Bankruptcy Legal Questions

Transferring the property to a Trust would be a fraudulent transfer which can be recovered by creditors or a bankruptcy trustee for up to 8 years from the date of transfer. You can sell the property and buy a new home, but assuming California's exemption laws apply in your case (depends on where you have lived the past 2 years), the maximum homestead you would have is $175,000 if you are over 65 or disabled.  Otherwise it would be $75,000.  Either way it's  way less than $900,000 so there's no way you would be able to protect that much in a Chapter 7 case.  Your only other bankruptcy option would be to do a 100% repayment plan in a Chapter 11 case, assuming you end up owing $765,000 from the deficiency.... Read More

I'm sure you can file bankruptcy.  The question is which Chapter you would be eligible for, and that depends on a number of different factors, including your gross income received in the previous 6 months, your current income and expenses, value of your assets, amount of debts, and other factors. Bankruptcy is not a simple process, but an experienced bankruptcy attorney can determine your eligiblity and discuss your options with you by merely scheduling a consultation with one in your state.   I suggest taking advantage of that. To schedule an appointment with me simply click here and follow the instructions for submitting your information and scheduling an appointment.    ... Read More

There are different bankruptcy options that may help you, depending on when the loan was taken out, how much is owed, the value of the vehicle, and which chapter you are eligible for.   In a Ch. 13 you can always payoff the vehicle over 60 months at a lower interest rate than you are paying now.   I suggest having a consultation with an experienced bankruptcy attorney in your area to learn about your options.  ... Read More

Good afternoon Im sorry to hear about your husband's difficult situation. Technically speaking, yes he can, but it may be difficult going forward. What I mean by that is, 1st if your husband files a bankruptcy, he does need to sign off on all documents filed. 2nd He does need to make an appearance for all the court hearings that are set. Since he is in prison, there are waivers or power of attorney that maybe used to get around that, but practically speaking, that will raise a secondary issue which is that your cost that your attorney may charge will go up. These extraordinary issues maybe something that attorneys will charge more for because it will require additional work outside the ordinary. If it is not an emergency situation to file for a bankruptcy, then waiting until he is out of prison may be the most prudent and cost effective path to take Hope this helps and if you are in Houston, TX or in the surrouding area, please feel free to contact me for further information or clarification Min Gyu Kim (Peter) Attorney at Law Law Firm of Min Gyu Kim PLLC Galleria Office 2100 West Loop South, Suite 805 Houston, TX 77027 Tel: (713) 259-3929 email: minkim@kimlylaw.com... Read More

Good afternoon Your question cut off a little bit, but correct me if Im wrong, but it sounds like you are asking if you can keep both cars if you can only afford to keep only 1 based on your budget? Couple of things to keep in mind, 1) if you are filing a Chp7 bankruptcy, you have to be current on your secured debts (ie car note, mortgage, etc) and sign a reaffirmation agreement to keep the car and continue making payments on it under the original contract. (There are exception to that rule where you can potentially redeem the secured asset where you pay the value rather then what is owed, but it will be fact intensive) 2) If you are behind on your secured debts and you are wanting to keep the asset/car, your only other option is to file a Chp 13 bankruptcy. The chp 13 bankruptcy is where you are in a bankruptcy for a period of 3-5 years (depending on your income). The chp 13 will essentially "refinance" the car in the chp 13 bankruptcy where regardless you are behind or not, we get the total claim owed on the car and strech it out for the life of your chp 13 case (either 3 yrs or up to 5 yrs). At the same time we are able reduce your interest down to 5.5% interest (prime +1%). Based on this calculation your monthly paymetns may reduce. At the same time if you had purchase the car more then 910 days (about 2 1/2 years) you can utilitze a unique aspect of the chp 13 bankruptcy where you pay just the value rather then what is owed (ie value is $15k but you owe $25k, in the chp 13 you end up paying just the 15k and the remaining balance is treated as unsecured debt) Before you file the bankruptcy, please make sure you inform your attorney your status with the cars/secured debt (it is always advise to seek an attorney to assist you on your bankruptcy options)  If you are located in Houston, you can always contact me for assistance as well! Min Gyu Kim (Peter) Attorney at Law Law Firm of Min Gyu Kim PLLC   Galleria Office 2100 West Loop South, Suite 805 Houston, TX 77027 Tel: (713) 259-3929 email: minkim@kimlylaw.com... Read More

You can discharge student loans in bankruptcy if you are able to prove, after a trial, that repaying them would constitute an "undue hardship" as that term is defined by the courts in your circuit.  It is a very difficult burden to meet and requires you to file a separate complaint and go through a trial separate from your bankruptcy case, so it is not cheap if you are using an attorney. But in your case, if your college closed while you were in attendance, you can seek a non-bankruptcy discharge.  See https://studentaid.ed.gov/sa/repay-loans/forgiveness-cancellation/closed-school for more information.... Read More

You pay for what you get in bankruptcy, like anything else in life.  Tax discharge analysis is a sub-speciality within the specialty of bankruptcy so you need to make sure you hire an attorney who understands all the nuances of that. Attorneys' fees vary widely.  Depending on their experience level and abilites, you may find fees ranging from $750 to over $4,000 for a Chapter 7 case.  My articles below on what to look for in a bankruptcy attorney and bankruptcy costs and fees may be illuminating to you. What To Look For When Hiring A Bankruptcy Attorney   Low Cost Bankruptcy Attorneys   Bankruptcy Costs and Fees... Read More

When you say your lawyer "failed to include" judgment liens, I'm not sure what you mean.  If you mean they were not listed on your bankruptcy papers, that is not your lawyer's fault, unless you provided the lien information to them and they did not put them on the final papers that were filed.  Although even in that instance, you presumably reviewed the final papers before they were filed with the court, so I doubt you would have a good cause of action against them for malpractice if you signed the documents without the liens/debt being listed. If instead what you mean is that the liens were listed but your lawyer did not seek to have them avoided (i.e. removed) by filing the appropriate motion with the court, that is a separate issue altogether and whether it is negligence will depend on what your written agreement with the attorney provided.   In the Central District of California attorneys are required to list exactly what their representation includes and excludes, and in most cases something like a lien avoidance motion would not be included in the basic filing fees.  Your retainer agreement with the attorney would determine whether he/she was responsible for filing any motions to avoid liens. All that having been said, if your liens were avoidable on the date you filed your bankruptcy case, you can still seek to reopen your bankruptcy case to have them avoided now.  But it is a mathematical requirement, so the numbers must show you can do it.  You would need an appriasal of your property as of the date your case was filed, the amount owed all mortgages and other liens against the property, and the amount exempted on Schedule "C".  With that information an experienced bankruptcy attorney can determine if the lien(s) are avoidable. I suggest scheduling a consult with an experienced bankruptcy attorney in the district where your case was filed.... Read More

There are plenty of good lawyers out there who will communicate with you. Call back and say that, if she doesn't call you back to discuss the case TODAY, she no longer has any right to represent you, you want your money back, and you should call someone else the next day unless you are satisfied. Sorry for your treatment. Good luck.... Read More

That depends on the local rules of the court in your jurisdiction as well as how quickly the clerk's office notices and processes the dismissal.  In the Central District of California you have 14 days from the petition filing date to file all the required missing documents and schedules.  If you do not, your case will be dismissed at some point thereafter.  It could happen the next day, or it could happen a week from then.  I would go ahead and try to file the documents and hope the case didn't get dismissed.  If your case was dismissed, there are ramifications for future filed cases, including a reduction in time you get protection of the automatic stay. Best thing to do of course would be to hire an experienced bankruptcy attorney to represent you. Good luck!... Read More

I'm not sure what your question is, but if you are interested in possibly filing a bankruptcy case to deal with the debts you owe, you should schedule a consultation with a bankruptcy attorney to go over your options. I am available should you be so interested and you can schedule an appointment by going to https://www.bklaw.com/consultmain/  ... Read More