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My son is diagnosed Bipolar. He has been unable to work for

My son is diagnosed Bipolar. He has been unable to work for the past year but we expect that he will be able to continue working at some time and is not on disability. He has Fed Loans of $22000 and medical debt of $14000 all in default. Would he be advised to file bankruptcy. He is not able to make decisions for himself.

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Terry L.

Partner

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When can wages be garnished in Texas? I have a home that is

When can wages be garnished in Texas? I have a home that is being foreclosed. The loan is through USDA-RHS. Can they garnish my wages?

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WALLSTREETESQ

Attorney

Doctoral Degree

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SBA loan default The SBA loan was borrowed under S. Corporation.

SBA loan defaultThe SBA loan was borrowed under S. Corporation. But the borrower peraonally guaranteed the loan to the bank. The personal guarantee including three personal real-estates besides the business real-estate. Now the business revenue has stopped and the only asset is the real-estate of business. What optional the borrower has at this time?The bank may put borrower's real-estate on auction to get whatever value to get the loan paid. In addition, the bank can also garnish the salary of the borrower and personal bank account. Is this the process in all foreclosures? Some websites talk about negotiate with lender about SBA loan but it seems only that makde sense if the bank see no value from borrower's asset. By SBA loan rule, the bank has to dig out all the personal of the borrower before claiming for government's SBA loan guarantee. Right? THe borrower is also involving in suing the business seller when the SBA loan borrowed for fraud. But the bank does not care why the busines goes down (due to fraud or else)

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10 some years ago, I got a loan from an overseas individual.

10 some years ago, I got a loan from an overseas individual. He (Mr. H) has a lien (deed of trust) against my property. (Of course, I also have original bank mortgage lien). Loan agreement, deed of trust were drawn by an attorney, fund wired into escrow before distributed. After paying interest for 2 years, I am not able to pay off the loan, nor make interest payment. I communicated with the lender several times, they are patiently waiting for my business to turn around and have not taken any foreclosure action.The recent judgment lien holder is challenging Mr. H's lien and attempting to jump over his seniority. Does judgment lien holder has a ground? How can I (or Mr. H, a foreigner) defend?

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Terry L.

Partner

Doctoral Degree

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I once knew this lady that owned her own house. She also got

I once knew this lady that owned her own house. She also got a home improvement loan. Her daughter made an agreement with her that she would help pay for the home improvement loan, and she did so for a while. However, the day came when the daughter's life hit rock bottom when she had to take care of her dying husband, who had cancer and other personal problems. As a result, the daughter would make a payment toward the home improvement loan on one month, but not the next month, and then a payment on the month after that, but then no payment on the month after, and so forth, until finally the house foreclosed, somebody else bought the house at auction or something like that, and the new owner kicked the lady out of the house. My question is this: At some point, could this lady have saved her house had she filed for bankruptcy? Thank you.

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Roger

Litigation Attorney

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Hi, I have properties that were surrendered in my BK7, but

Hi, I have properties that were surrendered in my BK7, but have not yet foreclosed. The BK was discharged in 2011. There is a lady representing a company that wants to rent the property and give me 25% of the rent while they persue a short sale. All they want me to do is do a quitclaim deed over to them. Does the quitclaim deed protect me from the mortgage company persuing me for the rent that I have already collected and will collect?

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I started my own medical practice 3 years ago and even though

I started my own medical practice 3 years ago and even though I was very busy, my office manager embezzled everything I had and left me with less than $50; I was unable to recoup the losses, sold everything I had and tried to make a go of it, but had to close the practice for a high debt burden that was unsustainable. My house if being foreclosed on and I've sold all my assess. I hope to pay off my debts within the next 3 years, and would like to live in Central or South America, where my money will go further. I have two related questions: 1) If I can get my tax information caught up before foreclosure, can I sell my house, pay the IRS and still keep some of the equity (if there's any left), and 2) can I get my passport renewed before the debt to the IRS is completely settled if I have a tax attorney working on a modified repayment plan? Thank you!

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Roger

Litigation Attorney

Doctoral Degree

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My Credit Report states under "closed accounts" that an account

My Credit Report states under "closed accounts" that an account is closed and Status: "included in bankruptcy."Now my discharge was 8-22-12 and on 8-29-12 they dated a letter that the referenced loan is in default. They were on Schedule F, and did not record their interest in over 9 years. The Trustee was going to sell the property as a result, so I switched this property to my exempt homestead and put a different property as my non-exempt property...being a Chapter 7, can only have one homestead property.I am going to mail them the Schedule F and discharge, which they are obviously aware of and they have also been made aware by me, months ago, that they do not have a secured interest being that they said they do not have the Note since they shredded it. They also do not have an endorsement from the original mtg company I refinanced with years ago and since that original company has filed Bankruptcy.I am going to send certified return receipt the Sch F and discharge and let them know they will be violating the BK injunction if they try to collect or foreclose on this debt. They say in their letter if I don't pay what is due by Oct. 3, 2012 (i stopped paying when I filed BK 8 months ago) including late charges and an amount listed as "delinquency related expenses) then the default will result in the acceleration of all sums due under the Security Instrument. Should I include a "demand" letter? They already months ago sent me what they had, and it is nothing signed to them, no endorsement from original mortgage lender, and the Note and Deed of Trust are not made out to them.They told me straight up they do not have the original Note.They did not ever record their assignment (not required in CA, however, it means they did not perfect their interest or have a lien the way I understand it.)I have seen templates of demand letters, but at this point is that required? or just send the Sch. F with their name and discharge paper? thanks

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Paul K, Esq.

Managing Counsel

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I just got a garnishment judgement for 25% of my pay. I am

I just got a garnishment judgement for 25% of my pay. I am planning to claim bankruptcy. Will that start the garnishment t?

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