Ohio Bankruptcy Legal Questions

The short answer to your question is that yes you can use your retirement funds to buy a car, but I will go through the legal explanation below. Technically, the Trustee has until 30 days after they conclude the Meeting of Creditors (341a Meeting) to object to any exemptions that you have.   So assuming you properly listed the IRA and exempted it, and the Trustee concluded the Meeting of Creditors after your meeting a week ago (which is usually the case, unless the Trustee requested additional information or intends to pursue any assets that you have), then you may use your IRA funds any time after that 30 day period if the Trustee does not file an objection to your exemption by that time. Generally speaking, retirement accounts are exempt and Trustees do not typically object to them unless they are very high amounts (like over a million dollars), so it is likely fairly low risk that there would be any issue with you using the funds now.   But of course if the Trustee did successfully object to your exemption, you might have to turn over the retirement funds to the Trustee.   But again, that is a very unlikely scenario. What your attorney was likely telling you was that it is not a good idea to use your IRA to buy a car, regardless of the bankruptcy case.   If you take an early distribution on your retirement, you will both pay a penalty for the early withdrawal (if you are below the age at which the IRS allows withdrawal) AND that withdrawal will be considered income on which you will have to pay taxes.    So overall, since retirement funds in general are protected and to be used for retirement, plus the costs for early withdrawal, it is usually a bad idea to use them for anything other than retirement.    That being said, as you mention, you do need a vehicle and sometimes you need to use retirement for these things.  Just be aware of the costs of doing so.      ... Read More

Bankruptcy will discharge your debt from the lease, including any debt which is your (former!) friend's share. To get her removed, the simplest thing is to talk with the landlord, as long as you're going to be paying the entire rent. Any debts you have can go into your credit rating and that's what mainly determines whether you can get a mortgage. Filing bankruptcy hurts your credit for the a short time but helps it long term because it allows you to get out from under debts you can't afford and build a good record.... Read More

Attorney-client communications concerning bankruptcy (and any other legal matters) are confidential unless (1) the client agrees to release confidentiality or (2) the client threatens imminent injury to a person (for example, if the client says, I'm going to kill that witness. And it's not just a figure of speech).... Read More

No, assuming the patent is granted it means that you have the exclusive right to control the product or process that is patented. If you developed the idea before filing bankruptcy, the patent would be an asset of your bankruptcy and the trustee could sell it for cash to pay your creditors.... Read More

If you no longer have the business, the trustee will be concerned mostly about any assets you used in the business, for example, tools, equipment, inventory. The trustee is looking for assets she/he can sell to pay your creditors, the trustee isn't concerned about your income or losses in earlier years.... Read More

Ask the Lender for the Loss Mitigation Department. Calling customer service will not get you anywhere. Once the process begins, you should be assigned a service representative to work with. There will be some paperwork required, but if you follow their direction, you should be able to receive an approval and complete the paperwork to transfer title to the lender within 4-6 weeks.... Read More

First, look at the documents filed in your bankruptcy on PACER.gov. Did the bank make a filing to exempt the vehicle from the bankruptcy? If not, send the bank a letter demanding that they release their lien and give you title within two weeks or you'll file a motion for sanctions with the bankruptcy court.... Read More