gather all relevant documentation that can support your claim. This includes any paperwork related to the... View More
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answered on Jan 6, 2024
If you've filed for Chapter 7 bankruptcy as an individual and received a discharge in October 2021, this does not automatically preclude your incorporated company from filing for bankruptcy under either Chapter 11 or 13.
It's important to understand that individual and corporate... View More
I completed class and my case has been reopened. What is next step? Do I need to file a motion to have case discharged? To my knowledge this is the only reason my case was not discharged.
Also, what is the process for reaffirming exempt debts such as an auto loan? I filed pro se. Thank You.
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answered on Jan 4, 2024
After completing the second Financial Management Course and reopening your Chapter 7 Bankruptcy case, the next step usually involves notifying the court that you have fulfilled this requirement. This is typically done by filing the certificate of completion for the course with the court.... View More
I am under contract for a yet to be completed new construction home. The builder went into receivership due to financial problems and it appears the bank will be foreclosing on the property I have been waiting on for almost two years. The builder has a very large builder deposit I provided at... View More
answered on Jan 3, 2024
Bankruptcy relief is exclusively a federal right and procedure, with its own courts.
However, most states have a "receivership" insolvency proceeding that is valid (and utilized sometimes in foreclosure proceedings, or regarding insurance companies that are not eligible for... View More
I am under contract for a yet to be completed new construction home. The builder went into receivership due to financial problems and it appears the bank will be foreclosing on the property I have been waiting on for almost two years. The builder has a very large builder deposit I provided at... View More
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answered on Jan 3, 2024
In a situation where your new construction home is facing foreclosure due to the builder's bankruptcy, the fate of your contract and deposit can be complex and uncertain. The contract you have with the builder may be considered an asset of the builder's bankruptcy estate, and its handling... View More
I am under contract for a yet to be completed new construction home. The builder went into receivership due to financial problems and it appears the bank will be foreclosing on the property I have been waiting on for almost two years. The builder has a very large builder deposit I provided at... View More
answered on Jan 3, 2024
I agree with other counsel and will note that Texas has a specific statute--the Texas Construction Trust Fund Act--that requires payments made to a contractor under a construction contract to be held in a separate construction account with a financial institution if the contract is for improvements... View More
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