Bankruptcy Legal Questions

Unless you've got cash or significant income to satisfy this debt, the consolidation would not be right for you. I've been practicing bankruptcy law for over 22 years and have yet to hear about one or two people who have been successful with debt consolidation. Generally speaking, my opinion would be to avoid the debt consolidation company. You should meet with a skilled bankruptcy attorney to help you navigate this financial situation that you find yourself in. Good luck!... Read More

It depends. A debtor can do one chapter 7 bankruptcy every eight years. However you can do a Chapter 7 bankruptcy followed four years later by a chapter 13. Further, you could file a Chapter 13 bankruptcy followed two years later by another chapter 13 bankruptcy. Also, you can file a Chapter 13 bankruptcy filed four years later by a Chapter 7 bankruptcy. I hope this did not confuse you, good luck.... Read More

We are one of the few firms in Florida that will file a Chapter 7 bankruptcy with no money down. Further, your IRS tax debt may be discharged so long as the tax is three years or older, and that you filed your tax returns on time or within 240 days prior to filing a bankruptcy and the IRS has Assessed these taxes. I hope this helps. Good luck!... Read More

Yes, there may be an issue with your disposable income as it relates to the means test. If you get married, the trustee may (and it could be argued that) have you update schedule I to take into account your new spouse's income. The best thing to do is to wait until the Discharge order is issued by the court then get married. Good luck!... Read More

Did you start renting your back yard after the bankruptcy case was filed?  If so, the consequences depend on which Chapter you filed (which you failed to disclose).  In a Chapter 13 case, the additional income would be property of the bankruptcy estate and you may need to increase your plan payment depending on the terms of your Plan and how the Trustees and Judges in your district handle those matters.   I you rented it out prior to filing the bankruptcy case, then of course you must include that income on all the relevant forms (including the Means Test and Schedule "I") and it will factor into your eligibility to file Chapter 7 or the amount of your plan payment in a Chapter 13.  ... Read More

You can, but it probably will not accomplish what you expect.  Corporations can file either Chapter 7 or Chapter 11 bankruptcy.  Chapter 11 is used to reorganize debts and stay in business.  Chapter 7 would be used to go out of business and have a trustee liquidate any assets of the corporation to pay its creditors whatever is available.  However, corporations do not receive a discharge of debts in a Chapter 7 case, so it is never really necessary to file a Chapter 7 for a corporation except to take away the responsibility of the corporate officers to sell the assets and pay the creditors.     The real issue in 99% of these types of cases are the personal guarantees and personal liability of the corporate officers.  If they are liable for any of the corporate debts, they are going to be liable regardless of whether the corporation files a bankruptcy case (unless, of course, the corporation pays 100% of the debt somehow).   So usually it is a personal/individual bankruptcy case that is warranted rather than a "commercial bankruptcy" as you stated.   ... Read More

Absolutely.  I assume you want to keep the mobile home.  Have you been making all the payments on the home (and space rent) during your bankruptcy case (I assume it's a Chapter 7)?    If so, then assuming the Trustee won't voluntarily abandon the asset, you should definitely seek abandonment.  The Trustee will be hard pressed to show any value there if it has been marketed for 3 years without an offer.   I would have sought abandonment after about 6 months of no activity.... Read More

Nowhere near enough information to answer your question.  Are these for tax years prior to filing your bankruptcy case?  Did you file the returns after your bankruptcy case is filed or before?  If before, how long before?   Most likely you will be required to amend your plan to accommodate payment of the taxes.   Your attorney can advise you on what is required.... Read More

Yes. However, if the debt belongs to the buisness, and the business is incorporated,  it will still have the liability, although you will not. Make sure you hire an experienced bankruptcy attorney who is fammiliar with the trustees and the local rules. please contact my office if you need further assistance. Bankruptcy is my focus area. 203.870.6700... Read More

More importantly,  have you calculated your average 6 month income prior to the month in which you file to calculate the appropriate numbers for your Means Test?  Do you know how to fill out your SOFA (Statement of Financial Affairs)?  Do you understand the difference for the I- J calculations versus the Means Test?  Do you have any assets to protect, because you better hit the books and learn both the Connecticut and Federal asset exemption statutes.  Are you aware of the local rules for your jurisdiction?  You are going to cause yourself so much trouble because you know nothing at all about what you are trying to do.  Please believe me when I tell you that it is not worth it.  You can not do this successfully on your own without an experienced bankruptcy attorney.  Good luck. ... Read More

I suggest having a consultation with another bankruptcy attorney, preferably one who is a certified specialist in bankruptcy law.  There is no disqualification for filing Chapter 7 just because you own a house.  But of course, if your house has non-exempt equity, then it can be sold in a Chapter 7 case.   It's all very fact specific, so you need an attorney that will go through your situation and advise on your options.  You can also likely file a new Chapter 13 case if need be.     I offer free initial telephone consultations.  To schedule an appointment, simply visit https://www.bklaw.com/consultmain/... Read More

If your case was closed, you can sell your house at any time.  It has nothing to do with whether or not the debt was reaffirmed.   The reinvestment within 6 months is a requirement of California law and has nothing to do with bankruptcy.  If you do not reinvest the proceeds into a new homestead within 6 months, then you will not have protection of those proceeds from new creditors (or any creditors not discharged in your bankruptcy case).... Read More

Depending on the basis for the Motion you need to file an opposition to the Motion For Relief From Stay or negotiate with the creditor to resolve the Motion (usually by having an adequate protection order entered).  What options you have depends on the specific facts of your case, how your plan is structured, and other considerations.  If you don't have an attorney, you should hire one  immediately to represent you.... Read More

That depends on the value of of your house, and what exemptions are available under applicable state law in your case.  If you have resided in Virginia for at least the last 2.5 years, then that would be Virginia's.  Virginia seems to have a $10,000 exemption for equity in a homestead.  $20,000 if you are over 65 years old.  Thus, if your house is worth more than that, it could be sold by the Trustee in a Chapter 7 case. You need to have a consultation with a bankruptcy attorney in your area to analyze your options and determine the costs and benefits of each.  ... Read More

If he in fact paid you back within 12 months prior to filing his bankruptcy case (your facts don't state whether or not he did), then  the Trustee  can sue you to recover that money.  However, if it is less than $5,000, there is a possibility that the Trustee will not pursue that if that is the only asset of the estate.  It really depends on the Trustee and where the case is filed (different districts are more aggressive with that sort of thing).  ... Read More

Whether you can keep your home in a Chapter 7 depends on the amount of equity in the property and the amount of exemptions to which you are entitled under applicable state or federal law. Most states have homestead exemptions which protect a certain amount of equity. The best way to determine what assets you can keep, as well as whether you are eligible for Chapter 7 and if it is your best option, is to have a comprehensive consultation with an experienced bankruptcy attorney in your area.  ... Read More