Bankruptcy Law

Bankruptcy law questions? Ask a bankruptcy lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Should our daughter in law take bankruptcy? Our son passed…

Customer Question
Should our daughter in law...
Should our daughter in law take bankruptcy? Our son passed on April 26 last month. The farming debts are as follows:
$190,000 operating note
250,000 equipment note
80,000 shop note
29,000 John Deere note. - interest has been stopped
5,440 equipment note
4,000 equipment note
5,000 credit card note for Neil
20,000 wife's credit card note
18,000 student loan for wife
Is living in a house of grandparents rent free
No will for Neil, so it will be 6 months before wife can sell anything. Everything goes to probate. She is a self employed gun shop owner, little income, not receiving social security yet, appointment made for June 11. She will get 1500 a month, not to exceed from social security, 2 girls ages 6 and 8 years old. There is $300,000 in life insurance to come shortly. The bank has over extended equipment loan by inflating values of equipment so be lucky to break even on sale of all equipment. She wants to keep farming land, there is 100 acres free and clear value $120,000. The bank is not attached to this land. The bank is not attached to life insurance. What should she do?
Submitted: 3 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 3 hours by:
5/29/2015
Bankruptcy Lawyer: Irwin Law, Attorney replied 3 years ago
Irwin Law
Irwin Law, Attorney
Category: Bankruptcy Law
Satisfied Customers: 7,576
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.
Verified

Please accept my condolences on the recent loss of your son. If she files bankruptcy, everything she owns goes into the pot for creditors. That would include the land, provided it is in her name alone now, and the insurance money, provided that she receives it as the beneficiary. This is an extremely complicated question that must be addressed by a local bankruptcy specialist, no matter what the cost for the consultation may be. There may well be other methods of dealing with all that debt via direct negotiation with the creditors, that can only be explored using a local attorney. I hope that this information is helpful and that you will enter a positive rating. That is the only way I will be compensated for assisting you. I will be happy to answer follow-up questions which relate to this one. Also, since we are not acting as your attorney be sure to confirm our information with a local attorney. Thanks for choosing JUST ANSWER.

Ask Your Own Bankruptcy Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a bankruptcy lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Irwin Law Your Own Question
Irwin Law
Irwin Law
Irwin Law, Attorney
Category: Bankruptcy Law
Satisfied Customers: 7,576
7,576 Satisfied Customers
Experience: Lawyer & Real Estate Broker, 30+ years, foreclosure, land contracts, inheritance, probate.

Irwin Law 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

2,720 satisfied customers

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

cortrightlaw

cortrightlaw

Attorney

513 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
My wife & I are in our 70's and owe $70,000 in credit card
My wife & I are in our 70's and owe $70,000 in credit card bills. We are considering bankruptcy. We have income of $6,900 and monthly debts of $8,600. What other information do you need and can you re… read more
LegalKnowledge
LegalKnowledge
Juris Doctor
30,932 satisfied customers
I live in Arizona and am a veteran with 100% VA disability.
I live in Arizona and am a veteran with 100% VA disability. I also receive Social Security. The VA two years ago stated that I was unemployable and unable to work I did get the back pay from the VA ho… read more
A.J.
A.J.
Attorney
Doctoral Degree
262 satisfied customers
I am helping my mother in law on her finances and she may be
I am helping my mother in law on her finances and she may be at the point of no return. Here is her situation home - underwater by about $30,000 2 car loans totaling $70,000 - car values are at about … read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
I have a choice to make. Do I pay off my 30-year (23 yrs.
I have a choice to make. Do I pay off my 30-year (23 yrs. remaining) @ 5.25% fixed principal mortgage balance of $150,000 with Wells Fargo or do I pay off my Suntrust Home Equity Loan balance of $80,0… read more
socrateaser
socrateaser
1,031 satisfied customers
18. Small Bank loaned money to Steve, and Steve signed a security
18. Small Bank loaned money to Steve, and Steve signed a security agreement giving Small Bank a security interest in his tools. Small Bank took all of the necessary steps to perfect (protect) its secu… read more
cortrightlaw
cortrightlaw
Attorney
Doctoral Degree
513 satisfied customers
11. Bob grows wheat for a living. Wheat farming constitutes
11. Bob grows wheat for a living. Wheat farming constitutes 100% of Bob's gross income. Bob formed a closely held corporation to conduct his farming business, and he owns 100% of the corporation. Unfo… read more
cortrightlaw
cortrightlaw
Attorney
Doctoral Degree
513 satisfied customers
MY WIFE OWES CREDIT CARD 70,000 SHE HAS NO ONCOME EXCEPT 800.00
MY WIFE OWES CREDIT CARD 70,000 SHE HAS NO ONCOME EXCEPT 800.00 SOCIAL SECURITY. WE JOINTLY OWN 300,000 IN REAL ESTATE BUT IT IS ALL UNDER FIRST LEIN TO MORTGAGE COMPANIES. CAN SHE FILE BANKRUPTCY OR … read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
First in foremost we live in Pennsylvania. My friend graduated
First in foremost we live in Pennsylvania. My friend graduated nursing school a year ago and she is making 41,000 per year. While in nursing school she deferred her school loan payments from earlier r… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
My wife and I are retired. Our income is half from Social Security
My wife and I are retired. Our income is half from Social Security and half from monthly distributions from a regular IRA for me; and a combination of Roth IRA, a regular IRA and non tax deferred acct… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
We are under water on our home (about $32,000, plus a $21,000
We are under water on our home (about $32,000, plus a $21,000 second mortgage) and have about $80,000 in credit card and other non secured loans. We want out of the home as there are only two of us an… read more
cfortunato
cfortunato
J.D.
7,967 satisfied customers
My mortgage loan was discharged in chapter 7, the house is
My mortgage loan was discharged in chapter 7, the house is in foreclosure and will soon go to public sale. With regard to real estate taxes which were continued to be paid by the mortgage company (and… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
can a bankruptcy referee take my spouses house for debts that
can a bankruptcy referee take my spouses house for debts that i incurred prior to urmarriage? Have not used credit since before we married 5 months ago.… read more
FiveStarLaw
FiveStarLaw
Attorney
Doctoral Degree
477 satisfied customers
I am a small business owner/contractor and personal guaruntor
I am a small business owner/contractor and personal guaruntor on a equipment lease contract in which the equipment was repossed and sold at auction. I am being pursued for a $40,000. balance, and also… read more
Maverick
Maverick
Doctoral Degree
6,302 satisfied customers
I live in Texas. Due to a loss of Social Security benefits,
I live in Texas. Due to a loss of Social Security benefits, I am unable to make min payments on some credit cards. Should a judgment be levied, can the credit card co freeze bank accounts (including s… read more
VanDLaw
VanDLaw
Juris Doctor
4 satisfied customers
I personally guaranteed a substancial commercial Real Estate
I personally guaranteed a substancial commercial Real Estate loan for an LLC that I am a member. That loan may end up in default shortly. The bank gets the property, then what? Specifically what happe… read more
Roger
Roger
Litigation Attorney
Doctoral Degree
26,939 satisfied customers
A business loan in which I was the personal guarantor, was
A business loan in which I was the personal guarantor, was taken over by someone else when I left the business. The person who took it over has now stopped paying. A collection agency is now demanding… read more
Law Girl
Law Girl
Attorney
Doctoral Degree
153 satisfied customers
When considering bankruptcy, my main concern is getting rid
When considering bankruptcy, my main concern is getting rid of credit cards and 2 home equity loans. I would like to keep the 80 acre farm and that mortgage. What are my options, if any?… read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,459 satisfied customers
I have 20 Busines Law 2 questions to be answered. If a ...
I have 20 Busines Law 2 questions to be answered. If a bankruptcy expert can help, I would appreciate it. A lots of the questions is concerning bankruptcy homework.… read more
JoeLawyer
JoeLawyer
Attorney
Juris Doctorate
376 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