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I live in Kansas City, Missouri, and have been unemployed since

December 2008 and only have...
I live in Kansas City, Missouri, and have been unemployed since December 2008 and only have unemployment money coming in. (This may or may not be extended after December 2009.) I have about $60K in unsecured debts and am in trouble because of my loss of employment as a union ironworker. I also own one and one-half rental houses. The half, I own with my sister and was our parents' house which we inherited. I have an LLC and both rental houses as well as my house in which I live (which is underwater)are listed on the LLC. Can I do a CH 7, since I don't own these houses, the LLC does? Is there another vehicle to protect them?

I am also being hounded by several bill collectors. Can they attach my bank account or financially attach any of these houses.

I have no other asswets and am barely making it.

Thank you for your help,

Noel Young
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Answered in 2 hours by:
10/3/2009
The Griffin Law Firm
Category: Bankruptcy Law
Satisfied Customers: 51
Experience: Member of NACBA and ABI
Verified
Even though the LLC owns the houses, you own the LLC and the LLC has value based on the assets it is holding (the houses) offset by any liabilities of the LLC. The bill collectors will need to sue you in court and obtain a judgment before they can go after the bank account or attach wages. Depending on the value of the houses though, you may be able to cover all or most of the value with your exemptions. I would recommend finding a local bankruptcy attorney that offers a free consultation and having him take a look at your assets v. available exemptions in your situation. Otherwise, a Chapter 13 will allow you to make payments each month while reorganizing your debts.
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Experience: Member of NACBA and ABI
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Customer reply replied 8 years ago

How can I hold off the bill collectors until February or March 2010? If a judgment is rendered against me in court, can they attach my unemployment?

 

In a CH 13, would I pay back less money (total and monthly) if I had a lower paying job than a higher paying job? Why can't I do a CH-13 on unemployment? There are no jobs out there that pay take-home what I am getting unemployment? Would an S Corporation or some other form protect the houses in a CH 7? Sorry for all this, but I feel up against the wall and don't know what to do.

 

I did talk to a local bankruptcy attorney as you suggested, and didn't get any type of straight answer. He beat around the bush and sounded like a politician on the hot seat. I felt he just wanted me to sign on the dotted line so he could take my money. I will try someone else.

 

Thank you for your straight answer above.

Your payments in a 13 are going to be determined based on your income, then subtracting your cost of living expenses and secured debt payments for cars, houses, or other assets you are keeping with payments. This will give you a number that is your disposable income. Given what you have told me so far, I expect your disposable income to be zero. Are the houses you mentioned paid off, or are there payments being made? Another principle in a 13 is that unsecured debtors must receive at least as much as they would have received in a 7. The problem then that I suspect you may run into in a 13 is that you will need to make some small payment to unsecured creditors and that you will not have the income right now to support the minimum payments. In that scenario you would be faced with the choice of converting to the ch. 7 or having your case dismissed. Since I do not practice in Missouri, you will really need to talk to someone there experienced in working with Missouri exemptions. The consult you had does not sound like it went well. I recommend finding an attorney who is a member of NACBA, ABI, or both. the NACBA website is nacba.org. ABI is abiworld.org. Use those sites to find someone near you who is reputable.
The Griffin Law Firm
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Satisfied Customers: 51
Experience: Member of NACBA and ABI
Verified
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