Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

I am considering filing bankruptcy. I was a victim or mortgage

Customer Question
fraud and now owe nearly...
I am considering filing bankruptcy. I was a victim or mortgage fraud and now owe nearly $700,000 for property with a tax value of $120,000. The banks involved played a part in the fraud scheme but it is doubtful they will be help responsible so I'm preparing for the worst and I'm thinking about filing personal bankruptcy (even though I don't owe anything on credit cards or anything else aside from some school loans). My current credit is mid 700's. I also own a succesful S Corporation so my thoughts are it won't be as bad as it would be for most people as I can pay myself as much or as little as I need to. Am I correct in assuming that it's easier for someone in my situation?
Submitted: 9 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 27 minutes by:
10/2/2008
Bankruptcy Lawyer: VanDLaw, Attorney replied 9 years ago
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
Verified

HelloCustomer

 

I will be happy to assist you. As your stock in the S corporation is part of your assets, it would be included in your personal bankruptcy; If your ownersip interest has any market value it could be sold to pay your debts. You must list the ownership of the stock on Schedule B, however, the value of that stock is dependent on the value of the business.

 

Also, any other assets you own outright could be attached and sold to pay this secured creditor minus the exemptions for California. California has two options for using exemptions, and does not allow residents to use the Federal Exemptions.

Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago
How can they determine if my ownership interest (100%) has any market value? How is the value of the business determined?
Bankruptcy Lawyer: VanDLaw, Attorney replied 9 years ago

You have to submit a Statment of Affairs with your filing. This is financial report showing assets and liabilities at expected liquidation values and stockholders' equity. If they did not believe your report they would investigate further, if you were proven to be providing false information they could dismiss your bankruptcy or worse perjury charges.

Ask Your Own Bankruptcy Law Question
Customer reply replied 9 years ago
Makes sense. Can a good bankruptcy attorney come up with a solution to protect against losing all my shares? I'm sure there are creative ways to protect me aren't there?
Bankruptcy Lawyer: VanDLaw, Attorney replied 9 years ago

You should definitely see a bankruptcy attorney. It is illegal to move assets in preparation for bankruptcy, but there may be other scenarios or exemptions that they would be aware of.

VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience: Chapter 7 & 13
Verified
VanDLaw and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Ask VanDLaw Your Own Question
VanDLaw
VanDLaw
VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
833 Satisfied Customers
Experience: Chapter 7 & 13

VanDLaw is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
In a situation where a property owner is being foreclosed
In a situation where a property owner is being foreclosed upon by the city for property taxes.. no mortgage, some liens, including one state and one federal, but still about 100k in equity.. would tha… read more
Asad Rahman
Asad Rahman
Attorney
J.D.
2,286 satisfied customers
I own a business that had a couple of rough years in 2013
I own a business that had a couple of rough years in 2013 and 2014. In 2015 and 2016 I did manage to make a profit, but I again lost money in 2017. With negative income over the past 5 years and with … read more
LegalGems
LegalGems
Juris Doctorate
10,665 satisfied customers
I am going to give you my situation as background. First, I
I am going to give you my situation as background. First, I have a job in the $75K range so will need to file Chapter 13 five year bankruptcy. I live in Florida and have a home in Louisiana with rough… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
If the trustee rules that the person filing for bankruptcy
If the trustee rules that the person filing for bankruptcy has an equitable interest in real estate, can that ruling interfere with his exemption. Or is he allowed then to file for his right of redemp… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I am filing Ch 7. I am entitled to a $39,800 insurance claim
I am filing Ch 7. I am entitled to a $39,800 insurance claim for water damage to flooring in my home. Since this was lender-placed insurance, they won't release the funds until the work is completed (… read more
Legal Expert Justin
Legal Expert Justin
Law Degree
229 satisfied customers
I am considering filing a chapter 7 personal bankruptcy. I
I am considering filing a chapter 7 personal bankruptcy. I know some years ago there were some changes in the bankruptcy laws. What I need to know, first of all, is how much money can be retained in a… read more
LegalGems
LegalGems
Juris Doctorate
10,665 satisfied customers
BANKRUPTCY: 1. What happens to a home based-business (Travel
BANKRUPTCY: 1. What happens to a home based-business (Travel Agent) in Personal bankruptcy, Chapter 7? 2. Can debtor keep a Rental property (Wife only Mortgage) along with their primary residence(Husb… read more
socrateaser
socrateaser
1,031 satisfied customers
If you file a chapter 7 bankruptcy and I own a house free
If you file a chapter 7 bankruptcy and I own a house free and clear that's worth 15000 can I keep the house? if so do I have to claim it as an exemption… read more
LegalGems
LegalGems
Juris Doctorate
10,665 satisfied customers
I filed personal bankruptcy chapter 7 in 2011 and chapter 13
I filed personal bankruptcy chapter 7 in 2011 and chapter 13 in 2012. I receive a discharge for chapter 7 in 2012 and paid off my chapter 13 obligation in 2016. I did not not receive a discharge in th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I have over $100K of credit card debt and my revenues do not
I have over $100K of credit card debt and my revenues do not allow me to pay my debts. If I file for personal Bankruptcy, will I be able to keep my LLC and a business bank account? … read more
Legal Eagle
Legal Eagle
Attorney
Doctoral Degree
7,317 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Personal Bankruptcy Chapter 7 in Florida, owner of a
Personal Bankruptcy Chapter 7 in Florida, owner of a one-person S-Corp services business. In filing Ch 7 (Personal) BK I understand I will relinquish all non-exempt personal assets. Question is on S-C… read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I am in need of filing a chapter 11 personal bankruptcy due
I am in need of filing a chapter 11 personal bankruptcy due to abnormal circumstances … read more
DrakeLAW
DrakeLAW
Juris Doctorate
973 satisfied customers
I understand in personal bankruptcy this cannot be done, but
I understand in personal bankruptcy this cannot be done, but In a business to business environment, is it legal to publicize debtors who have filed bankruptcy, such as the company name, principals & a… read more
INFOLAWYER
INFOLAWYER
Partner
Doctoral Degree
56,271 satisfied customers
In personal bankruptcy, what can they take? If you have a
In personal bankruptcy, what can they take? If you have a house and a lot of little things in the house like furniture, clothes, books, etc. All the personal things people normally have that wouldn't … read more
Rovena Andoni
Rovena Andoni
Juris Doctor
10 satisfied customers
If you file for personal bankruptcy in Florida and you own a
If you file for personal bankruptcy in Florida and you own a corporate asset, is that corporate asset considered separate from your personal assets? In other words, is it safe from being taken? Also, … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Regarding my previous question (Bk 7), home equity of
Hi!Regarding my previous question (Bk 7), home equity of $18000:Do you think that the trustee would deduct certain potential expenses from my "equity" ,to estimate their "PROFIT,like :real estate brok… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,327 satisfied customers
How can you file for personal bankruptcy (chapter 7 or 13)
How can you file for personal bankruptcy (chapter 7 or 13) more than every 8 years? Is this possible?… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,866 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x