I am a Just answer Neurology expert and I have been wrestling with bankruptcy for 18 months. I was diagnosed with prostate cancer and had radical surgery and complications last year. I am in neurology disability
for severe income drop and but I am still working part time. I keep on getting different answers from my BR attorney, and my cpa, who is also a attorney. Both are very well known and respected experts in Knoxville.
In summary, we all belive due to the amount of debt over 1.8 million including business and upside down mortgage that Personel chapter 11.
Exemptions 17 year old and 2 adults. 70,000.
Assets: home 0 Cars 20,000 personel belonings, furniture, etc 30,000, cash 5000
Liabilities Business--900,000. Personel Home 1st 1,000,000 second 700,000
Car loans, credit cards, etc 70,000.
My income with disability paymnents 25,000/month. 22,000 tax free disability
Leasing/purchase new house no equity
. fully paid in 5 years 8,000/month. Many medical bills,kids in college and ill. disposable income probably about 1000, after credit card ards etc.
Those are the facts, here are the questions I am confused about.
CPA said assets less than exeptions. He has had a lot of experience with 11. In personel 11 after 60-90 days fresh start similar to chapter 7
. No clain by debters to future increse in earnings, inheritance. He said that if I win the lottery after the 90 day discharge it is mine to keep. Key: exeptions more than net worth. After resonable expenses and low net worth.. Total Discharge like 7
BR attorney; 11 has payment plan approved by creditors. Can increase or decrease plan based on future income, inheritance, etc. No way to discharge like 7.
Bank just forclosed on old house, wrote off 2nd mortgage as loss/debt> 700,000. Does this mean I am free or can they send to collection agency
? Will I get a 1099 for the 700,000. Still owe 1,000,000 on 1st. Not sure if house sold or what difficency is.
When I file 11, is there any reason to keep the credit card debt
? I will lose all credit anyway. My score is now 454. Years ago 780. Just include it with debtors? I am 61, will probably get no future credit anyway.
My car is financed through same bank Almost paid off. They clain that because mortgage is delinquent, It was just foreclosed friday, that they are entitled to car. I have not missed any payments. I have not assigned the car to them as collateral, bugt they still have the title. If I trade, can the dealer force them to give up title when paid. They have no judgements against me. They have sent the repo people after it, but I have it locked in a friend's garage. Will chapter 11 stop the repo people, or can they still go after it while in chapter 11.?
My middle 19 y/o son has several small federal college loans, freshman about 6000. I have consigned for them. Trust fund and I have paid for the other 22,000. Will Chapter 11 prevent my ability to cosign for him on the future federal loans.
I am still confused about chapter 11 discharge as fresh start. My CPA lawyer has done over 10 for millions, 3 last year. 50,000- personel and corp. However how he explains it does not seem to be what is described in th eLaw.????
My Bankruptcy attorney (certified BR) Has only done a few 11. But his story about the 11 seems to match the Law.
The Bankruptcy attorney and the cPA attorney are meeting this week to work out a plan to conclude the financial issues and move on in 11. The bank will not cooperate at all with anything and will probably not agree to a plan in 11. However, my attorney is trying a crampdown with another creditor.
No hurry for answer. Tomorrow oK.
Complex question. Please a cite federal code
if you can.
I understand complex question. I need high detailed answer to understand what the possibilities are. Expect a Bonus for detailed clear answer. I am looking for that fresh start.
Thanks, XXXXX XXXXX Scariano, jr. MD
Expect a Bonus for detailed