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Recent Insolvency questions

I am in a jam because my father's estate has too much

I am in a jam because my father's estate has too much indebtedness to be sold at a fair price to pay the bank and all the mortgages off. When my father was alive, he had no equity in house and obtained public assistance in the form of 24/7 live in help from the State of Connecticut. So, does the State come before the 1st mortgage? Does the first mortgage bank pay it off? Could I do a pie chart of all the indebtedness and pay each party a percentage of what is owed?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

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I am seeking info for a worst case scenario. Hopefully it

Hello, I am seeking info for a worst case scenario. Hopefully it won't come to this, but...I own a LLC business that is currently struggling. I am considering shutting down the business or claiming business bankruptcy and possibly personal bankruptcy. Not sure what the best course of action would be if it came to this. I have a couple business loans with personal guarantees. Not much in the way of business assets. I rent the building the business is in. Personally, I own (mortgage) a home and have 2 vehicles (loans) and not much as far as personal assets other than some furniture and electronics.

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CalAttorney2

Attorney

Doctoral Degree

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Doing a job and not getting paid for, particular reason,work

Doing a job and not getting paid for,for no particular reason,work as an independent contractor,hired by a locum tenens agency,provided the service and not being compensated.

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legalgems

Juris Doctorate

13,444 satisfied customers
My stepmother just passed away and left my dad with credit

My stepmother just passed away and left my dad with credit card debt. One with his name one the account, $16,000.00, we found out that Discover has turned the account over to a law firm. All of the credit cards were kept from my father. He didn't know that she/he had so much debt. What is the next step. I'm trying to help him. He's 74 and does not like dealing with paper work or debt. What shoul we do next. This is taking place in Florida. Brian Laberdee

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ScottyMacEsq

Doctoral Degree

22,486 satisfied customers
My mother passed away last year with an unsigned will and an

My mother passed away last year with an unsigned will and an insolvent estate. I have two brothers. What is my responsibility? I was her POA and oldest child. One brother is emotionally incapacitated and the other lives 2000 miles away. Her one credit card company forgave the $750+/- balance she owed. Her home is under water-appraised for $278k and owes $308k and Medicaid placed a lien of $130k against the property. She had no funds to pay for her burial, so we paid as a family. Eighty percent of the contents of the home were damaged, worn or had little to no value. We had several estate sale agents appraise the values and all came in under $5000. The actual estate sale grossed $3900 and the proceeds paid for workers, gas (I live 100 miles away round trip) dump runs and advertising. There was some left over to repay burial expenses. My brother that lives 2000 miles away is now threatening to start an investigation and demanding a complete accounting. This is after he came to the funeral, cherry picked what he wanted without letting us know and left stating we would be better off to throw a match on the whole mess. Please advise.

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Loren

Juris Doctor

36,210 satisfied customers
I was taking care of my mother bills. She took a medical transport.

I was taking care of my mother bills. She took a medical transport. I would make the pick up appointment for her and pay the driver. I was told ro stop paying because she was applying for Medicaid.My mother has since passaway any money she had went to paying what bills i could. There is nothing left. But the transport company keep billing me.

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

106,464 satisfied customers
What is the best approach when dealing with a large

What is the best approach when dealing with a large ambu***** *****cing firm? We sent a painter to paint and scrape a porch and he took it upon himself to dismantled the entire porch with a friend ultimately collapsing the porch on him and his friend. We are insolvent and do not have any insurance of any kind. We do have workman's comp. We spent a few bucks to have an attorney go back and forth with the firm. Ultimately they want to settle a $200K claim. My questions is how to have a meaningful conversation to show them there are no funds without compromising myself ?

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Ray

Lawyer

Doctoral Degree

35,100 satisfied customers
Ray - would it be possibly to kindly read over my

Hi Ray - would it be possibly for you to kindly read over my amended answer and counterclaim and let me know if it legally makes sense and is in correct order to turn in? I would be so grateful, thank you! I have attached it to this conversation in word format.

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Ray

Lawyer

Doctoral Degree

35,100 satisfied customers
Can I file insolvency if I filed mortgage forgiveness

Can I file insolvency for CA if I filed mortgage forgiveness of FD? In 2014 we lost our house at the time we filed FD using Form 982 and did not realize that CA did not conform but did allow insolvency so we only file FD hoping that CA would conform but they have not as of now.JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?Customer: We are both on SS and have outstanding IRS debit which in now currently not collectible so we'd like to finish 2014 with CA and do an offer and compromise. ThanksJA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.

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LawTalk

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Juris Doctor

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