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C.Fortunato
C.Fortunato, Attorney
Category: Legal
Satisfied Customers: 8023
Experience:  Admitted NYS Bar, member ABA, NYSBA, NYCBA, QCBA, Licensed Real Estate Broker
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how much can I make per year after going bankrupt I have a

Customer Question

how much can I make per year after going bankrupt? I have a family of four.
Submitted: 5 years ago.
Category: Legal
Expert:  C.Fortunato replied 5 years ago.
Do you mean before or after the discharge?
Customer: replied 5 years ago.
After I file bankrupcy and all proceedings are finished. The following years, is there any limit on my income? Can they garnish wages or demand payment?
Expert:  C.Fortunato replied 5 years ago.
After discharge, there is no limit on your income per se. However, there is one question on the petition that asks the filer to "describe any increase or decrease in income reasonably anticipated to occur within the year following the filing of this document". If you did not know that your income was going to increase, then this part is left blank.
If you answer this question truthfully when you file, there should be no repurcussions if your income increases dramatically within the year after you file. If it were determined that you lied when answering this question, then the case could be dismissed.
Wages cannot be garnished, and payment cannot be demanded after discharge, regardless of how much you make, unless the case is dismissed.
In summary, as long as you are truthful regarding that question, there is no limit on the amount you can make after getting the discharge. (Before the discharge it is different.)
If I have fully answered your question, please click on the "ACCEPT" button, as per your agreement with "JUST ANSWER." If you need further information, please let me know.
Thank you!
C.Fortunato, Attorney
Category: Legal
Satisfied Customers: 8023
Experience: Admitted NYS Bar, member ABA, NYSBA, NYCBA, QCBA, Licensed Real Estate Broker
C.Fortunato and 12 other Legal Specialists are ready to help you
Customer: replied 5 years ago.
Do I have to file all previous years taxes before I file for bankruptcy?
Expert:  C.Fortunato replied 5 years ago.
Most trustees do want to see a copy of the tax return that was most recently due. This means if you file before April 15, 2009, they will want to see the tax return for 2007. After April 15, 2009, they will want to see the 2008 tax return.
They can ask for 2 years back, but I have never seen this. If you are filing on your own, you can ask the clerk what the trustee will want, or you can call the trustee (you will get his contact information when you file). Or, you can call the court clerk before you file, so you will know beforehand.
You do not provide the tex returns when you file. They are sent to the trustee after filing.
Thank you for accepting my answer!
C.Fortunato, Attorney
Category: Legal
Satisfied Customers: 8023
Experience: Admitted NYS Bar, member ABA, NYSBA, NYCBA, QCBA, Licensed Real Estate Broker
C.Fortunato and 12 other Legal Specialists are ready to help you
Customer: replied 5 years ago.
I paid twice, so I don't want to pay again. But, I would appreciate an answer to two more questions.
I understand though if you don't want to answer them.
Is there an issue with choosing a bankruptcy attorney, or is anyone with a liscense good enough?
Can we file bankruptcy on a loan that I owe to my mom?
Expert:  C.Fortunato replied 5 years ago.
No, do not pay again! Twice is plenty!
Anyone who is admitted to the federal bar can prepare and file a bankruptcy. All practicing attorneys must be admitted to a state bar, but not the federal. Therefore, many attorneys cannot file practice bankruptcy law. It is unlikely, though, that an attorney would try to practice banruptcy without being admitted to the federal bar (it is not allowed!).
You can call the local bar association to get a recommendation for a bankruptcy lawyer, and then go with the one with the best rate. (That's what I would do.)
Not only can you, you have to include the loan you owe your mother. When you file for bankruptcy, you do not have a choice as to the creditors whose debts you want discharged - they all must be included in the petition, without exception, including those of friends and family.
Customer: replied 5 years ago.
Thanks, XXXXX XXXXX been very helpful. Do we have to have an attorney in our state and that we meet with face-to-face or could you help us?
Expert:  C.Fortunato replied 5 years ago.
You do not need an attorney to file bankruptcy. You can do it yourself. I can give you some help. You would start by going to the bankruptcy court in your district and getting a "bankruptcy packet" from the pro se clerk. Let me know if you can't find it (the bankruptcy court), and I will look it up for you (but not tonight).
Fill out as much of the the paperwork as you can, and then come back to JustAnswer and ask for me by name to answer your questions. You can ask a lot of questions at the same time - a lot of people do.
Customer: replied 5 years ago.
Thanks. Will do. Will be in touch.
Expert:  C.Fortunato replied 5 years ago.
You're welcome!
Customer: replied 5 years ago.
So, how do we deal with these loans from family? We will have to pay those, so what do we do, write something in our paperwork about how we plan to pay payments till it is paid off?
Also, my husband is a contractor, how can he maintain the relationships with the vendors, (we will have to pay them the owed amount) but how do we do this, when we have to list that amount owed on the paperwork?
Expert:  C.Fortunato replied 5 years ago.
No, you cannot also chose to pay back some of your creditors, and not others. What a lot of people do is to list the debt, and then just pay the creditor back after the discharge, in spite of the fact that they do not have to (because of the discharge).
Customer: replied 5 years ago.
The closest bankruptcy court is 90 minutes away. I live in 70374. Is there a way to get this bankruptcy packet online?

We have two vehicles, one is paid off, worth about $10,000 and the other is owed on about $3,000 and worth about $7,000. Should we pay the second one off? Will we lose the vehicles? My husband and I both work and need them.

How do we know if our income and expenses are enough that we can file chapter 7? Is there a calculator online?

We currently rent, so we don't have a home we own or need to keep. But we have an old truck worth about $2500, but it is in the shop, not working, we would have to pay $1200 to fix it, should we just sell it or what?

We also have an s corp that we would like to file on, but we only want have $6,000 owed to one company and $10,000 on a credit card. We stopped making money with the business in 2007, just started working in again to try to stave off bankruptcy. Should we file chapter 7 for the company, or is it not enough expense to do so? We do want to stay in business, is that possible after bankruptcy? Is there a way to loop in the expenses of the business with our personal bankruptcy since we are the garauntors?
Expert:  C.Fortunato replied 5 years ago.
1) That is amazing to me! I live near 3 bankruptcy courts and can be at any one within 15 minutes. There are a lot of forms, but they are available at www.uscourts.gov/bankruptcycourts.html. Click on the link, "Bankruptcy Forms".
2) Louisana allows the filer to keep one car with a value up to $7,000 if it is used for work or to commute to work. You can check the value on Bluebook.com. If it is worth a lot more than $7,000, then there is a good possibility that the trustee will make you sell it. The court can attempt to recover any payments you have made to creditors if the total amount exceeds $600 in the 90 days immediately preceeding filing.
3) The completion of Form 22A will give you the answer. This form is a calculator.
4) You would not be able to keep it if the trustee decided it would be worth it for him to sell it to pay off creditors. If it is not working, he may decide it is not worth it. If you sell it, the money you get may have to be listed with the other property you own. (Only a certain amount of property overall is exempt.)
5) You lost me here, because I am only familiar with personal bankruptcies, having never dealt with any business involvement therein.
Customer: replied 5 years ago.
I am considering one of these companies, that is online instead of a lawyer in my town. There is no bankruptcy attorney in my town, so I would have to travel.
Is there a way to know if a company is legitamate? I looked on the Better Business Bureau and didn't see anything about any attornies that work online like that.
Expert:  C.Fortunato replied 5 years ago.
Do you mean a company that prepares the forms only? If so, did you tell them that there is a business involved? If yes to both questions, I would check with the bankruptcy court. If they have prepared enough forms, the court will have some familiarity with them, and may be able to give you some indication of their legitimacy. (Although any recommendation or lack thereof would probably be of the unofficial, off-the-cuff variety.)

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