Relevant facts: -I am a 'pro se' ch. 13 filer. -My 4th
Relevant facts:-I am a 'pro se' ch. 13 filer.-My 4th amended plan was confirmed by the court very recently.-Also recently, my mortgage lender filed a motion for relief from stay (which I expected as I was in arrears post-petition by 4 months when they filed). The morning of the initial hearing on the matter - held 8/25/16 - I discussed entering a consent order with the mortgage lender's attorney. We communicated this to the judge and he set final hearing for 9/22/2016 (this coming Thursday morning). (At that time, the judge told me that if I could not come to some sort of agreement with my lender then I could present - at the final hearing - whatever evidence I want him to consider for denying their motion to lift the stay).-I have the order in hand (they sent it to me last Thursday and followed up today asking if I agreed with it) but have not signed yet because I have a couple of questions. The 'Order Granting Modification of Stay' stipulates that I am to begin making regular monthly payments starting 10/1/16. Monthly catch-up payments will commence on that date as well (I will have 9 months to cure the arrearage). The source of funds is a gift from my spouse (we are separated currently).- According to nolo.com, "the court is predisposed to continue the bankruptcy protection." Also, "Since property used as collateral must be paid for or returned during bankruptcy, the court will normally lift the stay unless the debtor can bring the payments current or show another good reason to deny the motion (for example, the debtor will use one of the available methods for dealing with secured debts in Chapter 7 bankruptcy, .....*****or the debtor has provided for payment of the debt in a Chapter 13 repayment plan)."Questions:- Is simply modifying my current (confirmed) plan to provide for payment of the post-petition arrears (using the gift funds from my spouse) a viable option for me? Is it really very likely the court would go along with that? I would need to file my modified plan tomorrow if this is a good defense. My total arrears is $5426.48, of which $1676 are attorney's fees.-The lender's initial filing included an exhibit - a tax assessment - that was not actually for my property (it was for another condo in my building) yet represented as such (in other words, they made a mistake). Is this a potentially 'fatal defect'....possibly necessitating re-filing if I bring it up to the judge? (I did mention the defect to the lender's attorney prior to the initial hearing and she replied with "well that's actually good for my client because the tax assessment in the filing is higher than what yours actually is (I had told her mine was less) ...which means they have a smaller equity cushion.....(I understand this but the point is there is an error in the filing).I have a few other questions but would like view your replies to these first.
I received your response to one of my previous questions and
I received your response to one of my previous questions and I really liked how you described the different scenarios when reaffirming the vehicle in the bankruptcy process. I wanted to ask you if it was true, if the vehicle is not reaffirmed by the judge, the vehicle payments are not reported to the credit bureaus? Also, usually what is the percentage or ratio does your monthly expenses and car payment have to be in order for the reaffirmation to be approved by the judge? TIA.
My name is ***** ***** I have debt situation to ask advise
Hi My name is ***** ***** I have debt situation to ask advise aboutJA: Thanks. Can you give me any more details about your issue?Customer: Of course and thanks in advance Here we go: I own the house that is worth about $950k and mortgage is $760k I recently lost my business and can not keep up with payments My wife makes about $100k but after taxes it is not enough to pay mortgage, cars, insurance etc Additionally I have about $70k in credit cards debt Also I own condo outright (1 bedroom), its worth about $80k no and i have a tenant Lastly , we have about $250k in retirement accounts (IRA and 401k) We have two children and I am searching for work for 2 months and can not find anything (I have BS in Electrical Engineering) So my options are : bankruptcy (but I would probably loose condo) foreclosure (but i will loose equity) sell the house (but i can not keep up with payments) Do nothing (it means foreclosure) Sale the house (it takes time and my payments will be delayed) And finaly I was thinking to borrow money from 401k, pay off credit cards, sell the house and hopefully return money to 401k from equity and then rent something..... I am badly Screwed.......Any advise?JA: OK got it. Last thing — Bankruptcy Lawyers generally expect a deposit of about $18 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.
I need help with Bankruptcy/Protecting myself from
I need help with Bankruptcy/Protecting myself from Fraud/consequences.I was a stable homeowner and then became disabled, trying many things to get well. Finally one day I decided to take a leap, and live off my credit cards (based on a spiritual teacher's guidance). I hoped I would recover and gain energy to pay the debt off.A series of misfortunes occurred (my new home burned down while I was in Hawaii, so I stayed in Hawaii....). I focused on writing a book based in that setting and getting my health back.Now, I've maxed out my cards $100,000K of debt, much of it the past 6 months when I moved back to the mainland. I have a serious mental health issues and was unstable (moving from place to place) for nearly 2 years before securing housing/medication.I've paid back friends and family through Paypal using credit cards...large amounts, $2K at a time, sometimes. I've paid rent, groceries, travel, etc. (not jewelry or clothes).I have no real possessions of value and very little money....would like to find an alternative to bankruptcy but barely making it on a disability income (not currently able to work).Do you recommend Bankruptcy Chapter 13 (Colorado)? How do I protect myself from charges of fraud, being asked to pay it back, court stuff, etc? Judgements?I've considered changing my phone # ***** have not given my new mailing address, but is this irresponsible/problematic?What is the best most responsible way to handle this debt?Thank you.
Bankruptcy specialist: We have a client company in trouble,
For business bankruptcy specialist: We have a client company in trouble, and will be speaking with a local BK attorney in person. But for important matters, I like to hear a few explanations or opinions. -- You could say that this client operates in a major industry, where it takes several years to build a business, gain credibility with all the players, and make it over the hill. This company is almost at the peak, ready to go over, but there is resistance due to managing all the debt and vendors/creditors that have build up along the way. Of the +/- 50 creditors, they have been great to work with, for the most part. Only one small active, collection lawsuit so far, a couple collection efforts, but more could start to come in. The good news is that, through extraordinary effort, this company has finally made it over the hill, in terms of high level customers and work, in the past month or so, and they are busy almost to capacity. But now it's like a horse race for cash flow, to put out all the fires, long enough to actually make it, and gain a foundation. -- In a perfect world, this company would be able to prove that they have made it on the offensive side, and get a bank to aggregate everything into one loan, re-package/re-capitalize, simplify, pay off vendors and creditors, gain some operating cash cushion, and move on. But that's pretty dreamy. -- What are the primary factors in a small business being able to qualify for Chapter 11? And generally, how do you "know" when it's time to stop trying to work debts out yourself, and file? Feel free to ask any clarifying questions. Thanks.