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3 years ago, my wife and I secured the services of a company…

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3 years ago, my wife...
3 years ago, my wife and I secured the services of a company who's job it was to negotiate settlements with our credit card companies (somewhere around $40K over 6 or so cards#. They were very clear that I wasn't to talk to any collectors that called, and to send them any letters I've received, which I have done. The debt has been sold several times, making it very difficult to keep track of where the debt was/who to negotiate with.

Now Chase has apparently re-purchased the debt #$11K) and I've received a copy of a "Warrant In Debt" from them (but not from the court). There are 2 letters attached, both being notices of the sale of blocks of debts by Chase to another company, but there is no record of Chase repurchasing the debt.

In a general sense, I'd like to know what I can do at this point.

Specificially, I'd like to know ithe likelihood of success in challenging the debt based on no proof that Chase re-bought it.

Please help!
Submitted: 8 years ago.Category: Consumer Protection Law
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Answered in 2 hours by:
6/18/2010
Consumer Protection Lawyer: Infolawyer, Lawyer replied 8 years ago
Infolawyer
Infolawyer, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 63,663
Experience: Licensed attorney helping individuals and businesses.
Verified
Hello and thank you for your question. What can I answer exactly?
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Customer reply replied 8 years ago

Would it do me any good to consult an attorney (beyond this website) or to take one with me to court?

 

How do I find out more info regarding Exempt and Non-Exempt Assetts?

 

Do I stand a chance of disputing Chase's claim to the debt since they only provided documuments that state that they sold the debt, not that they repurchased it?

 

If the court finds in favor of Chase, do I have any options other than to pay Chase or forfiet my assets?

 

(I realize that's a lot of questions for $15, but that's all I've got until the 1st of next month. Any answers you can provide are appreciated.)

Consumer Protection Lawyer: Infolawyer, Lawyer replied 8 years ago
I am going to open this question to my colleagues as I have to step away for a bit.
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Customer reply replied 8 years ago

Okay. Thanks for the heads-up.

 

I've got to go to bed and try to sleep.

 

I'll check back in the morning.

 

Thanks again

Consumer Protection Lawyer: Lawdoctor, Lawyer replied 8 years ago
Lawdoctor
Lawdoctor, Lawyer
Category: Consumer Protection Law
Satisfied Customers: 1,400
Experience: I have handled numerous consumer issues both on the consumer and retail sides.
Verified

DearCustomer

Infolawyer referred your question to me. Thank you for allowing me to assist you with your question.



Your question is very important to me, but please remember that I can only respond to the information you provide and I do not know your entire situation. My response is limited to what you have written to me and the answer may change with additional facts.



Also, due to site reasons, there are times I am initially only able to see a portion of post, so I apologize in advance if it means that you have to duplicate information.



There may be future facts that are as yet undetermined in your matter, that can and must leave some areas of information provided by me broad in nature. However, don't hesitate to ask for clarification if needed! At times, there can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break. Now, let’s address your question!

 

You definately need to consult with an attorney in your area who specializes in Consumer collections defense. One thing that can assist you is whether the bank has an original of the debt document, and if not, that is one thing to demand.

 

Depending on whether you file bankruptcy, or utilize exemptions under Virginia law.

 

 

The Virginia homestead exemption excludes up to $5,000 of real or personal property plus $500 for each dependent of the debtor. This exemption also extends to property that is acquired with homestead sale proceeds. Disabled veterans may be entitled to additional homestead exemption benefits. Debtors must comply with the procedural requirements of the Virginia Code and must sign and record a homestead deed in order to obtain this protection. The Virginia homestead exemption does not protect the homestead property from debts for the property's purchase price, or from spousal or child support obligations.

 

Virginia exempts life insurance proceeds of assignees or beneficiaries. However, clients must satisfy the following conditions to use the XXXXX XXXXXfe insurance exemption:

 

  • The policy must be effected by one person in favor of another;
  • The policy's assignee or payee must not be the insured; the person effecting the policy; or such person's executor or administrator;
  • The right to change beneficiaries must not have been reserved;
  • The policy may be payable to the insured if the beneficiary or assignee predeceases the insured;
  • The policy must not have been transferred with the intent to defraud creditors; and
  • The policy's proceeds must not exceed $500,000, after being aggregated with the proceeds of trust estates.

Under Virginia law, creditors can reach life insurance proceeds to the extent of premiums paid with the intent to defraud creditors. If the policy's owner reserves the right to change beneficiaries, the policy's cash surrender or loan value will be subject to the claims of creditors but the exemption will cover its proceeds.

Virginia also exempts group life insurance and its proceeds from attachment, garnishment, and other legal process.

 

Virginia gives spendthrift trust treatment to life insurance proceeds under certain circumstances. First, if the policy's terms provide that the insurer will retain the proceeds and withhold "permission," then beneficiaries cannot alienate or assign that policy. Also, if the policy's terms or a written supplemental agreement so provide, Virginia law precludes any of the policy's interest or principal payments from being subjected to a beneficiary's debts, judicial process, levy, or other attachment, up to $500,000.

 

Even if the insured's creditors prove that premium payments constituted fraudulent conveyances, such creditors cannot reach life insurance death benefits except to recover the value of the premiums fraudulently paid. However, if the insurance policy's assignee or payee is the executor or administrator of either the insured or the person effecting the policy, the proceeds will be subject to the claims of creditors of the insured or the person effecting the policy.

 

Federal Protection of ERISA-Qualified Retirement Benefit Plans. Qualified plans must be established as trusts and both the Employee Retirement Income Security Act and the Internal Revenue Code require such plans to contain anti-alienation or spendthrift provisions. The Supreme Court has held that restrictions on the beneficiary/debtor's transfer of beneficial interests in a qualified retirement plan trust are enforceable. Consequently, the Court held, a debtor's interest in an ERISA-qualified plan is excluded from the property of the bankruptcy estate. Thus, ERISA-qualified-plan assets cannot be reached in a bankruptcy proceeding. This protection extends to I.R.C. § 457 deferred compensation plans of state or local governments, and to federal civil service retirement benefit plans.

 

A different result occurs for nonqualified plans and for individual retirement accounts (IRAs) for which ERISA does not mandate an anti-alienation provision. Specifically, such plans do become part of the bankruptcy estate because they do not contain an ERISA-mandated anti-alienation provision. Moreover, planners should note that small ERISA-qualified plans in which only the client and his spouse participate may be considered nonqualified plans and subject to attack by creditors.

 

 

When you roll over your qualified plan benefits into individual retirement accounts or other nonqualified plans, they lose the protection accorded such ERISA-qualified plans under federal protection. Some states have taken steps to protect IRAs and avoid this result.

 

Even qualified plans do not protect assets from tax claims or claims of the client's spouse, children, or other dependents, who may obtain a qualified domestic relations order to reach plan assets.

 

In the nonbankruptcy context, ERISA preempts state law. Therefore, clients' interests in qualified plans are generally protected from their creditors' reach.

 

retirement account qualified under I.R.C. § 408.

 

Virginia exempts retirement plans intended to qualify under any of the following I.R.C. provisions:

  • I.R.C. § 401 (pension, profit-sharing, and stock bonus plans);
  • I.R.C. § 403(a) (annuity plans);
  • I.R.C. g 403(b) (nonprofit organization annuity plans);
  • I.R.C. § 408 (individual retirement accounts);
  • I.R.C. § 409 (employee stock ownership plans); and
  • I.R.C. § 457 (deferred compensation plans of state and local governments and tax-exempt organizations).

[Since 2007 Va Code 34-34 B exempts Individual Retirement Accounts in the same manner as the federal bankruptcy code allows. Currently $1.095,000 is exempt per 11 U.S.C. § 522(n)]

 

These are the main exemptions. Again, consult with an attorney to defend you in this case so that you obtain the best results possible.

 

I wish you the very best.



Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Bonuses are gladly accepted. Thank you and good luck!

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.


Dear JA Customer:

 



Thank you for allowing me to assist you with your question.



Your question is very important to me, but please remember that I can only respond to the information you provide and I do not know your entire situation. My response is limited to what you have written to me and the answer may change with additional facts.



Also, due to site reasons, there are times I am initially only able to see a portion of post, so I apologize in advance if it means that you have to duplicate information.



There may be future facts that are as yet undetermined in your matter, that can and must leave some areas of information provided by me broad in nature. However, don't hesitate to ask for clarification if needed! At times, there can also be a delay of an hour or more in between my answers because I may be helping other customers or taking a break. Now, let’s address your question!





Thank you again for trusting us with your problem. Good luck and Godspeed.

Have I satisfactorily addressed your concerns? If not, then please feel free to ask for clarification.
If I don’t’ answer immediately, I may be off line. If so, I will answer as soon as I come back. If I am online, I may be assisting someone else and will respond as soon as I can. Thank you for your understanding and patience.

If the information that I provided was helpful, then please remember to click the green accept button so that I will receive credit and compensation for my time. Positive feedback is always appreciated as well. Bonuses are gladly accepted. Thank you and good luck!

Please remember that we have not created an attorney-client relationship, and that my post is not intended to be specific legal advice. The answers given are limited to the information you have provided in your post. For specific legal advice, please consult with an attorney licensed in your state.

DISCLAIMER: Please understand that the complexities of most legal problems cannot be adequately addressed in this setting, and that I am only licensed to practice law in the states of Florida and Mississippi. Accordingly, you acknowledge (1) that we have not formed an attorney-client relationship, and (2) that my post is general information only and not specific legal advice.


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