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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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can this question be routed to terry L this is a follow up

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can this question be routed to terry L ?this is a follow up question from july 22. my husband now received a summons form american express to appear in court. what are the possible outcomes? should he just file for chp 13 or continue with debt settlement w/c doesn't seem to be making any progress. the money owed is abt 50k and we have no money to apy for it. he also transferred the money from his revocable trust (abt 30k, does it make a diffrence that it has a different ein form his social sec. number) to me about 2 ks agoo- what effect does this have? is he better off moving it back to the trust? pls let me know what's our best action, we tried calling amex before to settle but they were trying to settle for more than we can pay for and then received this summons. thx
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 7 years ago.
Since he has been sued, absent an agreement with AMEX, Chapter 13 may be a viable option for you. Otherwise, they will be able to obtain judgment, then attach any non-exempt assets, garnish wages, seize bank accounts, put a lien on any real estate owned etc. Check your state judgment exemption laws (a quick google search should turn them up). With the chapter 13, you can pay back a portion of the debts, enough to protect your assets, including the trust money. The transfer doesn't solve the problem, since a preferential transfer, especially to an insider, can be undone to bring the asset back to the estate. This needs to be disclosed in the bankruptcy paperwork as well, for up to a year before filing.   Therefore, the money is still an asset, and needs to be factored in if he files for chapter 13. The best advise is to go meet with a local bankruptcy attorney to draft a chapter 13 plan, based on your current income and assets that need to be protected. The AMEX suit must stop immediately upon filing of the bankruptcy case.   Good luck. Let me know if you have any other bankruptcy questions. Thanks.
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