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Recent Equity questions

This question concerns objecting to a creditor's claim

This question concerns objecting to a creditor's claim within my Chapter 13 bankruptcy:American Express obtained a judgment against me for approx. $10,000 a few years ago. It's now recorded in the deed books so a lien has attached to my property. The claim that American Express filed incorrectly lists the debt as 'unsecured'. Does this create a legitimate basis for me to file an objection to ask for the claim to be denied as filed (unsecured)? It is too late for them to file another - secured - claim ... but they still are guaranteed payment from the equity in my property if/when it sells.

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DrakeLAW

Juris Doctorate

952 satisfied customers
If possible, Question about post -judgement interrogatories

For Barrister Only if possible,Question about post -judgement interrogatories and a Request for Production of Documents.Hi Barrister, don't know if you remember me, but we were in conversation last May. We need your advice again, on the AMEX issue. Thanks!

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

50,226 satisfied customers
I am a homeowner with close to $35,000 in credit card debt.

Good morning, I am a homeowner with close to $35,000 in credit card debt. I find myself in a deficit of about $250/mo paying mortgage, household expenses, and credit card payments. Would I be eligible for bankruptcy? Thank you,.

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Terry L.

Partner

Doctoral Degree

2,910 satisfied customers
I'm currently in a Chapter 13 bankruptcy - I filed Pro Se. I

I'm currently in a Chapter 13 bankruptcy - I filed Pro Se. I have a confirmed plan 60 month plan and am 12 months into it.Regarding my Plan:Currently, there is an 'Order Settling Trustee's Objection to Fourth Amended Plan' stating that :"The Fourth Amended Plan shall be confirmed as filed, except that it must pay on account of the allowed unsecured creditors at least $64,593, or a lesser amount equal to one hundred percent (100%) of said claims, *whichever is less* (emphasis in the document is underlined), to satisfy the requirements of 11 U.S.C. 1325 (a)(4). The actual total funding may have to increase to do so, if necessary, when allowed claims are determined."The Trustee recently filed his 'Motion and Notice to Allow Claims'. Today is the expiration of the 21 days allowed for parties in interest to object. No one has objected so far (and I am not expecting anyone to).There is a total of only $11,422.19 in unsecured claims. Is there anything I can do (modify my plan? request another 'order'?) - once the order on the motion to allow those claims is made - to specify that I only need to pay this amount into the plan....rather than the $64,593? Or will I still have to pay that total amount into the plan and then receive a refund (at the end of the 5 years) of whatever excess is paid in?

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Terry L.

Partner

Doctoral Degree

2,910 satisfied customers
Ok. 1) It is ok that we are cordial and still live together?

Ok.1)It is ok that we are cordial and still live together?2)If I am an Authorized user on my Spouses Credit Cards, Should I be taken off before filing BK?

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DrakeLAW

Juris Doctorate

952 satisfied customers
I have some questions about selling my home during my

I have some questions about selling my home during my Chapter 13 case.I'm a pro se chapter 13 filer with a confirmed plan. I am considering selling my residence and I want to estimate the costs of withdrawing from the Ch. 13 and selling on my own vs. putting in a motion to sell the property and selling it during the chapter 13 case.Most of the debt to be paid through my plan is secured. First, there is my mortgage company (with arrears specified to be paid through my plan - the mortgage company properly filed their proof of claim). Then there are 2 liens from my condo association attached to the property (the association did NOT file a proof of claim by the deadline for these). Finally, there is a lien from American Express attached to the property (American Express filed proof of claim properly).. If I obtain approval to sell during my Ch. 13 case, how are disbursements to those creditors handled? Does the trustee pay them and get his % commission on those payments? Is he also commissioned on payments made to the real estate/legal professionals approved to be paid from the sale?As far as debt included within my plan that is not attached to my property, there is a $2300 crammed down title loan (the title loan company was noticed but *did not* file a proof of claim) and a $775 claim from a credit card company (they filed proof of claim properly). Will the trustee only pay the credit card company from the sale proceeds (as the title loan co. did not file proof of claim)?Finally, can you give me an estimated amount of time it might take for the trustee to disburse the excess funds from the sale to me? There is plenty of equity in the home to pay all of my creditors (secured and unsecured....though some have not filed proofs of claim).

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Terry L.

Partner

Doctoral Degree

2,910 satisfied customers
If my wife and I have a "joint savings and checking" could

If my wife and I have a "joint savings and checking" could the person getting the judgment against just me touch that money since the accounts in both names? Or would I have to give up half? How's that work in the state of TN?Also what about vehicles in both names?I'm being sued currently by a corporation for violation of confidentiality agreement. They are looking to take my assets

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legalg

Juris Doctorate

15,410 satisfied customers
BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC

BUSINESS BANKRUPTCY ATTORNEY ONLY: Can debts in an LLC partnership filing taxes as a Sub-S be discharged in a Chapter 7? If one of the two equal partners withdraws a large sum of money to pay his own separately owned company without authorization of the other partner and this potentially renders the LLC insolvent and unable to pay its payroll taxes and other third-party obligations, forcing the other partner to put the LLC into Ch 7, could the Trustee discharge that debt AND seek to recover it due to the partner who made the withdrawal preferring his own separate company over other creditors and is this likely? Lastly, can IRS force an Involuntary Ch 7 for unpaid payroll taxes?

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DrakeLAW

Juris Doctorate

952 satisfied customers
I am 66 still working as an engineering contractor and

I am 66 still working as an engineering contractor and making very good money, however one or both of two events may occur which would leave me only with my wife's and my social security and $800 /mo in two small pensions. Our combined social security is 3600/month. We could pay our secured debt which consists of two cars and a mobile home out of this ok but not the payments on our unsecured debt. The events I mentioned are: at the end of december my contract assignment will be over( i had anticipated 2 more years, but business is down) and or my wife who has cancer has a checkup in december. If her cancer is back it is terminal I might not be able to get another contract job . I will look for work after this assignment ends but the market is down so no guarantees. I have about six month of expenses saved. Should i try to payoff one of my cars? What in general can i keep and what should i do in preparation. Also my zip is 77360. Are there any bankruptcy lawyers in this area?

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LawTalk

Attorney at Law

Juris Doctor

35,218 satisfied customers
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