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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17080
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have already selected a lawyer to do a bankruptcy for me

Customer Question

I have already selected a lawyer to do a bankruptcy for me in California. I recently called the creditors listed in my credit report to get an accounting of my debts for the bankruptcy filing. One of the collection agencies I called threatened to ask the bankruptcy court to exclude their debt of around $40k based on misrepresentation in the loan application. I would like to hire a lawyer to negotiate a payment of this individual debt, before I do the actual bankruptcy. I am also considering postponing the bankruptcy filing for another year if it looks like that would benefit me.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 years ago.


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification


what type of loan application was it for?


What did you use the money for?


It was a 2nd mortgage on a house. I'm not 100% sure, but I think it was a refinance.

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you
Customer: replied 5 years ago.
Woops...I mean to reply to you answer, not accept it. What I really want to know is what is the typical range that this debt could be negotiated down to.
Expert:  WALLSTREETESQ replied 5 years ago.
If it was a second mortgage, a fraud claim by them would be hard to prove, and I would not worry about them fighting it in bankruptcy court, in terms of a settlement, you should offer 10%, or whatever security they may have on the property. If the property is underwater and they have no security interest on it any more, stick with a 10% offer with the threat of a bankruptcy.

A mortgage fraud claim, is rarely brought up in bankruptcy court, and I would not worry too much about it, as it is very difficult for them to prevail.
Customer: replied 5 years ago.
Hey, can I get a phone number to call you at to discuss some additional (confidential) aspects of this case?
Customer: replied 5 years ago.
or you can just call me at XXX-XXX-XXXX.
Expert:  WALLSTREETESQ replied 5 years ago.
We are not allowed to speak or have customers contact us, however if you have any further questions please do not hesitate to ask for WALLSTREETESQ., and I would be happy to answer any of your questions.