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6 mos prior to and 6 mos after Chptr 7 I propose to live on…

Customer Question
6 mos prior to and...
6 mos prior to and 6 mos after Chptr 7 I propose to live on $36 K SS, $56 K earnings, the b
alance gifts or loans from children.Is this OK?
How much harrassment can I be subjected to if I elect to live with a judgment? This is a Tx case, and all my assets are in a homestead, an ira and a 15 year old attorney vetted flp.
If an unfriendly party owns a minority interest in a flp, can the the gp support a 5% mgt fee in court?Can a creditor challenging a flp reasonably expect to prevent the partners from making distributions for living expenses?
Submitted: 8 years ago.Category: Legal
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Answered in 14 minutes by:
6/21/2010
Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 40,148
Experience: Retired
Verified

If you mean, can a bankruptcy trustee challenge your Chapter 7 after the fact on grounds of fraud, then the answer is yes. It's not likely, though, unless a creditor alerts the trustee to the possibility that you may be intentionally limiting your earnings in order to qualify for the Chapter 7.

 

Re partnership management fees, the minority interest could sue the partners for breach of fiduciary/loyalty, if the management fee is unreasonable in view of the services provided.

 

Re a creditor preventing partners from making distributions, if the creditor gets a charging order against the partnership for the judgment debtor's portion of the partnership interest, then whatever the partners distribute, that portion that would have gone to the judgment debtor could be siezed.

 

Hope this helps.

 

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Customer reply replied 8 years ago

Is living off family loan proceeds during 7 in & of itself prohibited if other income is legitimately within allowed range?

After it is legally established that I have no attachable assets, what actions can a creditor take and how repetively before it becomes harrassment and I can get relief from the court?

Here I am referring to if I elect to live with the judgment as opposed to 7?

Lawyer: socrateaser, Lawyer replied 8 years ago

Is living off family loan proceeds during 7 in & of itself prohibited if other income is legitimately within allowed range?

 

A: No. But, a creditor or trustee can claim that the loans are really income, because the loan will ultimately be forgiven, and if successful in this claim, your bankruptcy could be dismissed as not filed in "good faith."

 

After it is legally established that I have no attachable assets, what actions can a creditor take and how repetively before it becomes harrassment and I can get relief from the court?

 

A: The creditor can't do anything. As for it becoming harassment, Sections 806-808 of the Fair Debt Collection Practices Act describe what constitutes unlawful debt collection harassment.

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