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Recent Promissory Note questions

I had someone sign a promissory note for over 40k. I know

I had someone sign a promissory note for over 40k. I know they are going to file Chapter 7 in the state of California. Can I sue them before they file? If so and I get a judgement against them before they file, will I be able to garnish their wages and/or their assets?How do the courts decide who gets paid first? First to receive judgements?

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Roger

Litigation Attorney

Doctoral Degree

34,606 satisfied customers
How can I create a promissory note that can't be discharged

How can I create a promissory note that can't be discharged by someone through Bankruptcy in California?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am in escrow with a house where the seller is in

I am in escrow with a house where the seller is in bankruptcy. She has a bankruptcy attorney. He signed the dismissal yesterday and now it goes before the judge for his approval. I agreed to give her the last payment due the trustee of the court and two house payments which all together total $3,940.00. It will help move things along and I am a cash buyer which helps as well. I am having her sign a notarized promissory note with the details. Am I protected to get my money back after the sale of the house?

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Alex J. Esq.

Managing Attorney

Doctoral Degree

22,646 satisfied customers
Can a confessed judgment promissory note that is based on

Can a confessed judgment promissory note that is based on fiduciary defalcation and breach of fiduciary duty or will the bankruptcy court honor the terms of the confessed judgement promissory note (for either chapter 7 or chapter 13)?

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Terry L.

Partner

Doctoral Degree

2,928 satisfied customers
Can a confessed judgment promissory note that is based on

Can a confessed judgment promissory note that is based on fiduciary defalcation and breach of fiduciary duty or will the bankruptcy court honor the terms of the confessed judgement promissory note (for either chapter 7 or chapter 13)?

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mmdesq

Attorney

Doctoral Degree

1,066 satisfied customers
Are there different state laws regarding unsecured student

are there different state laws regarding unsecured student loans as regards ***** ***** bk?

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Texas Atty

Juris Doctor

37,212 satisfied customers
An objection to my Chapter 11 plan came in 3 weeks after

An objection to my Chapter 11 plan came in 3 weeks after votes were due, from my main creditor. Obviously, they didn't vote. I'm trying to predict the outcome if I were to ignore this instead of accepting the high interest they demand, or stipulating to raise the interest rate by any amount. I would ignore it on the basis of its lateness; possibly because of invalid arguments. It would be a risk; my lawyer says the judge will consider it, even though it's late:"The judge will give the opposition some weight, even if it was untimely."(What are rules for? My lawyer always wants me to roll over. I have to fight to be fought for.)The lender doesn't mind being bifurcated and they don't dispute the stipulated value. They accept that the secured portion would be my entire loan amount. I asked for 3.75% interest. They want 6.5% and point to the bk code to justify that.My concerns: At 6.5% the payment would rise by $1000. It' higher than the rate I wanted to modify. The balance is $39K more than the balance when I started this loan mod thing in 2009. (But far less than balance and arrears combined.) The plan I proposed is very tight. I couldn't pay another $1000 even if I wanted to. The loan mod I was working on for 6.5 years would have been 2% in year one, rising to 3.5% over 5 years, but probably wouldn't have disposed of the portion of the debt above the property value; it would have been in forbearance.Question 1:The relevant part of the objection and the code they cite accompany this question. I don't see any connection between the two. Is there one?Now, the judge. She's been more than decent so far. She is asked to consider me a flake and confirm with a higher interest rate than the one in my plan. Will she?I don't know about her, but I don't buy the argument that I am high risk because I am a Chapter 11 debtor. I wouldn't be doing this if I weren't serious. This is my only problem loan; I didn't feel like giving away the $300K I had in this building; the former servicer was about to foreclose after improperly denying a HAMP. They denied it because they did the math wrong, and also failed to notify me or my lawyer, which meant I lost the chance to appeal... that is to say, extenuating circumstances. The judge cannot know that because my lawyer does not want to say it.This creditor acquired the loan, not just the servicing, right after the prior servicer had done their appraisal this spring. The servicer asked for two extensions for that--almost a month--so for this debt, this is the third extension they expect. In case that matters.Further, this lender has the collateral if I default. Their predecessor's appraiser brought it in $60K higher than the stipulated value we reached, and $60K above my appraiser's value. If they trust the appraisal they inherited, then there's some equity to make up for their low opinion of my reliability. (Big range).The lender says they want a higher rate because I'm likely to default. A higher rate would increase the odds of anyone defaulting. If the goal is to get the balance repaid, the odds are better at 3.75% than 6.5%. If the goal is to maximize profits, then it's a toss up. I'd re-fi out of this the second I could, if rates were low.Question 2Given all of the above, and the argument (attached) can you hazard a guess about how the judge would lean--confirm the plan I had, versus increase the interest rate for this late objection?

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Phillips Esq.

Attorney

Juris Doctor

20,692 satisfied customers
This is an ethics question in a bankruptcy context I red a

This is an ethics question in a bankruptcy contextI hired a law firm to handle my Chapter 11 bankruptcy after Partner A and I had discussed the case over the phone in sufficient detail to relay my seriousness, my income, and the size of my debt to my sole impaired creditor. After I had signed the retainer and wired the money, I went in and met with Partner A. We went over my assets and income again and he told me how he thought the BK should be structured.I was assigned Partner B as my attorney. The day to day work has been done by a capable and experienced junior attorney. We have obtained a handshake deal for the vote I need in order to have a confirmable plan. We expect that vote next week, and a confirmation at the confirmation hearing in 6 weeks.Yesterday, the junior attorney told me that until recently, partners A and B didn't think my bankruptcy plan would be confirmed.Should one of them have told me that soon after they came to believe it?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am in a bk ch 13 and i recently objected to a POC with

I am in a bk ch 13 and i recently objected to a POC with respect to a promissory note, the objection was over ruled, so i filed a notice of appeal, my question is can i still file an adversarial proceeding to test the validity of the DOT (lien) ? my concern is that by filing an appeal does that divest the district court of jurisdiction of the matter, and therefore enabling my complaint to be heard?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
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