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Recent No Asset questions

Not sure which one I need. If I stop making my credit card

Not sure which one I need. If I stop making my credit card payments what can they do to me?

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NYCLAWYER

Attorney

Juris Doctor.

41,550 satisfied customers
Can a debtor in a chapter 11 file a lawsuit against a

Can a debtor in a chapter 11 file a lawsuit against a creditor or any party for that matter, without permission from the creditor committee and other parties of the estate (like a trustee)?What happens if the debtor files said lawsuit against a party and the lawsuit is frivolous....does the estate become liable for the frivolous lawsuit?

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NYCLAWYER

Attorney

Juris Doctor.

41,550 satisfied customers
I have a friend that had a chapter 13 bankruptcy 5 years

I have a friend that had a chapter 13 bankruptcy 5 years ago. He had a lot of credit card debt, a motorcycle, and a few small things. The credit card debt was erased so he is only paying for the motorcycle and a few small things. This is the last year he has to pay for that bankruptcy. It will be paid off in December. He currently has a modular home financed and has been in it for 7 1/2 years that was not included in bankruptcy. Evidently he has an adjustable rate mortgage because his payments went up, up, and up to the point where he felt like it was no longer worth paying for. He has kept it in pristine condition though. He paid 148,000 for it originally but owes 135,000 on it now. He stopped paying monthly payments on the house 5 months ago. His loan was recently sold to another company but they haven't done anything about removing him yet though. I want to help him make the right decision on this. What are his options? I told him he should offer them something less, like 100,000 or something. Since they don't know the condition of it, they might assume it is destroyed on the inside and be willing to settle for less. He said that wasn't possible because under his bankruptcy, they said he could not finance anything else. What are some smart ways to handle this?

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Law Educator, Esq.

Attorney At Law

Doctoral Degree

115,378 satisfied customers
Twenty-seven years ago we created a trust. Originally our

Twenty-seven years ago we created a trust. Originally our personal residence was the only asset placed in the trust. However, over a quarter century the trust became a general partner in a real estate development company, a member of a limited liability company with diverse assets, a well as an owner in additional real estate assets. The trustees signed mortgages, borrowed money for the trust's business interests etc. My question is; Is this a business trust or a personal trust?

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Phillips Esq.

Attorney

Juris Doctor

21,296 satisfied customers
I have 2 homes in Alaska in mine and my ex husbands name. He

I have 2 homes in Alaska in mine and my ex husbands name. He kept one and I kept one thru our divorce. Both of us have horrible credit since the divorce and can't refinance. My question is... am I able to quit claim the properties out of my name so i can file chapter 7 bankruptcy or would I need to have the mortgage transferred by selling or refinancing? The one I kept is owner finance so it's a private party holding the note and is not on my credit report.

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Barrister

Attorney/Landlord/Realtor

Doctoral Degree

52,306 satisfied customers
I live in NJ. I have a house. The value of the house is

I live in NJ. I have a house. The value of the house is around 500,000 and the remaining mortgage is about 320,000. I have been paying the mortgage, but I have credit card debts over 150,000. I want to file bankruptcy to get rid of my credit card debts, but I want to keep my house. Since my income is around 130,000, I know I cannot file Ch7. But can I file Ch13? Thank you.

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Terry L.

Partner

Doctoral Degree

2,972 satisfied customers
I haveordered against me, one has taken place and wiped out

i have*****ordered against me, one has taken place and wiped out my personal account, i went and filed for motion and will be seeing a judge on monday, the 2nd i just received in the mail today, i need some info before going in front of the judge monday

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NYCLAWYER

Attorney

Juris Doctor.

41,550 satisfied customers
What will happen if I STOP making monthly bankruptcy

What will happen if I STOP making monthly bankruptcy payments?Facts:* 70 years old* SS income of $2250 per month* Medical bills will be accelerating significantly shortly as my wife has Cancer surgery pending* 4 yrs left to pay at $1520 per month

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WALLSTREETESQ

Attorney

Doctoral Degree

18,354 satisfied customers
My wife accumulated a lot of credit card debt and now she

My wife accumulated a lot of credit card debt and now she wants to file chapter 7. How will this relate to me and my assets, inclufing my home which I bought ling before we were married and is only in my name? I'm afraid they will try to go after my sssets.JA: What state are you in? And has anything been officially filed?Customer: California and no, nothing has been filedJA: Has anything been filed in civil court? If so, what?Customer: NothingJA: Anything else you want the lawyer to know before I connect you?Customer: Is there a chargeJA: You just pay a $5 deposit now and the rest only when you get a reply from the Bankruptcy Lawyer. All of this is 100% satisfaction guaranteed, so you can get a refund if you're not happy for any reason.Customer: Ok. I also have another question on the same topic

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DrakeLAW

Juris Doctorate

1,144 satisfied customers
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