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Recent Exemptions questions

State: Louisiana; Question on allocation of non-exempt

State: Louisiana; Question on allocation of non-exempt property between adult family members living in the same household.The situation would be that a homeowner and wife are filing Chap 7. Living in the same house is the homeowner's 27 yr old son and family, who recently moved back to the house to save up money for a house down payment.How would a trustee make the determination to allocate/divide the non-exempt property between what the homeowner owns versus what the son owns. Such property include televisions, electronic equip, musical instruments, toys, portable A/C, aquariums, furniture, etc.?

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LawTalk

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Juris Doctor

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Just have a question regarding my discharged Bankruptcy. The

Just have a question regarding my discharged Bankruptcy. The attorney who handled my BK is being unresponsive (It's been 6 years so I don't even know if he is practicing any more). Anyway. I filed Chapter 7 in December of 2010 and was successfully discharged in April 2011. Included in the BK was several judgements from Debt I was unable to pay. One of them was for a $1300 debt to US Bank, which they sold to Liberty Acquisitions and it is listed in Section 4. Suits and administrative proceedings, executions, garnishments and attachments. It is also shown in Schedule F. Anyway, I tried to refinance my home several months ago and found out this particular judgement had placed a lien on my home and the title company wanted me to pay it (which was now over $4k). I tried contacting Liberty Acquisitions to work out a settlement, but found Liberty had closed and the debts were transferred to Wakefield and Associates. It took my 6 weeks to even find someone at Wakefield who could find the judgement, but the finally did and were only willing to go down to $3500 which neither my wife or I were willing to agree to. We decided to postpone the refinance until October because my BK attorney (he was responding to me back then) said since it was issued in October 2010, it would go away after 6 years, which is October 2016. Here we are a month away and I checked my credit reports (as I do about every 3 months) and found that Wakefield has now issued a new collection against me for this debt? Can they do this? It was part of the bankruptcy so how can they issue a new collection against it? They also have sent me no documentation. If I hadn't checked my own credit, I would have had no idea. Should I fight this and how do I go about it?

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DrakeLAW

Juris Doctorate

628 satisfied customers
The facts are as follows...The potential Debtor has

Hello:The facts are as follows...The potential Debtor has substantial equity in his home that is well over the state exemption level. The Debtor also has substantial student loan debt. Can the debtor go use a home equity loan to pay off the student loans and in turn minimize the amount of equity in the home for bankruptcy purposes? The Debtor proposes to do this right before filing his petition.

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Terry L.

Partner

Doctoral Degree

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I have a personal residence where my wife and I live. It has

I have a personal residence where my wife and I live. It has the following liens:First mortgage of approximately 725,000Second Mortgage of approximately 200,000Judgment lien of approximately 500,000Third mortgage of approximately 200,000The home is probably worth 750,000 on a good day, which is about the same as its valuation for property taxes. In Utah the homestead exemption for both my wife and me is 60,000.Recently I received a notice of default on the third mortgage, which is junior to the first three liens above. Can you help me understand what happens if the third mortgage exercises its power of sale. Does the homestead exemption come into play at all in this scenario? Does the third mortgage holder have to bid enough to cover the three superior liens, and so forth?

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DrakeLAW

Juris Doctorate

628 satisfied customers
I am already a member, I am not sure of my password please

I am already a member, I am not sure of my password ***** advisemy email is***@******.*** thank youI am going to file chapt 7 bankruptcy in florida in 2017I believe the most my wife and I can make is 54k per yearmain questionmy wife and I have social security benefits 37k combineddoes this mean that I can only make an additional 16 k approx.to be less than the 54k max amount allowedmy accountant claims my social security benefit as a benefit, not as incomehe puts down 0 of income adjacent to my 37k social benefit on our tax formto be more accurate my wife is on social security disabilityor can I make 53k plus my 37k which is our social security ???this a very important question for me.please ask me any additional questions if needed cell phone is(###) ###-####thank you barry warner

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DrakeLAW

Juris Doctorate

628 satisfied customers
If i file for bankruptcy and have no assets other than my

if i file for bankruptcy and have no assets other than my retirement and my car, will anything be taken from me? and how will it impact my credit? i've been told only a few months and also years.

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DrakeLAW

Juris Doctorate

628 satisfied customers
Its not really a bankruptcy question. Its more on

its not really a bankruptcy question. Its more on garnishments and judgments. Is Mr. Terry still the right lawyer to talk to?JA: What state are you in? And has anything been officially filed?Customer: Arkansas. and yesJA: Have you talked to a lawyer yet?Customer: nobody open on the days im available. I live in rural arkansas and we literally have 2 lawyers. One is half deaf :/JA: Anything else you think the lawyer should know?Customer: Does Mr Terry deal with garnishments & judgements or?

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Terry L.

Partner

Doctoral Degree

2,866 satisfied customers
I am a disabled vet with 60%, and I want to file bankruptcy

I am a disabled vet with 60%, and I want to file bankruptcy with my spouse. We accrued all debt while serving actively. My question is since I already pass the means test according to the SCRA, does my wife also automatically pass or does she have to use her income and take the means test. No Bankruptcy lawyer that I have spoke with could tell me a definitive answer.

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LawTalk

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Juris Doctor

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I'm being sued by my old condo association. I declared

I'm being sued by my old condo association. I declared bankruptcy last year and it was discharged. this debt occurred after my discharge. I am on SSD. I lost everything when I got sick. I tried to get the bank to take the property back no questions asked. No luck. My question is, if they win their trial, can they garnish my SSD? I share an account with a boyfriend and don't want to put him at risk.

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Phillips Esq.

Attorney

Juris Doctor

18,326 satisfied customers
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