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Recent Involuntary questions

This is a chapter 13 question regarding a 122C-2 (former

this is a chapter 13 question regarding a 122C-2 (former B22) issue...The Debtor is over the median. The Debtor pays an amount monthly out of her payroll check to repay a loan which uses her 401K as collateral, the 401K is through her employer. Should: (a) this amount be listed on line 17 of the 122C2 as an involuntary deduction or (b) listed on line 33d as a secured debt. At this time the debtor does not list on her schedules this as a secured debt (sched D and J), but it is listed as a sched I payroll deduction. Thank you in advance for your assistance.

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Terry L.

Partner

Doctoral Degree

3,014 satisfied customers
If a judgement creditor executes on the assets of a

If a judgement creditor executes on the assets of a judgement debtor and conducts a sheriff's sale wherein the judgement creditor bids less than reasonably equivalent value for the assets, why is that not a voidable transfer as to other creditors?

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DrakeLAW

Juris Doctorate

1,470 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

1,470 satisfied customers
In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I

In 2004 I had a Chapter 11 bankruptcy discharged in Idaho. I am still in Idaho and facing the possibility of having to file again. The laws have changed since, and I am reading conflicting information about being allowed to file again. Is filing for Chapter 11 possible?

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Maverick

Doctoral Degree

8,422 satisfied customers
I have a question about involuntary bankruptcies. Suppose a

I have a question about involuntary bankruptcies. Suppose a debtor only has two creditors--one being me. I want to file an involuntary bk on this debtor due to the fact she's not paying her bills and I will lose my secured equity position because of it.What is the minimum dollar amount she has to owe me in order for me to qualify to file an involuntary bk against her?

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Roger

Litigation Attorney

Doctoral Degree

35,168 satisfied customers
I have a bankruptcy law question. Suppose someone filed and

I have a bankruptcy law question. Suppose someone filed and discharged a chapter 7 bk 5 years ago. The waiting period is 8 years for another chapter 7. But what about an involuntary 7? If someone is not paying debts and squandering assets can I file aninvoluntary bk on someone before 8 years? I can't file an involuntary 13 and I can't afford to file an involuntary 11. Also, what happens if the debtor files a voluntary chapter 7 only five years after the first discharge? Is there an automatic stay at all?If so, does the court give a temporary automatic stay but order the debtor to convert to a 13 or an 11?

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mmdesq

Attorney

Doctoral Degree

1,070 satisfied customers
My sister-in-law and their husband are losing their house in

My sister-in-law and their husband are losing their house in foreclosure. They owe 80,000 they are 9,000 in the rears. he has a small retirement 1,000 a month and a part time job and she makes about 20K a year in a small business. This is a Freddy Mac or Fannie Mae backed loan. They are worried that they will be pursued for the difference after the property is resold for less. Should they be worried?

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5,318 satisfied customers
To Socrateaser: I have a question about involuntary

To Socrateaser: I have a question about involuntary bankruptcies. Can someone in a foreign country such as Mexico file an involuntary bankruptcy on a US Citizen? Any rules prohibiting this from happening?

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40,202 satisfied customers
Cooying/pasting a friends: question: How often can an

Cooying/pasting a friends: question: How often can an individual file bankruptcy? I have someone who filed chapter 11 buisnesses and was placed as a debtor as well. It looks like he failed to disclosure his current business which has been operating past 15 years - can he be reported ? Are there any repercussions failure to disclose?

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TJ, Esq.

Juris Doctor (JD)

12,064 satisfied customers
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