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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I have already selected a lawyer to do a bankruptcy for me

Customer Question

I have already selected a lawyer to do a bankruptcy for me in California. I recently called the creditors listed in my credit report to get an accounting of my debts for the bankruptcy filing. One of the collection agencies I called threatened to ask the bankruptcy court to exclude their debt of around $40k based on misrepresentation in the loan application. I would like to hire a lawyer to negotiate a payment of this individual debt, before I do the actual bankruptcy. I am also considering postponing the bankruptcy filing for another year if it looks like that would benefit me.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification

WALLSTREETESQ :

what type of loan application was it for?

WALLSTREETESQ :

What did you use the money for?

Customer:

It was a 2nd mortgage on a house. I'm not 100% sure, but I think it was a refinance.

WALLSTREETESQ and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Woops...I mean to reply to you answer, not accept it. What I really want to know is what is the typical range that this debt could be negotiated down to.
Expert:  WALLSTREETESQ replied 6 years ago.
If it was a second mortgage, a fraud claim by them would be hard to prove, and I would not worry about them fighting it in bankruptcy court, in terms of a settlement, you should offer 10%, or whatever security they may have on the property. If the property is underwater and they have no security interest on it any more, stick with a 10% offer with the threat of a bankruptcy.

A mortgage fraud claim, is rarely brought up in bankruptcy court, and I would not worry too much about it, as it is very difficult for them to prevail.
Customer: replied 6 years ago.
Hey, can I get a phone number to call you at to discuss some additional (confidential) aspects of this case?
Customer: replied 6 years ago.
or you can just call me at XXX-XXX-XXXX.
Expert:  WALLSTREETESQ replied 6 years ago.
We are not allowed to speak or have customers contact us, however if you have any further questions please do not hesitate to ask for WALLSTREETESQ., and I would be happy to answer any of your questions.

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