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Ask cfortunato Your Own Question

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

I am preparing my own bankruptcy petition (CA). Over the past few years I lost my home through a foreclosure sale and my automobile and boat through repossession.

These were secured debts, but now there is no security because they took back the collateral -- but of course I still owe all of them money.

Should I list them on Schedule D - Creditors Holding Secured Claims?
If yes should I state the value of the property when it was taken, its current value as collateral - in other words nothing?

There really isn't enough room on the Unsecured Creditors form to make a detailed explanation. Or doesn't that matter now.
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 :

Since the house was foreclosed, and since the car was re-possessed, both the mortgage and the car loan are now unsecured debts, and belong on Schedule F.

cfortunato :

Additionally, if the house was foreclosed and/or the car was re-possessed within one year before your Bankruptcy is filed, then that debt would also belong on line 5 of the Statement of Financial Affairs.

Customer :

The answer was very good or excellent.

Customer :

But your pricing policy is not good at all.

Customer :

It says your answer is ... URGENT ... MEDIUM ... NOT URGENT. Followed by type of answer ... VERY DETAILED ... MEDIUM ... SIMPLE. At that point I need to select one of the answers in each of the above sets. The screen flashes the price for all of the possible combinations ..... But did not define or give any clues as to how long it could take to get an answer in each category. I selected URGENT because I didn't want to sit around for days. It took two hours to get an answer - that sounds very good until you consider how simple the question was.

Customer :

My question boiled down to which schedule to us -- SCH D secured creditors or SCH F general unsecured creditors.

Customer :

For creditors like the bank which had the mortgage on my home ... they were secured because they had collateral. But when they took the house in a foreclosure sale, the collateral was gone.

Customer :

An attorney specializing in BANKRUPTCY should be able to answer immediately. The correct schedule for this creditor is F unsecured.

Customer :

I took the highest level, because I just couldn't imagine what the less detailed answers could be. Would the medium level answer NOT SURE. MAY BE SCH D.

Customer :

So the only options for the lowest level would be DON'T KNOW ... or a wrong answer ... SCH D.

Customer :

So do you get my point? I think that I was tricked into purchasing the two highest categories because, with no information, I couldn't afford to take a chance.

Customer :

I believe that you should recompute the fee ... using MEDIUM or LOW for detail of answer. As for the other question, I think that you should check to see how long it normally takes for URGENT ... or MEDIUM ... or LOW. I sent my question at 3:00 am ... and got my answer at 5 am. I would have preferred having the answer by 8:00 ... and would have been OK with 10:00

Customer :

I am trusting you to recompute using your own judgment ... and then issuing a refund.

Customer :

Thanks, XXXXX XXXXX

41460.5402852546
Expert:  cfortunato replied 1 year ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  cfortunato replied 1 year ago.

I think this is what you wanted to know. If not, please let me know.

Thank you.

Expert:  cfortunato replied 1 year ago.

Thank you for getting back to me.

I will send your request for a partial refund to Customer Service. I am sure your request will not be a problem.

And please have a pleasant day!

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