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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I have a few questions about the Statement of Presumed Abuse

Resolved Question:

I have a few questions about the Statement of Presumed Abuse letter I received yesterday for my Chapter 7 bankruptcy filing:

1. Will the courts conduct an investigation of me based on this letter?

2. I read that all of my creditors received a copy of this letter. Does this mean they can now come after me for the full amounts due, despite receiving letters from my attorney that they should not contact me?

3. I don't have a job. If I sold personal items to get immediate cash to pay bills, does that count as income, even if the proceeds were less than I originally paid?

4. My husband is the sole wage earner of our household. He did not file with me, and has no intention to. What could happen to him and any of his wages or possessions?

5. If I cannot get Chapter 7, and the courts subsequently refuse to grant me Chapter 13, does that mean I have to pay the full balances owed to these creditors?

5b. If I cannot get Chapter 7 or Chapter 13 protection, can I negotiate directly with creditors for an amount that will satisfy them? What's typically the lowest amount (percentage-wise), that they will accept? Example: If I owe one creditor $10,000, is it possible they will accept $500-$1,000 (or 5%-10%) since the alternative is likely receiving nothing at all?
Submitted: 11 months ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 11 months ago.

Terry L. : Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.
Terry L. : Your automatic stay protection is still in effect, so creditors cannot come after you at this point
Terry L. : You will need to prove to the us trustee/ courts, that there is no abuse. Presumption arises if this is a multiple c13 case in a year, you show disposable income, or your means test shows you should be in a chapter 13.
Terry L. : talk to your attorney to address the issues as to what the alleged issue is
Terry L. : The sold items, should be on the statement of financial affairs if done prior to the case filing.if you got fair value there should be no issue, if the resulting cash was spent on necessities or covered by exemptions
Terry L. : Your husband should not be affected by your filing if there were no joint debts
Terry L. : If the case determines you have to do chapter 13, then you should motion the case to convert to chapter 13 to repay a portion of the debts
Terry L. : if that is denied, or not feasible, you'll either be dismissed, or denied a discharge, and would owe the debts again
Terry L. : iAgain its likely the attorney can fix the problem, or help you to convert as needed
Terry L. : letneeded let me know if you have any questions
Terry L. : thanks
Terry L. : terry
Customer:

Hi Terry. Are you there?

Customer:

I do have an attorney. She's the one that determined that I should file Chapter 7 even though I was "borderline" on the means test. She knowsPlease let me know when you come back online.

Customer:

(sorry, hit Return to soon)...She knows that I am unemployed. So how could my attorney tell me that I could convert to Chapter 13 if denied Chapter 7?

Customer:


Hi Terry. Are you there? I do have an attorney. She's the one that determined that I should file Chapter 7 even though I was "borderline" on the means test. She knows that I am unemployed. So how could my attorney tell me that I could convert to Chapter 13 if denied Chapter 7?



Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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