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Recent Presumption of Abuse questions
I am a small business owner who provided landscape services
I am a small business owner who provided landscape services for a customer who authorized her job on 05/08/15 as quoted, and between the dates of her authorizing the job, she called our office multiple times to find out how soon we would get to her job, and added more work to the job just prior to our company arriving to complete her work on 7/15/15. She was mailed her Invoice for the work completed on 7/20/15. She never paid the Invoice and then filed for Chapter 7 Bankruptcy on August 11,2015. I beleive she knew exactly what she was planning, an used our services to complete all this work for her knowing she was going to file bankruptcy within 3wks after she received her invoice. She had ample time (2months) in fact from the time she authorized her work to the time the work was started. She could have at anytime, cancelled her job prior to our start date. But instead, she added more work to the original job quote, during that 2 months. and then, as soon as the job is complete and she gets the bill, she files Chapter 7 Bankruptcy. She knew she had no intention of paying for services rendered. Please let me know what I can do to fight this type of fraud and abuse. I live in Southern IN.Any suggestions????
Locked by Customer Service
When I filed my chapter 13 bankruptcy I was currently employed. Had huge credit card debt and money was being taken out of my paychecks to repay 401k loans back to myself eventually leaving me with not a lot of take home pay and it was a viscious circle borrowing to pay bills and live. That was the principal reason for filing bankruptcy.When the meeting of the creditors (a month an a half later) occured I was no longer employed. I represented myself, answered all the questions and no creditors showed up.Two weeks later without any income I decided to withdraw my 401k funds to live on and have on hand to pay upcoming large court costs, etc. I just received a lettter from the court that they intend to file a Notice of Presumption of Abuse and are now asking for all my pay statements, bank accounts etc. again. After some online research I think my 401K funds in my bank account are now jeopardized. My debt is all credit card debt, I don't own a home or have car payments and my monthy expenses are very minimal. I don't mind paying my creditors but want to do it on my terms because I will have to pay taxes on early withdrawal of 401K funds etc.and don't know what that's gong to be plus as I said in the process of a court case against me which will result in huge fines, etc. So I want to have to those funds available and don't want the bankruptcy court to order me to pay some huge amount. The amount in the bank would pay alll my creditors in full but would leave me with nothiing.What happens with the 401k fund in my bank account and if the Presumption of Abuse goes through then what happens. If I don't provide the court with the documents asked for within the time frame does my case get dismissed? If so, then what happens? Or can I dismiss the case and withdraw the funds from my bank account, which will stop the creditor from maybe freezing my account and try and work with my creditors myself?Help!! Thank you for any insight...
When reading through the code for BK chapter 13, I noted that
When reading through the code for BK chapter 13, I noted that it said non-secured debt can't be over approx $383K and secured debt not over approx $1.15m.If there are judgements against the person that are only there due to personally guaranteeing a company's loan (used to be his company, isn't anymore), is that still included in the "not over $1.15m category?What happens if unsecured is over $383 and/or secured is over $1.15?
As stated in previous questions, I have a NY bankruptcy attorney
As stated in previous questions, I have a NY bankruptcy attorney who is concerned that even though my business debt substantially exceeds our consumer debt, ($744K consumer - including mortgages on primary residence -vs. $823K - investment property debt) my high income might be a Chapter 7 "deal killer." However, when I spoke with a good friend who is a FL bankruptcy court trustee, he seemed to think that once we submitted the petition as a "business debt" our income would be "irrelevant." He then referred me to a trusted attorney friend in Florida who, surprisingly, voiced the same income concerns as our New York attorney(?)So my specific question is: Is this matter of income beyond the means test and beyond the business debt test all simply a matter of the Judge's discretion? Or is there some Federal statute that govern who qualifies for a Chapter 7 business bankruptcy based on income?If it helps: Our net income as stated on Schedule J is $5,825. This total does not include a monthly IRS tax installment payment of $500, my daughter's private school tuition of $980, and my son's car lease payment of $249. I also have to make 12 installment payments of $3,611.00 per month to pay the balance of my son's annual college tuition after financial aid!The last part of my question is although I work and live in NY, our family still has a formal footprint in FL since both our children are in FL (my daughter is in her last year of high school) and we are back and forth regularly. In fact, my wife still has her FL driver license and spends several months a year there. Could we legitimately include the cost of renting property for my wife and daughter to live in as part of our monthly expenses when we submit the petition if net income is in fact a real issue? Alternatively, if we could negotiate a loan recast with the first mortgage holder, we were thinking about keeping our residence and resume paying the modified mortgage.Thanks
I was injured at work 2-8-2007 I am 60 years and 8 months old
I was injured at work 2-8-2007 I am 60 years and 8 months old my case was settle in Sept.2008.My expense for each month including the mortgage since 2005 are $5,000. I did not find any jobs and I am Unemployed since my injury at work.I am in a very difficolt situation because my liquidity in a couple of months will be gone. I am a very responsible person exemple my mortgage was finalized in 2005 and my gross incame was about $130,000 per year and so 2004 and 2003. In 9 months starting in April May I lost my part time business with the post office and in February I lost my job because an accident on the job. Finally the question: at this point and time what is my best course of action? Considering I can not find a paying job. Wich expert I direct my question?
My wife and I are separated, by mutual decision. We live in
My wife and I are separated, by mutual decision. We live in different states. I am in MI and she is in MS. We jointly own a home in IL which is in foreclosure and need to file bankruptcy. How can we do this and where do we start?Thank you!
I received your response to one of my previous questions and
I received your response to one of my previous questions and I really liked how you described the different scenarios when reaffirming the vehicle in the bankruptcy process. I wanted to ask you if it was true, if the vehicle is not reaffirmed by the judge, the vehicle payments are not reported to the credit bureaus? Also, usually what is the percentage or ratio does your monthly expenses and car payment have to be in order for the reaffirmation to be approved by the judge? TIA.
I might have to file Chapter 7,in Illinois. I own aView more bankruptcy law questions
I might have to file for Bankrupcy Chapter 7,in Illinois.I own a property/condominium.The Exempt Equity in IL is $15000.If I have any equity remaining(after deduction of $15000 Exempt Equity),can I just ask the trustee that I can borrow money from family and friends,and pay the Equity amount,so that I can keep my home?Will they give me priority in paying,or they would just foreclose and sell it?