FOR FIVE STAR LAW...
Hopeless again... You won't believe what happened with Issue #2—my mother died three days before the final hearing and my brother just PROCLAIMED himself sole-successor trustee...and on and on... I believe it is finally getting resolved, but the stress literally almost killed me.
But ISSUE #1: The Stockbroker and Banker case...
Since the stockbroker lost all of my stock, including my collateral
to back a $100k+ bank loan by double pledging it to margin, I must now file Chapter 7. All debt (credit cards and this bank loan are or SHOULD BE) only in my name.
That bank loan somehow now reflects BOTH of our names, but my husband was NEVER even told he was on that loan and I can't recall when (since the mid-90s) this occurred—or why!
Here is my question:
Since the bank WASTED my collateral (130% of loan amount in stock) by allowing it to be doubled pledged by my broker (who as you may remember is a board member and founder
of that SAME BANK) through margin, there is NO collateral left and I cannot replace it as I have NO assets left after exemptions—and no personal income except $550 a month Social Security, which is exempt.
I totally qualify for Individual Chapter 7, but I need to include that bank loan. Since the loan was in MY name since 1996 and since the collateral STOCK was always and only in MY NAME, I am positive the bank just slid my husband's name on the loan by saying "just need both your signatures...bank accounting..." or something as inane and discriminatory—and without our awareness since during those years we also had five or six different mortgages and second mortgages in both names—and were constantly being called in to sign documents. By the way not one of those loans was EVER late and all were paid and closed, as agreed.
I need to know if you believe I have grounds for having my husband’s name removed from this loan before filing Chapter 7 individually since the UCC, Article 9, section 203, I believe, states that:
"...a security interest is not enforceable against the debtor or third parties with respect to the collateral and does not attach unless:
(a) the collateral is in the possession of the secured party pursuant to agreement, or the debtor has signed a security agreement…
(b) value has been given; AND
(c) the debtor has rights in the collateral."
My husband's name was NEVER on that stock as collateral and therefore he had no rights in it. And I’m sure the bank committed fraud or discrimination (they ABHOR doing business
with women) by somehow adding my husband to the note (around here everyone is so TRUSTED that this is never questioned...or wasn't). My attorney has ordered a securitization audit of the note to make the bank produce all documents, signatures, etc.
I just value your opinion so much and wanted to see if you felt I have legal claim to have this loan revert to my name only, so I could have the loan discharged in an individual Chapter 7; or do you think I have sufficient grounds to file my Chapter 7 as the loan is now (still having both names—fraudulently, I believe) and list these stated reasons for the bankruptcy
court as explanation?
Thank you so much... I have wanted to ask you a hundred questions in the last few months, but my funds are SO LIMITED...