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I have a business contract case.The company closed years…

I have a business contract...
I have a business contract case.The company closed years back, but since I was a personal guarantor there was a suit against me. The lawyer asked for discovery and I did not comply, and now the hearing is coming up for that. If i do not attend that hearing will the other lawyer get a judgement against me. Secondly they have offered an agreed judgement, however if they are going to get a judgement anyways, how would it make sense for me to sign the agreed judgement and giving up all my rights , and accepting that amount. What should i do in this situation?
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Answered in 2 minutes by:
11/30/2017
RayAnswers
RayAnswers, Attorney
Category: Business Law
Satisfied Customers: 48,866
Experience: I have 30 years as a business lawyer in Texas
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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You have two options.You can appear and give them answers about your finances.Here they are hoping you won't show and judge will issue a pick up warrant if this is debtor exam.

Second option here is to file Chapter 7 now and that ends all of this.In Chapter 7 there is an automatic stay all these debtor proceedings are halted and the debt and any others you have get discharged.Please consider that remedy here.

You can file Chapter 7 yourself pro se if you have too.

Forms and self help

http://nmb.uscourts.gov/forms

Long term this is the best option to get this behind you here.

I appreciate the chance to help you tonight.Thanks again.

If you can positive rate 5 stars it is much appreciated.

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Reference

The Chapter 7 bankruptcy process typically takes from four to six months to complete. For the person filing, it involves filling out and filing some forms, attending a meeting with the creditors and a court-appointed bankruptcy trustee, and getting most or all of the debts discharged. There are filing fees of $335. If you have difficulty paying, you may ask the court for assistance by filing certain forms. If you hire a lawyer, you can expect to pay in the range of $800 to $3,000, depending upon where you live and the complexity of your case.

How to File Chapter 7 Bankruptcy

There are limitations to filing Chapter 7 bankruptcy. You may not file if you obtained a discharge in a Chapter 7 case within the past eight years, or in a Chapter 13 case within the past six years. You may not file if a previous bankruptcy case (Chapter 7 or 13) was dismissed within the past 180 days because you violated a court order, you were determined to have engaged in fraudulent conduct, or you requested dismissal after a creditor requested relief from the automatic stay.

You will first need to determine your average monthly income during the six months before filing. If it is at or under the median income for your state (allowing for the size of your family), you are allowed to file under Chapter 7. However, if you are above the median income, you need to move on to a second step of calculation, known as the means test.

The means test uses a standard form to compare your income to your debts, and determine if you have sufficient disposable income to at least pay part of your unsecured debts over a five-year period. If you have such disposable income, you will need to file for a Chapter 13 bankruptcy. [Exception: You are not required to satisfy the means test if (1) you are a disabled veteran and incurred your debts while on active duty, or (2) your debts are mainly from operating a business.]

Classifying Your Debts

In bankruptcy, debts are divided into two classes: secured debts and unsecured debts. A secured debt is one where you have pledged certain property as security for payment, such as with a mortgage or auto loan. An unsecured debt is not connected with any particular property, such as credit card debt and medical bills.

Debts are also divided into dischargeable debts (which are eliminated by bankruptcy) and nondischargeable debts (which are still owed after bankruptcy). Most consumer debts are dischargeable. Nondischargeable debts are most taxes, child support, and student loans.

What Happens to Your Property

In bankruptcy, property is divided into two classes: exempt property and nonexempt property. Exempt property is property that either state or federal law has declared to be unavailable to creditors in trying to collect debt. The purpose of bankruptcy exemptions is to protect certain basic types of property so that you are not left totally destitute after bankruptcy. These are assets you may keep to help you get a fresh start financially. All other property is considered nonexempt, and may be sold by the bankruptcy trustee to at least partially repay your creditors. The exact exemptions vary from state to state. (See Which Exemptions Can You Use In Bankruptcy? )

As a practical matter, in most Chapter 7 bankruptcies, nonexempt property is of minimal value. If the trustee determines that nonexempt property is of little value, or that it would be problematic to sell it, the trustee will abandon the property and you will keep it.

However, even if an item of property is exempt, if it is connected to a secured debt and you don’t keep up your payments, the creditor may take the property securing the loan (through foreclosure or repossession). Therefore, in order to keep property that is security for a debt, you will need to either keep up your payments or negotiate a new payment plan with the creditor. Also, if your equity in the property exceeds the amount the law allows for an exemption, the trustee may require sale of the property.

Before Filing

Before filing for bankruptcy you must complete a credit counseling program with a court-approved agency. This should be done no more than six months before you file, and can often be done online. There is a fee for the program, but the fee may be reduced or waived if you meet certain low income requirements. To find an approved agency in your state, visit the Credit Counseling and Debtor Education page on the U.S. Department of Justice website.

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Customer reply replied 8 months ago
I am in Illinois, while the case is filed in new mexico. The suit is filed in New mexico. When you say pick up warrant, will the cops come to my house in illinois and pick me up for it?. Secondly the main hearing for the case was in the end of december?

No they likely would only pick you up if they pull you over in New Mexico.But watch your bank account here,They likely will levy on it if they can find it.Keep your cash in safety box be paranoid about that.They will register the judgment in Illinois as foreign judgment and come after you there.Consider Chapter 7 here.

I used to be a debt collector once upon a time.

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https://www.atgf.com/tools-publications/pubs/april-2004-atgcarticlestaking-your-judgment-you-travel-guide-midwest-foreign

Illinois has wage garnishment

https://www.illinoislegalaid.org/legal-information/what-wage-garnishment

Eventually they will use credit bureau to find where you are working and bank accounts any other assets.

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Customer reply replied 8 months ago
If i do not attend the notice of hearing, since i do not have any concrete answer to tell the judge on why i did not answer the discovery. They will not come after me in chicago right with cops? Secondly in regards ***** ***** i worlk with a company on 1099, so i am not working with them per se. I do not have any property, or anything else, except bank account without any savings. What happens in this case?

So you may decide to skip the hearing here, see if they come after you in Illinois and record foreign judgment.You can check with county clerk every month or two.Sometimes they give up since you moved and aren't a W-2 employee.

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Thanks for rating 5 stars at top of page , Happy Holidays to you.

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Customer reply replied 8 months ago
That means, it will be a pain for them to come after me, even after they get a judgement in New mexico. The link you sent me mentioned, if they file a judgement with illinois the clerk will send me a notification. Can i oppose the case at that time? Secondly I am not a citizen, and an international student, does that change anything?

Yes you are pretty judgment proof if you are self employed here , keep your bank accounts low.

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Customer reply replied 8 months ago
I am self employed. My wife does not even have social security number, would they be able to get to that account. I do not have any bank balance in my account, but have money coming in every month, the worst they can do is seize my account, would that mean, they will be able to take future money coming in the bank. ?
Customer reply replied 8 months ago
Since you were a debt collector, do you think in a case like mine, you would ever be able to collect a debt?
Customer reply replied 8 months ago
How would they know i am not on payroll. Secondly, how long before they will try and freeze my bank account here in illinois?

Not likely.Any joint accounts or solo accounts in your name are subject to levy.With levy they tell you after they have the money so its not coming back.

They have to record the judgment in Illinois if your bank is there.If you have NM bank or it is interstate bank they can levy on it off the NM judgment.

Other than levy here unlikely to come after you there is nothing there.And Chapter 7 for you sols is an option if needed.

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Customer reply replied 8 months ago
does the levy mean, it is kind of a one time levy, they will be able to grab whatever amount i have at that moment of time? How much time between they get they get the judgement and they put a levy on my account?

They take everything unless you have more than is owed.Bank won't notify you until after they take it.

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Customer reply replied 8 months ago
Right, I understand they will take everything thats in the account at that point of time. But if i do not have money at that point of time but the money comes in later, will they come back again, like every 15 days to take it. Also, once they have a judgement, approx how many months do you think it will take for them to levy on the bank account.

Once hey levy you will need a new account.They take anything that is deposited in the old account until debt is paid.Levy/garnishment is a nasty surprise.Plan accordingly.

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Customer reply replied 8 months ago
In illinois, i think the law says, they cannot take anything under $4000. it has to be over it.Secondly, how would they know which bank do i bank with?
Customer reply replied 8 months ago
Also, once they have a judgement, approx how many months do you think it will take for them to levy on the bank account.

It might take awhile maybe never.They find them through your credit report and history.They work with the big three bureaus and we skip traced folks.I had somebody writ their kid a $10 check for graduation(child support) and we levied on it all.

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Debt Collection requires stamina and a client willing to pay and keep chasing.You never know if they are willing to do that.You are far away and pretty judgment proof.Maybe you put business account in wife's name here and social.

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Customer reply replied 8 months ago
My wife is party to the case as well. She does not have a social secutiry but has a bank account. I also have my name in one of the chex system, due to a small overdraft account with one of the bank. I opened an account with great difficulty with most not willing to open it.So for them to execute the judgement they will have to give it to a debt collection agency?
Customer reply replied 8 months ago
I am in the country since only last 5 years, so do not have alot of history. I am hoping that will work to my benefit.

Yes or an Illinois lawyer.How much is it for?

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Customer reply replied 8 months ago
The amount they are claiming is $40,000
Customer reply replied 8 months ago
It was not a loan given to me, but more like a factoring agreement for the business, but the other business did not repay back the money, and since i was new i had my personal guarantee on it,which is why they came after me. But as i mentioned, since I am just a student, i do not have anything plus, 1099 employee, so no payroll as well. Wanted to know what is the worst that can happen

I think you will be fine here. Watch the bank accounts to the degree you can.

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Customer reply replied 8 months ago
When you say watch the bank accounts, how do i do that, by keeping balances as low as possible?

All you can do is keep the minimum you need to operate.Best you can do and really consider Chapter7 here if you qualify long term to discharge it.

Thanks again appreciate the chance to chat.

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Customer reply replied 8 months ago
now cops, or no jailtime right.

If you can positive rate 5 stars at top of page much appreciated..

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No cops or jail time here.

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Customer reply replied 8 months ago
They finally got a judgement. Can i file an appeal to the judgement so i can get more time.

Yes you file notice of appeal with court of appeals.

Notice of Appeal in New Mexico

https://www-ext-prod.nmcourts.gov/coa/movie/notice_of_appeal_district_court.html

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Customer reply replied 8 months ago
My intention now is to buy as much time as possible. So if i file this will the case start afresh, or will it be the same judge.

It will be fresh at Court of Appeals.It will buy you some time here.

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Customer reply replied 8 months ago
Within how many days will i be able to file an appeal. The judgement went through since i did not attend. The judgement was given yesterday.

12-201. Appeal as of

right; w

hen taken.

A.

F

iling notice.

(1)

A notice of appeal shall be filed

(a)

if the appeal is filed from a decision or order suppressing

or

ex

c

luding

evidence or requiring

the return of seiz

ed property

under Section 39-3-3(B

)

(2) NMSA

1978, within ten (10) day

s after the decision or order appealed from is filed in the district court

clerk’s office; and

(b)

for all other appeals, within thirty

(30) days after the judgment or

order appealed from is filed in the district court clerk’s office.

(2)

The three (3) day

mailing

period set forth in Rule 12-308(B

) NMRA does

not apply

to the time limits set forth in Subparagraph (1) of this paragraph.

(3)

A notice of appeal filed after the announcement of a decision, or return of

the verdict, but before the judgment or order is filed in the district court clerk’s office shall be treated as filed after that filing and on the day of the filing.

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http://www.nmcompcomm.us/nmrules/NMRules/12-201_11-1-2016.pdf

You would have 30 days from yesterday if judgment was entered then.Sorry it formatted weird rules at site above.

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Customer reply replied 8 months ago
are you saying, if i file an appeal, it will be treated like a fresh case, and tat should buy time. At least 60-90 days or so?

It will be treated like an appeal of trial court.You file brief here and they file their brief court may schedule oral arguments.

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Customer reply replied 8 months ago
Is there any downside of doing this. What is the worst case scenario?

They affirm the trial court and award them costs of the appeal, more legal fees.

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Customer reply replied 8 months ago
Do you think the process might pull around 5 to 6 months
Customer reply replied 8 months ago
If i ever file for bankruptcy, will i be able to continue paying my car loans, credit card etc if i would choose to.

Chapter 7 here you can reaffirm the house or car notes, dump the credit cards and discharge the debt and start over here.

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Customer reply replied 8 months ago
I dont own any property. Car is on loans, and credit cards have no debt.

Keep the cars here and credit cards if you choose.

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Customer reply replied 8 months ago
even if i go with the appeal, and the legal fees increases if i loose it, it wont make much of a difference, since i am pretty much judgement proof and worst case scenario i will be able to file bankruptcy. ?

Thats correct not much downside for you here.

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Customer reply replied 8 months ago
Hello, the court has passed the judegement, however i am waiting for a copy. Secondly what does disposition mixed mean.
Customer reply replied 8 months ago
Here is an online snapshot.
Customer reply replied 8 months ago
Also, if I give you 5 star review, will i still be able to talk to you. or will it stop.

Sounds like it was granted in part denied in part.You need to see the orders here.

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Satisfied Customers: 48,866
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Customer reply replied 8 months ago
I did see the order, and they have received everything the other lawyer has asked for. Looks like the other lawyer has in fact prepared the judgement.What is the right time to send an appeal to this judgement
Customer reply replied 8 months ago
I have added the review,but would like to continue the conversation

Sure what follow up up you have I sent you an offer for unlimited chat, accept ask as much as you want.

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I would go on and give notice of appeal you don't want time to run out here.

https://www-ext-prod.nmcourts.gov/coa/movie/notice_of_appeal_district_court.html

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Customer reply replied 8 months ago
The idea of doing this is to delay this as much as possible. We have 30 days to appeal, should i wait till the last week to appeal

Yes but don't be late here on notice.

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Customer reply replied 8 months ago
do you mean i have to send them a notice first for the appeal?

You file notice of appeal with the court of appeals here and trial court.

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Customer reply replied 7 months ago
Where do i mail the notice of appeal? I do not see an adress in the link you sent?

The District Court Clerks Office

for all other appeals, within thirty

(30) days after the judgment or

order appealed from is filed in the district court clerk’s office.

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Customer reply replied 7 months ago
it will be address asClerk at the District court office
third juducial district court

Thats correct,thanks again.

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Thanks for rating 5 stars at top of page.Happy New Year too.

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