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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I am 60 and I am on disability from prostate cancer. It is

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I am 60 and I am on disability from prostate cancer. It is not clear if the cancer is cured and I will not know for several years. I have had prostate removal and due to side effects of the surgery and complications, I only work several yours a day, but iI am still totally disabled from the insurance stanpoint I am a medical doctor. Due to my illness, economic factors, health care reform I am 0ver 3 million corporation and home) in debt with no assets and negative net worth. My disability insurance income covers by basic expenses. I have moved into a smaller house and I should have this paid off in 4 years.
The bank will not negociate with my BR attorney and it appears that the only option is Chapter11 . I will probably do this in 30 days.
My office practice, leased space is sputtering with decreased number of patients by has overhead insurance payments keeping the doors open ans seeing old patients. I hope to continue to practice, but it may be several years before I can be working at full capacity.
Some questions I do not understand about chapter 11.
1. Can you continue to pay on your new home and car notes if you plan to keep them.
2. Does it make any sense to continue to pay off several credit card balances if I am in chapter 11. I guess they will cancel them anyway and I will have no credit. Or should I should I just include them in the chapter 11?
3.) Once the financial reorganization plan is approved, are they entitled to my disability payments? I have no salary income at all at this time.
4) If I comply with the plan and go back to work fully or I am able to increse my income 6 months after the plan, can the bank come back and get more?
5.) my wife is also party to the bank's claim, because of the house. Her dad is wealthy and is 84 years old. If he passes away in say 1 year after the plan starts, can the bank
still come after herfor the money if we are complying with the plan
6. The bank claims that they are owners of my corporate assets. However, other then some furniture and a few PCs, there are no assets. The medical equipment I have is all on long term leases with other companies and are essential to continue my business. Is there anyway they can claim them. The proceeds of the banks loan were used for a buildout of the office space and operating capital. I do not own the building. The space is rented.
7.) What is meant by coming out of bankruptcy? While in chapter 11 will any increase in income be sucked up by the bank.
8.) I have three kids in college. Can those costs be figured in the chapter 11 plan. I have no emergency funds for medical expenses, etc. Can funds e set aside for this and contibutions to the fund be made as part of the plan?
9.) Is it possible to employ my son part time in my practice to have him get enough money for a used car payment. Should we do this before th plan?
10.) What do you do in the "cooling off period" before the plan is approved. Can you go on a vacation.? Can you prepay expenses? Tuition, taxes etc to free up the cash flow when in the plan?

Sorry about all of the questions. Just answer under the questions. I have paid accordingly for the complexity. I am a medical expert for JA
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

1) Yes, as secured loans - such as for the home and car - get paid first.

2) Most unsecured debt - including credit cards - get paid evenly (in proportion to the amount of debt owed to each one). In other words, you will not be able to pick the ones you want to pay more to.

3) If the disability is from Social Security, the payment is off-limits to the Bankruptcy court. If you are receiving private disability, the payments would be included in the payment plan.

4) If your income increases while the Chapter 11 in progress, your payments must also increase.

5) Yes - the Bankruptcy court is entitled to any inheritance received by you or your wife while the Bankruptcy is in progress.

6) The bank cannot touch assets that are being leased, as these do not belong to you or to your corporation.

7) Coming out of Bankruptcy is good. It means the plan has been finished, and the Bankruptcy is ready to be closed.

8) College expenses are not allowed in a Chapter 7 or 13. Whether you will be allowed those expenses in a Chapter 11 will depend on the creditors. However, although possible, it is unlikely that you will be allowed those expenses in a Chapter 11 either.

9) You can employ him if he is needed, and the need for his services will not be impacted by the fact that he is your son. However, it is unlikely you will be able to prove he is needed if he has never worked there before.

10) You can go on vacation, but you would have to pay cash, as you cannot incur any more debt once you know you are going to file a Bankruptcy. You cannot pre-pay other unnecessary expenses or debts, as these can be ordered returned.


cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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