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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I must have hundreds if not thousands of medical bills due

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I must have hundreds if not thousands of medical bills due to several very serious illnesses. I just won my SSDI case and received a lump sum back pay of $60,000 and going forward $1,697.00 per month plus medicare. I purchased a automobile for $11,000 and paid down some bills. I know SSDI monies are exempt from being levied but they are trying anyway. I got levied $2,502.07 and have 5 other judgements on my report. I am fighting the medical bills by keeping all money in one acccount ONLY with SSDI money. It is the only account I have actually. Because this judge in the county I live in keeps giving my creditors judgements and I have 100's still in collection that could always be granted judgement. When They get a judgement and I am now taking steps to shelter my money from being taken. They also sometimes might give them the right to take my auto. etc etc. I am scared and can not pay any of these medical bills. I declared Chapter 7 four years ago and I understand I could file for Chapter 13 now because 4 years have passed. BUT, how could they possibly make a payment plan when I have so many creditors to pay and such a low income? I own a house that is in foreclosure and has many liens against it. How could Chapter 13 even be a answer for me? I just want to keep my condo, my car and have peace of mind that I all these medical bills will not haunt me. It is very scary and I do not know what do. I only take home $1,697.00 per month in SSDI. I possibly could get a side part time job (I am sick so that is going to be hard), however I could bring in another say $700 a month since I am limited under SSDI. Could Chapter 13 be an answer? HELOOOOOOO

Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 1 year ago.

cfortunato :

Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.

cfortunato :

1) What is the current market value of your car? (How much could it sell for now?)

cfortunato :

2) What is the current market value of your condo?

cfortunato :

3) What is the balance, if any, of any mortgage(s) for the condo?

Customer:

1. Car is worth about $9,000.00

Customer:

2. condo is worth $120,000.00

Customer:

3. Mortgages: $155,000

cfortunato :

Thank you for your response.

cfortunato :

Given the information you provided, you would not be able to file a Chapter 13 Bankruptcy for 2 reasons: your income is not high enough to pay anything into a Chapter 13 plan, and your sole source of income is exempt from the Bankruptcy court.

cfortunato :

However, since your condo is worth less than the balance on the mortgage, you are not in danger of losing your condo to your creditors.

cfortunato :

But your car is vulnerable - since it is worth more than $1,000.

cfortunato :

If you had a car loan, which would bring down the car's equity, you would not have to worry about losing your car to your creditors.

Expert:  cfortunato replied 1 year ago.
I think this is what you wanted to know. If not, please let me know.
Thank you.
Customer: replied 1 year ago.


I UNDERSTAND ABOUT THE CAR LOAN OPTION AND WANT TO TRADE THIS CAR IN NAND GET A FINANCED OR LEASED CAR NOT BECAUSE I AM TRYING TO HIDE MONEY BUT ALSO BECAUSE THIS CAR I BOUGHT I DO NOT LIKE AND IS ALREADY GIVING ME SMALL PROBLEMS. I WAS TOLS IF I DID THAT I GOOD BE HELD IN CONTEMPT OF COURT????

Expert:  cfortunato replied 1 year ago.
If none of your judgment creditors have not yet placed a lien on your car, you can do what you want with it. There would be no contempt of court involved.
If you were told this by any of your creditors, keep in mind that you cannot believe everything that you are told by creditors - who will often lie to get what they want.
Customer: replied 1 year ago.


I WAS TOLD THIS BY A LAWYER ON THIS WEBSITE TWO DAYS AGO. JUDGELAW AS BELOW


 


I ASKED WHAT IF I TRADED IN MY CAR FOR A LAE OR FINANCE?


 


You have received an Answer!




Sunday, March 31, 2013 11:40 AM EST




I am sorry for your dilemma. Once the writ has been issued you can not transfer the auto title. That would be considered defrauding a lawful creditor and also could put you in contempt of court with civil and, even, possibly, criminal sanctions.
Expert:  cfortunato replied 1 year ago.
You are allowed to transfer the car title after receiving a writ - if you do so in the manner you described. You are allowed to finance the car or to sell it or to trade it in - as long as you receive reasonable value for the car.
What you are not allowed to do is to transfer the title to someone without receiving anything for it - such as giving the car to a relative or a friend as a gift. If you did this, the transfer could be reversed - there would be no criminal charges involved.
Customer: replied 1 year ago.

DOES EQUITY MATTER HERE? MEANING IF I LEASED OR FINANCED A CAR FOR LETS SAY 18,000.00. AND GOT A TRADE IN OF $8,000.00 THAT WOULD LEAVE ME WITH A LOAN OF $10,000.00 BUT EQUITY OF 10,000.00 WITH THAT LARGE EQUITY THEY MAY COME AFTER THAT?????? SUCH AS GETTING A COURT ORDER TO SEIZE IT. SELL IT AND I GET WHAT IS LEFT. OR IS THIS UNLIKELY..... REMEMBER THESE ARE ALL MEDICAL BILLS I HAVE AND I AM 100% DISABLED BY SOCIAL SECURITY AND SHELTER ALL MY MONEY TO PROVE THE TRUTH AND THAT IS THAT ALL MY FUNDS ARE EXEMPT FROM NON-FEDERAL LEVY BUT NOT MY NON FINANCED CAR.

Expert:  cfortunato replied 1 year ago.
Equity does not matter for a car that is being leased, as you would not be owning the car that is leased.
Equity is very important for any car that you own - whether or not the car is financed - as you can lose any car with more than $1,000 equity. Equity is the current market value of the car, minus the balance of the car loan.
I think it would be a good idea to lease a car - for at least 4 years - after which time you can file another Chapter 7 Bankruptcy - which can be filed exactly 8 years after the date your prior one was filed.
Customer: replied 1 year ago.

yes excactly nmy thinking as well. THANK YOU

Expert:  cfortunato replied 1 year ago.
You're welcome!
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you

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