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If a debtor is trying to settle with a creditor during a

If a debtor is trying to settle with a creditor during a Chapter 11 bankruptcy case, but then it is found out that this same debtor has a IRS tax liability that is over $900K+ related to not paying taxes for the last several years......should the creditor consider not entering into any settlement with the debtor where payments from by the debtor to the creditor would be made since the IRS could very well be in a position to stop those payments from happening and divert those payments/funds over to the IRS for past tax liability??

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NYCLAWYER

Attorney

Juris Doctor.

40,204 satisfied customers
Can a committee for unsecured creditors in a Chapter 11

Can a committee for unsecured creditors in a Chapter 11 bankruptcy case demand a forensic investigation into all financials for the debtor if there is proof of bankruptcy fraud (lying on a schedule)?

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NYCLAWYER

Attorney

Juris Doctor.

40,204 satisfied customers
I recently submitted my ch. 13 but i got a letter in the

hello. i recently submitted my ch. 13 but i got a letter in the mail from trustee saying that a review of my ch. 13 petition and plan indicates that the information you provided is not sufficient. no other details, but he sent me a Questionnaire about my bankruptcy petition preparer (a yes/no kind of questionnaire about services they provided).1. why wasn't anything written about why it isn't confirmed?2. is questionnaire sent back to the trustee all that is needed?3. do i need to submit my taxes and pay stubs together with the forms? because i thought that i was something i do once the trustee asked for it AFTER i submitted my documents.

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Terry L.

Partner

Doctoral Degree

2,928 satisfied customers
Can you answer a condo bankruptcy question? I am on the

Can you answer a condo bankruptcy question? I am on the board of directors. We have been to a sheriff's sale and obtained a lien foreclosure against past due HOA fees. However, other investors have jumped in with paying this lien?? How can they do that? Plus, this person, who is now deceased, so her estate, owes us almost 6 months of past due HOA fees. Her condo was paid off but this woman was receiving services from the county. The family is not redeeming so far, thinking whatever they would receive on sale of the condo at market rate, they would forfeit to the county. The 22,000+ was what the lien stated, but now, it has increased each month that this has been sitting. but I have other questions, too.

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39,070 satisfied customers
I meant $5,442 for Trustee's fee from previous inquiry. So,

I meant $5,442 for Trustee's fee from previous inquiry.So, as you know now I have 2 unsecured creditors. Student loan ($7,381) and a CC ($1,025). And also, yes I have 1 Secured Car (the monthly payment, which I am ON-TIME for every month is $576.47). My mortgage arrears is $54,427.74.Now I am confused because I only factored in my Mortgage Arrears into my Plan, and the Trustee's fee.....My TOTAL MONTHLY TAKE-HOME PAY AFTER TAXES IS $6,350. MY WIFE'S IS $1,000 SO TOTAL MONTHLY INCOME IS $7,350. RIGHT NOW, I HAVE MY TOTAL MONTHLY EXPENSES FROM SCHEDULE J AT $6358.69. I WANT TO DO 5 YEAR PLAN.Please help, sir. You are life-saver.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am doing a Ch. 13. I have 2 secured creditors (main one is

I am doing a Ch. 13. I have 2 secured creditors (main one is my mortgage arrears, $54,427.74; the other one is my car loan which I am making on-time payments for). What relevance, if any, does the fact that my 2 additional creditors (both unsecured) are BOTH LISTED AS BEING CHARGED-OFF??? One of the unsecured creditors is my student loan (amount $7,381) and my other one is a credit one credit card (amount $1,025). Both are charged-off.What relevance does this have that they are charged-off? I still list them in my paperwork etc. correct? Please explain because I am having difficulty understand what you meant last time when you said, "Because your plan payment must pay to your unsecured creditors at least as much as your non-exempt property. So, the higher your non-exempt property, the more you need to pay to unsecured creditors."?As of now, the math I did to calculate my 5 year Plan was based soley on:1. $54,427.74 (my mortgage arrears) = 90%2. $5,987. 52 (trustee) = 10%=$59,875.22and my 5 year plan was = $997.92 (I did $59,875.22 divided by 60 months).Am I doing my Plan wrong?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am the guy doing the Ch. 13. I am attaching here for your

Hi, I am the guy doing the Ch. 13. I am attaching here for your review Schedule E/F and Form 106Sum. As you will see, I only have 2 unsecured creditors - my student loan (amount $7,381) and my credit one credit card (amount $1,025). Both are charged-off (if that makes a difference?).Anyway, I am confused right now because please take a quick look at the bottom of Pg. 2 of Form 106Sum - " 9g. Total. Add lines 9a through 9f." My question is, so how come my credit card (amount $1,025) is not included in the final number for the Total ???? Right now, the number I have there on my form is $7381 BUT shouldn't it be $8,406 (as listed on the final page of my Schedule E/F??? The difference appears to be that on my Schedule E/F on the final page, there is a box "6i - Other" in which I added in my credit card amount $1,025).Please tell me if my forms appear correct, or if I made some kind of critical error somewhere (I want to avoid all errors). Thanks in advance.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am filing a Ch. 13 Bankruptcy. This is a follow-up to my

Hi, I am filing a Ch. 13 Bankruptcy. This is a follow-up to my original question below regarding what I need to 1)Bring to the courthouse the day I file; and 2) What documents I need to be prepared to submit to Trustee "at a later date"?--->ORIGINAL QUESTION:So do I just bring all of my prepared BK paperwork, including my Ch. 13 Plan, tax return from most recent year,and my certificate of completion for the pre-filing course I took? Am I missing anything - i.e. do I need to also bring them a copy of my credit report, checking account statement, OR ANYTHING LIKE THAT??? Or do I just bring all my Ch. 13 paperwork, my Ch. 13 Plan, my certificate, and copy of my tax return???---->Lawyer AnswerAll you bring is the BK paperwork, the schedules and statements, your plan, and the certificate of completion. You do not need to bring tax returns or any of that other stuff. You will later get a letter from the trustee asking for those documents.MY NEW QUESTION:So what documents do I need to be prepared to submit at a later date ONCE the Trustee asks for them? Are we talking about credit report, checking account statements, or what???Thanks in advance!

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am filing a Ch. 13 Bankruptcy. Most of my paperwork is

Hi, I am filing a Ch. 13 Bankruptcy. Most of my paperwork is ready and I just had a quick question about what files I need to bring with me to the bankruptcy courthouse the day I file:So do I just bring all of my prepared BK paperwork, including my Ch. 13 Plan, tax return from most recent year, and my certificate of completion for the pre-filing course I took? Am I missing anything - i.e. do I need to also bring them a copy of my credit report, checking account statement, OR ANYTHING LIKE THAT??? Or do I just bring all my Ch. 13 paperwork, my Ch. 13 Plan, my certificate, and copy of my tax return???

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
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