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Walter C Oney Jr

Walter Oney’s Answers

1,363 total


  • Is it possible to convert from a Ch. 13 to a Ch. 7; if so, what are plus & minuses; and what happens to the remaining balance?

    I am currently in a Chapter 13. I am thinking about converting to a Chapter 7 and wondering if it could be done, is it feasible and what are the disadvantages to doing so. The main thing that was included was the HOA charges; the house is being ...

    Walter’s Answer

    I agree with everyone else -- you need a good lawyer to advise you on the best course. In general, a chapter 13 debtor has an absolute right to convert the case to chapter 7 at any time. Any funds still in the trustee's hands must be refunded to the debtor (but there won't be much because trustees typically pay out all funds on hand every month).

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  • Can I keep lump sum pension check when I am in a Chapter 13?

    I am in a Chapter 13 and want to retire. If I do, I will get a lump-sum pension check. Do I have to tell the Trustee about the check or that I am retiring? Can I just keep making trustee payments as planned? If I do have to tell him, will he ...

    Walter’s Answer

    You need a good bankruptcy lawyer to help you with this. If you don't have one, you won't know how to respond when the Chapter 13 trustee demands you turn over that lump sum to fund an ADDITIONAL dividend to unsecured creditors. And, yes, you have to tell the trustee about the check and the retirement.

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  • Do I have to include my current child support payment in my Chapter 13 repayment plan or can I just include the arrears?

    My child is 25 years old and I am in the process of gathering the proper documents to emancipate her. She should have been emancipated at the age of 18 as she never finished high school. I filed for emergency chapter 13 bankruptcy to release a b...

    Walter’s Answer

    Most people say "in the plan" when they mean that something will be paid by the Chapter 13 Trustee instead of directly. Most districts require that arrears be paid by the trustee, but they allow current payments to be made directly or by a payroll deduction. You should ask a NJ bankruptcy attorney about this.

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  • Status of adversary proceedings in chapter 13 bankruptcy upon dismissal of chapter 13 petition? NYS federal court

    If I have adversary proceedings in chapter 13 open Case already filed, what happens if my chapter 13 is dismissed or denied by the court? As a result of dismissal of chapter 13, does adversary proceedings continue until bankruptcy court decides ...

    Walter’s Answer

    There's no simple answer, which is why you should ask your bankruptcy attorney. For example, an AP for a violation of the stay ought to survive, while an AP regarding dischargeability becomes moot and ought NOT to survive.

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  • Is it illegal, or against regulations, to refinance a mortgage that was not re-affirmed during a bankruptcy? Thank you

    I went through a bankruptcy in 2008, my mortgage was not re-affirmed. We (wife and myself) are currently underwater on the mortgage, but have made every payment on time since getting the mortgage. I recently received my inheritance and actually ha...

    Walter’s Answer

    That is absolutely untrue. Nobody *has* to refinance you, but the fact that you didn't reaffirm the mortgage is not relevant. Very few lawyers will recommend reaffirmation of a mortgage, in fact.

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  • What is the average cost to defend against an adversarial proceeding in a BK case?

    Voyager Financial is stating that their client bought my Veterans Disability payments for 10 years. V.A payments can not be sold in which I found out after the loan. Resulting the so call pension buy out to be nothing more than a loan to be disc...

    Walter’s Answer

    You should ask the attorney you consulted because no-one else can possibly estimate the cost. Also ask your chapter 13 attorney whether the fees of the litigation attorney can be paid by the creditor or from estate funds that would otherwise go to unsecured creditors in your case, which would make the litigation essentially free.

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  • I received a motion to lift the stay. Is it possible to object and gain more time?

    Filled chapter 7 in July to stop a foreclosure sale. The mortgage holder wants to lift the stay claiming indebtedness, trustee abandonment, missed payments, etc.. I intend to surrender the house but I need all the time I can get because I am under...

    Walter’s Answer

    In general, only the chapter 7 trustee has standing to object to a stay-relief motion in chapter 7. Your attorney would know whether your judge feels differently.

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  • Suing bankruptcy trustee

    I settled my Chapter 5 bunkruptcy case but on confirmatory hearing trustee backed out of his proposed plan that open my assest for futher bidding. I lost the bid with dire consequences ( potential to lose job with endless litigations.Can I sue tr...

    Walter’s Answer

    There's no such thing as a "Chapter 5 bunkruptcy" or even a "Chapter 5 bankruptcy". Not only does the trustee have absolute immunity from suits by disgruntled debtors, but he also has a fiduciary duty to the creditors in your case. Like Atty. Riddle says, the trustee has no duty to you at all. Besides which, I'm sure the trustee explained that whatever deal you thought you were making was subject to court approval, and the court simply didn't approve. If you had a valuable asset, why on earth didn't you hire a lawyer to protect your interests? The number 1 reason lawyers on this forum and elsewhere so strongly recommend against pro-se representation in the bankruptcy court is the high likelihood that assets will be lost unnecessarily. I think you're proving the wisdom of these recommendations.

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  • Chapter 13 bankruptcy--status of mortgage note as per recording in land records--new york property

    My mortgage note has no stamp/endorsement on it & has no other allonge attached to it.By mortgage document(assignment) filed in county land records bank A transfers both note & mortgage to bank B. As a result of this does my note still stay as bea...

    Walter’s Answer

    There are TWO documents that are important for your mortgage loan -- the note and the mortage. The holder of the note is the person entitled to be paid. The owner of the mortgage has the right to foreclose if the note isn't paid on time. States differ on whether these have to be the same person and what happens if they aren't. You are very unlikely to be able to get a free house by trying to litigate these technical issues on your own, so I strongly recommend that you contact experienced bankruptcy counsel to see what your right might be.

    By the way, you have almost certainly not seen the original note to know whether there's a proper allonge attached to it or not and what indorsements have been made. The original is kept in the collateral file, which is in the possession of a custodian appointed under the relevant Pooling and Servicing Agreement. Someone made a copy at some point in order to attach it to the proof of claim filed in your case, and that copy may or may not accurately reflect what the original document actually looks like at this moment.

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  • What does a bankruptcy do if it does not: 'Bankruptcy does not get rid of judgments or avoid liens'.

    I read this as a response to someone. From credit report or responsibility? I am going to file a C 7, the attny wants additional funds for 'cancellation or avoidance of liens'. I thought that was the purpose of a C 7 bankruptcy??? I wi...

    Walter’s Answer

    Bankruptcy certainly DOES discharge most judgments, so either the person you're quoting was wrong or you took the quote out of context. Judgment liens can be avoided in bankruptcy, but attorneys typically charge extra because the motion is hard to prepare properly. But why are you worried about liens on your property if you're resigned to foreclosure?

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